<SEC-DOCUMENT>0000930413-11-002933.txt : 20110421
<SEC-HEADER>0000930413-11-002933.hdr.sgml : 20110421
<ACCEPTANCE-DATETIME>20110421171850
ACCESSION NUMBER:		0000930413-11-002933
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20110421
DATE AS OF CHANGE:		20110421
EFFECTIVENESS DATE:		20110421

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPINE GLOBAL DYNAMIC DIVIDEND FUND
		CENTRAL INDEX KEY:			0001362481
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21901
		FILM NUMBER:		11774158

	BUSINESS ADDRESS:	
		STREET 1:		2500 WESTCHESTER AVENUE
		STREET 2:		SUITE 215
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		914-251-9098

	MAIL ADDRESS:	
		STREET 1:		C/O ALPINE MUTUAL FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPINE TOTAL DYNAMIC DIVIDEND FUND
		CENTRAL INDEX KEY:			0001379400
		IRS NUMBER:				205785181
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21980
		FILM NUMBER:		11774157

	BUSINESS ADDRESS:	
		STREET 1:		2500 WESTCHESTER AVE., SUITE 215
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		303-623-2577

	MAIL ADDRESS:	
		STREET 1:		C/O ALPS MUTUAL FUND SERVICES, INC.
		STREET 2:		1625 BRAODWAY, SUITE 2200
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPINE GLOBAL PREMIER PROPERTIES FUND
		CENTRAL INDEX KEY:			0001390195
		IRS NUMBER:				208430002
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22016
		FILM NUMBER:		11774159

	BUSINESS ADDRESS:	
		STREET 1:		2500 WESTCHESTER AVENUE
		STREET 2:		SUITE 215
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		303-623-2577

	MAIL ADDRESS:	
		STREET 1:		C/O ALPS MUTUAL FUND SERVCIES, INC.
		STREET 2:		1290 BROADWAY, STE. 1100
		CITY:			DENVER
		STATE:			CO
		ZIP:			80203
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>c65269_40-17g.htm
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<TR style="font-size:1px;">
  <TD>&nbsp;</TD>
  <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap><P><FONT size=2>Alpine Woods Capital Investors, LLC</FONT></P></TD>
  <TD><P><FONT size=1>&nbsp;</FONT></P></TD>
  <TD nowrap><P align=right><FONT size=2>Ronald G. Palmer, Jr.</FONT></P></TD>
</TR>
<TR>
  <TD nowrap><P><FONT size=2>2500 Westchester Avenue, Suite 215</FONT></P></TD>
  <TD><P><FONT size=1>&nbsp;</FONT></P></TD>
  <TD nowrap><P align=right><FONT size=2>Chief Financial Officer</FONT></P></TD>
</TR>
<TR>
  <TD nowrap><P><FONT size=2>Purchase, New York 10577</FONT></P></TD>
  <TD><P><FONT size=1>&nbsp;</FONT></P></TD>
  <TD nowrap><P align=right><FONT size=2>Direct Line: (914) 417-6412</FONT></P></TD>
</TR>
<TR>
  <TD><P><FONT size=1>&nbsp;</FONT></P></TD>
  <TD><P><FONT size=1>&nbsp;</FONT></P></TD>
  <TD nowrap><P align=right><FONT size=2>Fax: (914) 251-9098</FONT></P></TD>
</TR>
</TABLE>
<BR>
<P><FONT size=2>April 21, 2011</FONT></P>

<P>
<FONT size=2>Securities and Exchange Commission</FONT><BR>
<FONT size=2>450 Fifth Street NW</FONT><BR>
<FONT size=2>Washington, DC 20549</FONT></P>

<P>
<FONT size=2>VIA EDGAR</FONT></P>

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  <TD width="2%">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD>&nbsp;</TD>
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  <TD><P><FONT size=2>RE:</FONT></P></TD>
  <TD><P><FONT size=1>&nbsp;</FONT></P></TD>
  <TD><P><FONT size=2>Rule 17g-1 Fidelity Bond Filing Information with Respect to Period Covering March 31, 2011 through March 31, 2012 for the following Investment Companies (Investment Company Act of 1940 File Number) (each a &#147;Fund&#148;):</FONT></P></TD>
</TR>
<TR>
  <TD colspan=3><P><FONT size=1>&nbsp;</FONT></P></TD>
</TR>
<TR valign="top">
  <TD><P><FONT size=1>&nbsp;</FONT></P></TD>
  <TD><P><FONT size=1>&nbsp;</FONT></P></TD>
  <TD><P><FONT size=2>Alpine Total Dynamic Dividend Fund (811-21980)</FONT></P></TD>
</TR>
<TR valign="top">
  <TD><P><FONT size=1>&nbsp;</FONT></P></TD>
  <TD><P><FONT size=1>&nbsp;</FONT></P></TD>
  <TD><P><FONT size=2>Alpine Global Dynamic Dividend Fund (811-21901)</FONT></P></TD>
</TR>
<TR valign="top">
  <TD><P><FONT size=1>&nbsp;</FONT></P></TD>
  <TD><P><FONT size=1>&nbsp;</FONT></P></TD>
  <TD><P><FONT size=2>Alpine Global Premier Properties Fund (811-22016)</FONT></P></TD>
</TR>
</TABLE>
<BR>
<P><FONT size=2>Dear Sir or Madam:</FONT></P>

<P>
<FONT size=2>Enclosed for filing, pursuant to Rule 17g-1 of the Investment Company Act of 1940, as amended, please find the following information with respect to the Alpine Funds complex of mutual funds referenced above. Please note for
the Commission&#146;s records, the following:</FONT></P>

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<TR style="font-size:1px;">
  <TD width="2%">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD>&nbsp;</TD>
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<TR valign="top">
  <TD><P align="right"><FONT size=2>a.</FONT></P></TD>
  <TD><P><FONT size=1>&nbsp;</FONT></P></TD>
  <TD><P><FONT size=2>A copy of the executed Joint Insured Fidelity Bond with a schedule of individual named insureds, for the period from March 31, 2011 through March 31, 2012 is enclosed under Exhibit 1;</FONT></P></TD>
</TR>
<TR valign="top">
  <TD><P align="right"><FONT size=2>b.</FONT></P></TD>
  <TD><P><FONT size=1>&nbsp;</FONT></P></TD>
  <TD><P><FONT size=2>A copy of the resolution from the March 30, 2011, meeting of the Board of Trustees at which a majority of trustees not considered &#147;interested persons&#148; approved the amount, type, form and coverage of the Fidelity Bond, and the portion of the premium to be paid by each Fund for the period from March 31, 2011 through March 31, 2012 is enclosed under Exhibit 2;</FONT></P></TD>
</TR>
<TR valign="top">
  <TD><P align="right"><FONT size=2>c.</FONT></P></TD>
  <TD><P><FONT size=1>&nbsp;</FONT></P></TD>
  <TD><P><FONT size=2>A document showing the amount of the single insured bond which each Fund would have provided and maintained had it not been named as an insured under the Joint Insured Fidelity Bond for the period from March 31, 2011 through March 31, 2012 is enclosed under Exhibit 3;</FONT></P></TD>
</TR>
<TR valign="top">
  <TD><P align="right"><FONT size=2>d.</FONT></P></TD>
  <TD><P><FONT size=1>&nbsp;</FONT></P></TD>
  <TD><P><FONT size=2>Premiums of &#36;12,084 will be paid for the period from March 31, 2011 through March 31, 2012; and</FONT></P></TD>
</TR>
<TR valign="top">
  <TD><P align="right"><FONT size=2>e.</FONT></P></TD>
  <TD><P><FONT size=1>&nbsp;</FONT></P></TD>
  <TD><P><FONT size=2>A copy of the agreement between each Fund and all of the other named insureds entered into pursuant to paragraph (f) of Rule 17g-1 is enclosed under Exhibit 4.</FONT></P></TD>
</TR>
</TABLE>

<P><FONT size=2>Please contact me if you have any questions or require additional information.</FONT></P>

<P><FONT size=2>Very truly yours,</FONT><BR>
<BR>
<FONT size=2> </FONT><U><FONT size=2>/s/ Ronald G. Palmer, Jr.</FONT></U><BR>
<BR>
<FONT size=2>Ronald G. Palmer, Jr.</FONT><BR>
<FONT size=2>Chief Financial Officer</FONT><BR>
<BR>
<FONT size=2>Enclosures </FONT></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c65269_ex99-1.htm
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   <TITLE>p81940258_2011rnl.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<B><I><FONT size=2 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Important Notice:</FONT></I></B>&nbsp;</TD>
</TR>
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	<TD>&nbsp;
</TD>
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	<TD>&nbsp;
</TD>
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	<TD>&nbsp;
</TD>
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	<TD align=left nowrap>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">The SEC Requires Proof of Your Fidelity Insurance Policy</FONT></B>&nbsp;</TD>
</TR>
<TR>
	<TD>&nbsp;
</TD>
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	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Your company is now required to file an electronic copy of your fidelity insurance coverage</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(Chubb&#146;s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to</FONT>&nbsp;</TD>
</TR>
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	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">rules adopted by the SEC on June 12, 2006.</FONT>&nbsp;</TD>
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	<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Chubb is in the process of providing your agent/broker with an electronic copy of your insurance</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">policy as well as instructions on how to submit this proof of fidelity insurance coverage to the</FONT>&nbsp;</TD>
</TR>
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	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">SEC. You can expect to receive this information from your agent/broker shortly.</FONT>&nbsp;</TD>
</TR>
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	<TD>&nbsp;
</TD>
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<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The electronic copy of your policy is provided by Chubb solely as a convenience and does not</FONT>&nbsp;</TD>
</TR>
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	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">affect the terms and conditions of coverage as set forth in the paper policy you receive by mail.</FONT>&nbsp;</TD>
</TR>
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	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The terms and conditions of the policy mailed to you, which are the same as those set forth in</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the electronic copy, constitute the entire agreement between your company and Chubb.</FONT>&nbsp;</TD>
</TR>
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	<TD>&nbsp;
</TD>
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	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If you have any questions, please contact your agent or broker.</FONT>&nbsp;</TD>
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</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 14-02-12160 (ed. 7/2006)</FONT></P>
</DIV>

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<B><FONT size=4 face="Arial-BoldMT,Arial,Helvetica,sans-serif">IMPORTANT NOTICE TO POLICYHOLDERS</FONT></B>&nbsp;</TD>
</TR>
<TR>
	<TD>&nbsp;
</TD>
</TR>
<TR>
	<TD>&nbsp;
</TD>
</TR>
<TR>
	<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="TEXT-INDENT:10.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All of the members of the Chubb Group of Insurance companies doing business in the United</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">States (hereinafter &#147;Chubb&#148;) distribute their products through licensed insurance brokers and agents</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(&#147;producers&#148;). Detailed information regarding the types of compensation paid by Chubb to producers on</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">US insurance transactions is available under the Producer Compensation link located at the bottom of the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from</FONT>&nbsp;</TD>
</TR>
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	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">your producer.</FONT>&nbsp;</TD>
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	<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="TEXT-INDENT:10.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Thank you for choosing Chubb.</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10-02-1295 (ed. 6/2007)</FONT></P>
</DIV>

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<B><FONT size=5 face="Arial-BoldMT,Arial,Helvetica,sans-serif">POLICYHOLDER</FONT></B>&nbsp;</TD>
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	<TD align=left nowrap style="TEXT-INDENT:40.000000px">
<B><FONT size=5 face="Arial-BoldMT,Arial,Helvetica,sans-serif">DISCLOSURE NOTICE OF</FONT></B>&nbsp;</TD>
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	<TD align=left nowrap style="TEXT-INDENT:26.000000px">
<B><FONT size=5 face="Arial-BoldMT,Arial,Helvetica,sans-serif">TERRORISM INSURANCE COVERAGE</FONT></B>&nbsp;</TD>
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	<TD align=left nowrap style="TEXT-INDENT:25.000000px">
<B><FONT size=3 face="Arial-BoldMT,Arial,Helvetica,sans-serif">(for policies with no terrorism exclusion or sublimit)</FONT></B>&nbsp;</TD>
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<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">You are hereby notified that, under the Terrorism Risk Insurance Act (the &#147;Act&#148;), effective</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">December 26, 2007, this policy makes available to you insurance for losses arising out of</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of the</FONT>&nbsp;</TD>
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<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">Treasury, in concurrence with the Secretary of State and the Attorney General of the</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">United States, to be an act of terrorism; to be a violent act or an act that is dangerous to</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">human life, property or infrastructure; to have resulted in damage within the United</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">States, or outside the United States in the case of an air carrier or vessel or the premises</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">of a United States Mission; and to have been committed by an individual or individuals as</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">part of an effort to coerce the civilian population of the United States or to influence the</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">policy or affect the conduct of the United States Government by coercion.</FONT>&nbsp;</TD>
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	<TD>&nbsp;
</TD>
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	<TD align=left nowrap>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">You should know that the insurance provided by your policy for losses caused by acts of</FONT>&nbsp;</TD>
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<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">terrorism is partially reimbursed by the United States under the formula set forth in the</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">Act. Under this formula, the United States pays 85% of covered terrorism losses that</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">exceed the statutorily established deductible to be paid by the insurance company</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">providing the coverage.</FONT>&nbsp;</TD>
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<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">However, if aggregate insured losses attributable to terrorist acts certified under the Act</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">exceed &#36;100 billion in a Program Year (January 1 through December 31), the Treasury</FONT>&nbsp;</TD>
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<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">shall not make any payment for any portion of the amount of such losses that exceeds</FONT>&nbsp;</TD>
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<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">&#36;100 billion.</FONT>&nbsp;</TD>
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</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10-02-1281 (Ed. 1/2003)</FONT></P>
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<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">If aggregate insured losses attributable to terrorist acts certified under the Act exceed</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">&#36;100 billion in a Program Year (January 1 through December 31) and we have met our</FONT>&nbsp;</TD>
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<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">insurer deductible under the Act, we shall not be liable for the payment of any portion of</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">the amount of such losses that exceeds &#36;100 billion, and in such case insured losses up</FONT>&nbsp;</TD>
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<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">to that amount are subject to pro rata allocation in accordance with procedures</FONT>&nbsp;</TD>
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<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">established by the Secretary of the Treasury.</FONT>&nbsp;</TD>
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	<TD>&nbsp;
</TD>
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<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">The portion of your policy&#146;s annual premium that is attributable to insurance for such acts</FONT>&nbsp;</TD>
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<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">of terrorism is: &#36; </FONT><B><FONT size=3 face="Arial-BoldMT,Arial,Helvetica,sans-serif">-0-.</FONT></B>&nbsp;</TD>
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<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">If you have any questions about this notice, please contact your agent or broker.</FONT>&nbsp;</TD>
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</DIV>
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<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10-02-1281 (Ed. 1/2003)</FONT></P>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">ALPINE EQUITY TRUST</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">2500 WESTCHESTER AVENUE, SUITE 215</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">PURCHASE, NY 10577</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Re: Financial Strength</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Insuring Company: FEDERAL INSURANCE COMPANY</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Dear</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">ALPINE EQUITY TRUST</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Chubb continues to deliver strong financial performance. Our financial strength, as reflected in our published reports</FONT>&nbsp;</TD>
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	<TD align=left nowrap colspan=3>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">and our ratings, should give you peace of mind that Chubb will be there for you when you need us most.</FONT>&nbsp;</TD>
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<FONT size=2 face="Wingdings-Regular,WingDings">&#131;</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Chubb&#146;s financial results during 2010 stand out in the industry.</FONT>&nbsp;</TD>
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<FONT size=2 face="Wingdings-Regular,WingDings">&#131;</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:3.000000px">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Chubb&#146;s balance sheet is backed with investments that we believe emphasize quality, safety, and liquidity,</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">with total invested assets of &#36;43 billion as of September 30, 2010.</FONT>&nbsp;</TD>
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<FONT size=2 face="Wingdings-Regular,WingDings">&#131;</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">With 128 years in the business, Chubb is here for the long term, which is why we vigorously guard our</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">financial strength and take what we believe is a prudent approach to assuming risk&#151;on both the asset and</FONT>&nbsp;</TD>
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	<TD align=left nowrap colspan=2 style="TEXT-INDENT:3.000000px">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">liability sides of our balance sheet.</FONT>&nbsp;</TD>
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<FONT size=2 face="Wingdings-Regular,WingDings">&#131;</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:3.000000px">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Chubb is one of the most highly rated property and casualty companies in the industry, which is a reflection</FONT>&nbsp;</TD>
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</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:3.000000px">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">of our overall quality, strong financial condition, and strong capital position.</FONT>&nbsp;</TD>
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</TD>
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<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">o</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Chubb&#146;s financial strength rating is &#147;A++&#148; from A.M. Best Company, &#147;AA&#148; from Fitch, &#147;Aa2&#148; from</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Moody&#146;s, and &#147;AA&#148; from Standard &amp; Poor&#146;s &#150; the leading independent evaluators of the insurance</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">industry.</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
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<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">o</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">A.M. Best, Fitch, and Moody&#146;s recently affirmed all of Chubb&#146;s ratings with a &#147;stable&#148; outlook. (For</FONT>&nbsp;</TD>
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	<TD align=left nowrap style="TEXT-INDENT:1.000000px">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">reference, A.M. Best reaffirmed us on 3/17/10, Fitch on 2/13/09, and Moody&#146;s on 2/4/09.)</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
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<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">o</FONT>&nbsp;</TD>
	<TD align=left nowrap style="TEXT-INDENT:1.000000px">
<I><FONT size=2 face="ArialNarrow-Italic,Arial,Helvetica,sans-serif">Forbes </FONT></I><FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">named Chubb one of the &#147;100 Most Trustworthy Companies&#148; in 2010, based on Chubb&#146;s</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">&#147;transparent and conservative accounting practices and prudent management.&#148;</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
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<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">o</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">For more than 50 years, Chubb has remained part of an elite group of insurers that have</FONT>&nbsp;</TD>
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	<TD align=left nowrap style="TEXT-INDENT:1.000000px">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">maintained A.M. Best&#146;s highest ratings.</FONT>&nbsp;</TD>
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<FONT size=2 face="Wingdings-Regular,WingDings">&#131;</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:3.000000px">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Fitch ranked Chubb #1 for five- and 10-year financial performance in a 6/10/10 report.</FONT>&nbsp;</TD>
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	<TD align=left nowrap style="TEXT-INDENT:5.000000px">
<FONT size=2 face="Wingdings-Regular,WingDings">&#131;</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:3.000000px">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">On the 2010 Fortune 500 list, Chubb ranks #176 in revenue, #85 in assets, #80 in 1999-2009 annual growth</FONT>&nbsp;</TD>
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</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">rate, #64 in profits, and #39 in profit as a percentage of revenue.</FONT>&nbsp;</TD>
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<FONT size=2 face="Wingdings-Regular,WingDings">&#131;</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:3.000000px">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Chubb was named to Standard &amp; Poor&#146;s list of S&amp;P 500 Dividend Aristocrats, one of 52 companies in the</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:3.000000px">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">S&amp;P 500 index that have increased dividends every year for at least 25 consecutive years.</FONT>&nbsp;</TD>
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	<TD align=left nowrap style="TEXT-INDENT:5.000000px">
<FONT size=2 face="Wingdings-Regular,WingDings">&#131;</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:3.000000px">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Chubb&#146;s investment portfolio has held up extremely well. Chubb takes what we believe is a conservative</FONT>&nbsp;</TD>
</TR>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:3.000000px">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">approach to selecting and managing our assets. Furthermore, Chubb does not have any direct exposure to</FONT>&nbsp;</TD>
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</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:3.000000px">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">the subprime mortgage-backed securities market, and we stopped doing new credit derivative business in</FONT>&nbsp;</TD>
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	<TD align=left nowrap colspan=2 style="TEXT-INDENT:3.000000px">
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">2003 and put existing business in runoff.</FONT>&nbsp;</TD>
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	<TD align=left nowrap colspan=3>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Rarely has Chubb&#146;s business philosophy&#151;to underwrite conservatively and invest judiciously&#151;been more important</FONT>&nbsp;</TD>
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	<TD align=left nowrap colspan=2>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">than it is today.</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">By adhering to this philosophy, we have the capacity and flexibility to respond to opportunities,</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">especially when you engage us in fully understanding your business risks.</FONT>&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">We want you to know that Chubb is well-positioned to continue serving your needs with our underwriting expertise;</FONT>&nbsp;</TD>
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	<TD align=left nowrap colspan=3>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">broad underwriting appetite across all property, casualty, and specialty lines; and claim services. If you have any</FONT>&nbsp;</TD>
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	<TD align=left nowrap colspan=3>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">questions, feel free to call your agent or broker or your local Chubb underwriter. As always, we appreciate the trust</FONT>&nbsp;</TD>
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	<TD align=left nowrap colspan=3>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">you place in us as your insurance partner.</FONT>&nbsp;</TD>
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</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">99-10-0100 (11/2010)</FONT></P>
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Chubb Group of Insurance Companies</FONT></B>&nbsp;</TD>
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<B><FONT size=3 face="Arial-BoldMT,Arial,Helvetica,sans-serif">DECLARATIONS</FONT></B>&nbsp;</TD>
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<B><FONT size=3 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FINANCIAL INSTITUTION INVESTMENT</FONT></B>&nbsp;</TD>
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<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">15 Mountain View Road, Warren, New Jersey 07059</FONT>&nbsp;</TD>
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<B><FONT size=3 face="Arial-BoldMT,Arial,Helvetica,sans-serif">COMPANY ASSET PROTECTION BOND</FONT></B>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">NAME OF ASSURED (including its </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Subsidiaries</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">):</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number: 81940258</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALPINE EQUITY TRUST</FONT>&nbsp;</TD>
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</TD>
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</TD>
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</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">SEE ENDORSEMENT #1</FONT>&nbsp;</TD>
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2500 WESTCHESTER AVENUE, SUITE 215</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Incorporated under the laws of Indiana</FONT>&nbsp;</TD>
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</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">PURCHASE, NY 10577</FONT>&nbsp;</TD>
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<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">a stock insurance company herein called the COMPANY</FONT>&nbsp;</TD>
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<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Capital Center, 251 North Illinois, Suite 1100</FONT>&nbsp;</TD>
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<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Indianapolis, IN 46204-1927</FONT>&nbsp;</TD>
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ITEM 1.</FONT></B>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">BOND PERIOD:</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">from</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">12:01 a.m. on</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">March 31, 2011</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap style="TEXT-INDENT:3.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">12:01 a.m. on</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">March 31, 2012</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=10>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="TEXT-INDENT:1.000000px">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ITEM 2.</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=5 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=10>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=9 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If &#147;Not Covered&#148; is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=9 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and any other reference shall be deemed to be deleted. </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">There shall be no deductible applicable to any</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=7 style="TEXT-INDENT:2.000000px">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">loss under INSURING CLAUSE 1. sustained by any Investment Company.</FONT></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=10>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">DEDUCTIBLE</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">INSURING CLAUSE</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">LIMIT OF LIABILITY</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">AMOUNT</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;</TD>
	<TD align=left nowrap style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Employee</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 6,600,000</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 25,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">On Premises</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 6,600,000</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 25,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">3.</FONT>&nbsp;</TD>
	<TD align=left nowrap style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In Transit</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 6,600,000</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 25,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Forgery or Alteration</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 6,600,000</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 25,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">5.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Extended Forgery</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 6,600,000</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 25,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">6.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Counterfeit Money</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 6,600,000</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 25,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">7.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Threats to Person</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 6,600,000</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 25,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">8.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Computer System</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 6,600,000</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 25,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">9.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=4 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 6,600,000</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 25,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap style="TEXT-INDENT:1.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Uncollectible Items of Deposit</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 50,000</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 5,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap style="TEXT-INDENT:1.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">11.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Audit Expense</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 50,000</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 5,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">12.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Telefacsimile Instruction</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:3.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 6,600,000</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 25,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">13.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:1.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Unauthorized Signature</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 50,000</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 5,000</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">14.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:1.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Stop Payment</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="TEXT-INDENT:3.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 50,000</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 5,000</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=10>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=10>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ITEM 3.</FONT></B>&nbsp;</TD>
	<TD align=left nowrap colspan=9 style="TEXT-INDENT:1.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=6 style="TEXT-INDENT:1.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap style="TEXT-INDENT:1.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1-9</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=10>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=10>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">IN WITNESS WHEREOF, THE COMPANY </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">has caused this Bond to be signed by its authorized officers, but it shall not be</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=7>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">valid unless also signed by an authorized representative of the Company.</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<IMG src="p81940258_2011rnlx6x1.jpg" border=0>
<BR>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98) - Federal</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 1 of 1</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

<HR noshade width="100%" size=4>
<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_7"></A><BR>

<a name="_bclPageBorder7"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=22%></TD>
     <TD width=7%></TD>
     <TD width=4%></TD>
     <TD width=5%></TD>
     <TD width=60%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The COMPANY, in consideration of payment of the required premium, and in reliance</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on the APPLICATION and all other statements made and information furnished to the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">for:</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Insuring Clauses</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Employee</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Larceny </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Embezzlement </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">committed by any</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, alone or in collusion with others.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">On Premises</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">resulting directly from robbery, burglary, false pretenses,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">common law or statutory larceny, misplacement, mysterious unexplainable</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">disappearance, damage, destruction or removal, from the possession, custody or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">control of the ASSURED, while such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">is lodged or deposited at premises</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">located anywhere.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">In Transit</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">3.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">resulting directly from common law or statutory larceny,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">misplacement, mysterious unexplainable disappearance, damage or destruction,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">while the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">is in transit anywhere:</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in an armored motor vehicle, including loading and unloading thereof,</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in the custody of a natural person acting as a messenger of the ASSURED,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in the custody of a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Transportation Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and being transported in a</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">conveyance other than an armored motor vehicle provided, however, that</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">covered </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">transported in such manner is limited to the following:</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">written records,</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">securities issued in registered form, which are not endorsed or are</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">restrictively endorsed, or</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">negotiable instruments not payable to bearer, which are not endorsed</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or are restrictively endorsed.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Coverage under this INSURING CLAUSE begins immediately on the receipt of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">by the natural person or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Transportation Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and ends</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">immediately on delivery to the premises of the addressee or to any representative</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of the addressee located anywhere.</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 1 of 19</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

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<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_8"></A><BR>

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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=22%></TD>
     <TD width=6%></TD>
     <TD width=4%></TD>
     <TD width=5%></TD>
     <TD width=60%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Insuring Clauses</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Forgery Or Alteration</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from:</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on, or fraudulent material alteration of, any bills of exchange,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">checks, drafts, acceptances, certificates of deposits, promissory notes, due</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">bills, money orders, orders upon public treasuries, letters of credit, other</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">written promises, orders or directions to pay sums certain in money, or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">receipts for the withdrawal of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">transferring, paying or delivering any funds or other </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or establishing</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any credit or giving any value in reliance on any written instructions, advices</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or applications directed to the ASSURED authorizing or acknowledging the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">transfer, payment, delivery or receipt of funds or other </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, which</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">instructions, advices or applications fraudulently purport to bear the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">handwritten signature of any customer of the ASSURED, or shareholder or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">subscriber to shares of an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or of any financial</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">institution or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">but which instructions, advices or applications either</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">bear a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or have been fraudulently materially altered without the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">knowledge and consent of such customer, shareholder, subscriber, financial</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">institution or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">;</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">excluding, however, under this INSURING CLAUSE any loss covered under</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">CLAUSE 5. is provided for in the DECLARATIONS of this Bond.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">signature is treated the same as a handwritten signature.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Extended Forgery</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">5.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from the ASSURED having, in good faith, and in the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ordinary course of business, for its own account or the account of others in any</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">capacity:</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">acquired, accepted or received, accepted or received, sold or delivered, or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">given value, extended credit or assumed liability, in reliance on any original</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Securities, documents or other written instruments </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">which prove to:</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">bear a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or a fraudulently material alteration,</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">have been lost or stolen, or</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">be </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Counterfeit</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">guaranteed in writing or witnessed any signatures on any transfer,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">assignment, bill of sale, power of attorney, guarantee, endorsement or other</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">obligation upon or in connection with any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Securities, documents or other</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">written instruments</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Actual physical possession, and continued actual physical possession if taken as</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">collateral, of such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Securities, documents or other written instruments </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">by an</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee, Custodian</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or a Federal or State chartered deposit institution of the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED is a condition precedent to the ASSURED having relied on such items.</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Release or return of such collateral is an acknowledgment by the ASSURED that it</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">no longer relies on such collateral.</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 2 of 19</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

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<P STYLE="page-break-before:always"></P><PAGE>
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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=22%></TD>
     <TD width=7%></TD>
     <TD width=4%></TD>
     <TD width=5%></TD>
     <TD width=60%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Insuring Clauses</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Extended Forgery</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">signature is treated the same as a handwritten signature.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Counterfeit Money</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">6.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from the receipt by the ASSURED in good faith of any</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Counterfeit </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">money.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Threats To Person</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">7.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from surrender of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">away from an office of the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED as a result of a threat communicated to the ASSURED to do bodily</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">harm to an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">as defined in Section 1.e. (1), (2) and (5), a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Relative </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">invitee of such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or a resident of the household of such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, who</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">is, or allegedly is, being held captive provided, however, that prior to the surrender</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">:</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">who receives the threat has made a reasonable effort to</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">notify an officer of the ASSURED who is not involved in such threat, and</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the ASSURED has made a reasonable effort to notify the Federal Bureau of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Investigation and local law enforcement authorities concerning such threat.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is agreed that for purposes of this INSURING CLAUSE, any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED, as set forth in the preceding paragraph, shall be deemed to be an</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED hereunder, but only with respect to the surrender of money, securities</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and other tangible personal property in which such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">has a legal or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">equitable interest.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Computer System</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">8.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from fraudulent:</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">entries of data into, or</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">changes of data elements or programs within,</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, provided the fraudulent entry or change causes:</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">funds or other property to be transferred, paid or delivered,</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an account of the ASSURED or of its customer to be added, deleted,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">debited or credited, or</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an unauthorized account or a fictitious account to be debited or</FONT>&nbsp;</TD>
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</TD>
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	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">credited.</FONT>&nbsp;</TD>
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<P style="MARGIN:0px">&nbsp;</P>
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<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
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<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 3 of 19</FONT>&nbsp;</TD>
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<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Insuring Clauses</FONT></I></B>&nbsp;</TD>
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<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
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<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Voice Initiated Funds</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">9.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">directed</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Transfer Instruction</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to the ASSURED authorizing the transfer of dividends or redemption proceeds of</FONT>&nbsp;</TD>
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<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shares from a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer's </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">account, provided such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice</FONT></B>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">was:</FONT>&nbsp;</TD>
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	<TD colspan=4>&nbsp;
</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">received at the ASSURED'S offices by those </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employees </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of the ASSURED</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
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	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">specifically authorized to receive the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer</FONT></B>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Instruction</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">,</FONT>&nbsp;</TD>
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	<TD colspan=4>&nbsp;
</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
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</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">made by a person purporting to be a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, and</FONT>&nbsp;</TD>
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<TR>
	<TD colspan=4>&nbsp;
</TD>
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<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">made by said person for the purpose of causing the ASSURED or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer</FONT></B>&nbsp;</TD>
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</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to sustain a loss or making an improper personal financial gain for such</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
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</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">person or any other person.</FONT>&nbsp;</TD>
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<TR>
	<TD colspan=4>&nbsp;
</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In order for coverage to apply under this INSURING CLAUSE, all </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated</FONT></B>&nbsp;</TD>
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<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Funds Transfer Instructions </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">must be received and processed in accordance with</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the Designated Procedures outlined in the APPLICATION furnished to the</FONT>&nbsp;</TD>
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	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY.</FONT>&nbsp;</TD>
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	<TD colspan=4>&nbsp;
</TD>
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	<TD colspan=4>&nbsp;
</TD>
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	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Uncollectible Items of</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from the ASSURED having credited an account of a</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Deposit</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">customer, shareholder or subscriber on the faith of any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">which</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">prove to be uncollectible, provided that the crediting of such account causes:</FONT>&nbsp;</TD>
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	<TD colspan=4>&nbsp;
</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">redemptions or withdrawals to be permitted,</FONT>&nbsp;</TD>
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<TR>
	<TD colspan=4>&nbsp;
</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shares to be issued, or</FONT>&nbsp;</TD>
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<TR>
	<TD colspan=4>&nbsp;
</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">dividends to be paid,</FONT>&nbsp;</TD>
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<TR>
	<TD colspan=4>&nbsp;
</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">from an account of an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>&nbsp;</TD>
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<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In order for coverage to apply under this INSURING CLAUSE, the ASSURED</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">must hold </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">for the minimum number of days stated in the</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">APPLICATION before permitting any redemptions or withdrawals, issuing any</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shares or paying any dividends with respect to such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Items of Deposit</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall not be deemed uncollectible until the ASSURED'S</FONT>&nbsp;</TD>
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<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">standard collection procedures have failed.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Audit Expense</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">11.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Expense incurred by the ASSURED for that part of the cost of audits or</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">examinations required by any governmental regulatory authority or self-regulatory</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">organization to be conducted by such authority, organization or their appointee by</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">reason of the discovery of loss sustained by the ASSURED and covered by this</FONT>&nbsp;</TD>
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<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond.</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
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     <TD width=55%></TD>
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<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 4 of 19</FONT>&nbsp;</TD>
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<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">General Agreements</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
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	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Additional Companies</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">A.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If more than one corporation, or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or any combination of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Included As Assured</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">them is included as the ASSURED herein:</FONT>&nbsp;</TD>
</TR>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The total liability of the COMPANY under this Bond for loss or losses</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">sustained by any one or more or all of them shall not exceed the limit for</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">which the COMPANY would be liable under this Bond if all such loss were</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">sustained by any one of them.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Only the first named ASSURED shall be deemed to be the sole agent of the</FONT>&nbsp;</TD>
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<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">others for all purposes under this Bond, including but not limited to the giving</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or receiving of any notice or proof required to be given and for the purpose of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">effecting or accepting any amendments to or termination of this Bond. The</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY shall furnish each </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">with a copy of the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond and with any amendment thereto, together with a copy of each formal</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">filing of claim by any other named ASSURED and notification of the terms of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the settlement of each such claim prior to the execution of such settlement.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The COMPANY shall not be responsible for the proper application of any</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">payment made hereunder to the first named ASSURED.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(4)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Knowledge possessed or discovery made by any partner, director, trustee,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">officer or supervisory employee of any ASSURED shall constitute knowledge</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or discovery by all the ASSUREDS for the purposes of this Bond.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(5)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the first named ASSURED ceases for any reason to be covered under this</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond, then the ASSURED next named on the APPLICATION shall thereafter</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">be considered as the first named ASSURED for the purposes of this Bond.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Representation Made By</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">B.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The ASSURED represents that all information it has furnished in the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Assured</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">APPLICATION for this Bond or otherwise is complete, true and correct. Such</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">APPLICATION and other information constitute part of this Bond.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The ASSURED must promptly notify the COMPANY of any change in any fact or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">circumstance which materially affects the risk assumed by the COMPANY under</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">this Bond.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Any intentional misrepresentation, omission, concealment or incorrect statement of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a material fact, in the APPLICATION or otherwise, shall be grounds for recision of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">this Bond.</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 5 of 19</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=25%></TD>
     <TD width=3%></TD>
     <TD width=6%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">General Agreements</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Additional Offices Or</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">C.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the ASSURED, other than an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, while this Bond is in force,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Employees - Consolidation,</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">merges or consolidates with, or purchases or acquires assets or liabilities of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Merger Or Purchase Or</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">another institution, the ASSURED shall not have the coverage afforded under this</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Acquisition Of Assets Or</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond for loss which has:</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Liabilities - Notice To</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">occurred or will occur on premises, or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Company</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">been caused or will be caused by an employee, or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">arisen or will arise out of the assets or liabilities,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of such institution, unless the ASSURED:</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">gives the COMPANY written notice of the proposed consolidation, merger or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">purchase or acquisition of assets or liabilities prior to the proposed effective</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">date of such action, and</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">obtains the written consent of the COMPANY to extend some or all of the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">coverage provided by this Bond to such additional exposure, and</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on obtaining such consent, pays to the COMPANY an additional premium.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Change Of Control -</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">D.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">When the ASSURED learns of a change in control (other than in an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Notice To Company</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">), as set forth in Section 2(a) (9) of the Investment Company Act of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1940,</FONT>&nbsp;</TD>
	<TD align=left nowrap style="TEXT-INDENT:1.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the ASSURED shall within sixty (60) days give written notice to the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY setting forth:</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the names of the transferors and transferees (or the names of the beneficial</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">owners if the voting securities are registered in another name),</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the total number of voting securities owned by the transferors and the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">transferees (or the beneficial owners), both immediately before and after the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">transfer, and</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the total number of outstanding voting securities.</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Failure to give the required notice shall result in termination of coverage for any</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss involving a transferee, to be effective on the date of such change in control.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Court Costs And</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">E.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The COMPANY will indemnify the ASSURED for court costs and reasonable</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Attorneys&#146; Fees</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">attorneys' fees incurred and paid by the ASSURED in defense, whether or not</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">successful, whether or not fully litigated on the merits and whether or not settled,</FONT>&nbsp;</TD>
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</TD>
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</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of any claim, suit or legal proceeding with respect to which the ASSURED would</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">be entitled to recovery under this Bond. However, with respect to INSURING</FONT>&nbsp;</TD>
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</TD>
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	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">CLAUSE 1., this Section shall only apply in the event that:</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
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</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">admits to being guilty of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Larceny or Embezzlement</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">,</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">is adjudicated to be guilty of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Larceny or Embezzlement</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or</FONT>&nbsp;</TD>
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<P style="MARGIN:0px">&nbsp;</P>
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<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
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</TD>
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	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
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<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 6 of 19</FONT>&nbsp;</TD>
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<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">General Agreements</FONT></I></B>&nbsp;</TD>
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<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Court Costs And</FONT></I>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;</TD>
	<TD align=left nowrap style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in the absence of 1 or 2 above, an arbitration panel agrees, after a review of</FONT>&nbsp;</TD>
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<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Attorneys&#146; Fees</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an agreed statement of facts between the COMPANY and the ASSURED,</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
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</TD>
	<TD align=left nowrap style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">that an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">would be found guilty of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Larceny or Embezzlement </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">if</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
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	<TD align=left nowrap style="TEXT-INDENT:2.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">were prosecuted.</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The ASSURED shall promptly give notice to the COMPANY of any such suit or</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
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	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">legal proceeding and at the request of the COMPANY shall furnish copies of all</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">pleadings and pertinent papers to the COMPANY. The COMPANY may, at its</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">sole option, elect to conduct the defense of all or part of such legal proceeding.</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The defense by the COMPANY shall be in the name of the ASSURED through</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">attorneys selected by the COMPANY. The ASSURED shall provide all reasonable</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">information and assistance as required by the COMPANY for such defense.</FONT>&nbsp;</TD>
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<TR>
	<TD colspan=3>&nbsp;
</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the COMPANY declines to defend the ASSURED, no settlement without the</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">prior written consent of the COMPANY nor judgment against the ASSURED shall</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">determine the existence, extent or amount of coverage under this Bond.</FONT>&nbsp;</TD>
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	<TD colspan=3>&nbsp;
</TD>
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</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the amount demanded in any such suit or legal proceeding is within the</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">costs and attorney's fees incurred in defending all or part of such suit or legal</FONT>&nbsp;</TD>
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<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">proceeding.</FONT>&nbsp;</TD>
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	<TD colspan=3>&nbsp;
</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the amount demanded in any such suit or legal proceeding is in excess of the</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
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	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">incurred in defending all or part of such suit or legal proceedings is limited to the</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
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	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">proportion of such court costs and attorney's fees incurred that the LIMIT OF</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">CLAUSE bears to the total of the amount demanded in such suit or legal</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">proceeding.</FONT>&nbsp;</TD>
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	<TD colspan=3>&nbsp;
</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the amount demanded is any such suit or legal proceeding is in excess of the</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
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	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of the DECLARATIONS for the applicable INSURING CLAUSE, the</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY'S liability for court costs and attorney's fees incurred in defending all or</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">part of such suit or legal proceedings shall be limited to the proportion of such</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">court costs or attorney's fees that the amount demanded that would be payable</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
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	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">amount demanded.</FONT>&nbsp;</TD>
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	<TD colspan=3>&nbsp;
</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Amounts paid by the COMPANY for court costs and attorneys' fees shall be in</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
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	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.</FONT>&nbsp;</TD>
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<P style="MARGIN:0px">&nbsp;</P>
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<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
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	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 7 of 19</FONT>&nbsp;</TD>
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<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;</TD>
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<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;</TD>
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<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Definitions</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">As used in this Bond:</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means a computer and all input, output, processing,</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">storage, off-line media libraries, and communication facilities which are</FONT>&nbsp;</TD>
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</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">connected to the computer and which are under the control and supervision</FONT>&nbsp;</TD>
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</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of the operating system(s) or application(s) software used by the ASSURED.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Counterfeit </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means an imitation of an actual valid original which is intended</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to deceive and be taken as the original.</FONT>&nbsp;</TD>
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</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Custodian </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means the institution designated by an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">maintain possession and control of its assets.</FONT>&nbsp;</TD>
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<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means an individual, corporate, partnership, trust customer,</FONT>&nbsp;</TD>
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<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shareholder or subscriber of an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">which has a written</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">agreement with the ASSURED for </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Instruction</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">e.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means:</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an officer of the ASSURED,</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a natural person while in the regular service of the ASSURED at any of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the ASSURED'S premises and compensated directly by the ASSURED</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">through its payroll system and subject to the United States Internal</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Revenue Service Form W-2 or equivalent income reporting plans of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">other countries, and whom the ASSURED has the right to control and</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">direct both as to the result to be accomplished and details and means</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">by which such result is accomplished in the performance of such</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">service,</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a guest student pursuing studies or performing duties in any of the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED'S premises,</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(4)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an attorney retained by the ASSURED and an employee of such</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">attorney while either is performing legal services for the ASSURED,</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(5)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a natural person provided by an employment contractor to perform</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">employee duties for the ASSURED under the ASSURED'S supervision</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">at any of the ASSURED'S premises,</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(6)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an employee of an institution merged or consolidated with the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED prior to the effective date of this Bond,</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(7)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a director or trustee of the ASSURED, but only while performing acts</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">within the scope of the customary and usual duties of any officer or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">other employee of the ASSURED or while acting as a member of any</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">committee duly elected or appointed to examine or audit or have</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">custody of or access to </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of the ASSURED, or</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 8 of 19</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

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

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<P STYLE="page-break-before:always"></P><PAGE>
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     <TD width=23%></TD>
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	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=3>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=3>&nbsp;
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</TR>
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	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Definitions</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">f.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means the signing of the name of another natural person with the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">intent to deceive but does not mean a signature which consists in whole or in</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">part of one's own name, with or without authority, in any capacity for any</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">purpose.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">g.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means any investment company registered under the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Investment Company Act of 1940 and listed under the NAME OF ASSURED</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on the DECLARATIONS.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">h.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means one or more checks or drafts drawn upon a</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">financial institution in the United States of America.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">i.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Larceny or Embezzlement </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means larceny or embezzlement as defined in</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Section 37 of the Investment Company Act of 1940.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">j.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means money, revenue and other stamps; securities; including any</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">note, stock, treasury stock, bond, debenture, evidence of indebtedness,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">certificate of deposit, certificate of interest or participation in any profit-</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">sharing agreement, collateral trust certificate, preorganization certificate or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">subscription, transferable share, investment contract, voting trust certificate,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">certificate of deposit for a security, fractional undivided interest in oil, gas, or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">other mineral rights, any interest or instruments commonly known as a</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">security under the Investment Company Act of 1940, any other certificate of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">interest or participation in, temporary or interim certificate for, receipt for,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">guarantee of, or warrant or right to subscribe to or purchase any of the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">foregoing; bills of exchange; acceptances; checks; withdrawal orders; money</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">orders; travelers' letters of credit; bills of lading; abstracts of title; insurance</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">policies, deeds, mortgages on real estate and/or upon chattels and interests</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">therein; assignments of such policies, deeds or mortgages; other valuable</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">papers, including books of accounts and other records used by the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED in the conduct of its business (but excluding all electronic data</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">processing records); and, all other instruments similar to or in the nature of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the foregoing in which the ASSURED acquired an interest at the time of the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED'S consolidation or merger with, or purchase of the principal</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">assets of, a predecessor or which are held by the ASSURED for any</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">purpose or in any capacity and whether so held gratuitously or not and</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">whether or not the ASSURED is liable therefor.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">k.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Relative </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means the spouse of an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or partner of the ASSURED</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and any unmarried child supported wholly by, or living in the home of, such</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or partner and being related to them by blood, marriage or legal</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">guardianship.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">l.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Securities, documents or other written instruments </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means original</FONT>&nbsp;</TD>
</TR>
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	<TD align=left nowrap>&nbsp;
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(including original counterparts) negotiable or non-negotiable instruments, or</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">assignments thereof, which in and of themselves represent an equitable</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">interest, ownership, or debt and which are in the ordinary course of business</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">transferable by delivery of such instruments with any necessary</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">endorsements or assignments.</FONT>&nbsp;</TD>
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<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
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	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
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<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 10 of 19</FONT>&nbsp;</TD>
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<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;</TD>
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<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;</TD>
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<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Definitions</FONT></I>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">m.</FONT>&nbsp;</TD>
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Subsidiary </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means any organization that, at the inception date of this Bond,</FONT>&nbsp;</TD>
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<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">is named in the APPLICATION or is created during the BOND PERIOD and</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of which more than fifty percent (50%) of the outstanding securities or voting</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">rights representing the present right to vote for election of directors is owned</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or controlled by the ASSURED either directly or through one or more of its</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">subsidiaries.</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">n.</FONT>&nbsp;</TD>
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Transportation Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means any organization which provides its own</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or its leased vehicles for transportation or which provides freight forwarding</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or air express services.</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">o.</FONT>&nbsp;</TD>
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Election </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means any election concerning dividend options</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">available to </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shareholders or subscribers which is</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">requested by voice over the telephone.</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">p.</FONT>&nbsp;</TD>
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Redemption </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means any redemption of shares issued by an</FONT>&nbsp;</TD>
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">which is requested by voice over the telephone.</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">q.</FONT>&nbsp;</TD>
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated</FONT></B>&nbsp;</TD>
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Redemption </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Election</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">For the purposes of these definitions, the singular includes the plural and the</FONT>&nbsp;</TD>
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	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
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	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">plural includes the singular, unless otherwise indicated.</FONT>&nbsp;</TD>
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<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">General Exclusions -</FONT></I>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">This bond does not directly or indirectly cover:</FONT></B>&nbsp;</TD>
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	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Applicable to All Insuring</FONT></I>&nbsp;</TD>
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</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss not reported to the COMPANY in writing within sixty (60) days after</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clauses</FONT></I>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">termination of this Bond as an entirety;</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss due to riot or civil commotion outside the United States of America and</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Canada, or any loss due to military, naval or usurped power, war or</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">insurrection. This Section 2.b., however, shall not apply to loss which occurs</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in transit in the circumstances recited in INSURING CLAUSE 3., provided</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">that when such transit was initiated there was no knowledge on the part of</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any person acting for the ASSURED of such riot, civil commotion, military,</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">naval or usurped power, war or insurrection;</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from the effects of nuclear fission or fusion or radioactivity;</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss of potential income including, but not limited to, interest and dividends</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">not realized by the ASSURED or by any customer of the ASSURED;</FONT>&nbsp;</TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">e.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">damages of any type for which the ASSURED is legally liable, except</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">compensatory damages, but not multiples thereof, arising from a loss</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">covered under this Bond;</FONT>&nbsp;</TD>
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	<TD colspan=4>&nbsp;
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">f.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">costs, fees and expenses incurred by the ASSURED in establishing the</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">existence of or amount of loss under this Bond, except to the extent covered</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
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	<TD align=left nowrap>&nbsp;
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">under INSURING CLAUSE 11.;</FONT>&nbsp;</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
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	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">g.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from indirect or consequential loss of any nature;</FONT>&nbsp;</TD>
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<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
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	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 11 of 19</FONT>&nbsp;</TD>
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<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;</TD>
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</TD>
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</TD>
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<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;</TD>
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	<TD colspan=6>&nbsp;
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	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">General Exclusions -</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">h.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from dishonest acts by any member of the Board of Directors</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Applicable to All Insuring</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or Board of Trustees of the ASSURED who is not an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, acting</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clauses</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">alone or in collusion with others;</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">i.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss, or that part of any loss, resulting solely from any violation by the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED or by any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">:</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of any law regulating:</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the issuance, purchase or sale of securities,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">securities transactions on security or commodity exchanges or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the over the counter market,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">investment companies,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">investment advisors, or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of any rule or regulation made pursuant to any such law; or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">j.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss of confidential information, material or data;</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">k.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from voice requests or instructions received over the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">telephone, provided however, this Section 2.k. shall not apply to INSURING</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">CLAUSE 7. or 9.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=6>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Specific Exclusions -</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">3.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=4>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">This Bond does not directly or indirectly cover:</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Applicable To All Insuring</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss caused by an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, provided, however, this Section 3.a. shall not</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clauses Except Insuring</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">apply to loss covered under INSURING CLAUSE 2. or 3. which results</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clause 1.</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">directly from misplacement, mysterious unexplainable disappearance, or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">damage or destruction of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">;</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss through the surrender of property away from premises of the ASSURED</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">as a result of a threat:</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to do bodily harm to any natural person, except loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">transit in the custody of any person acting as messenger of the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED, provided that when such transit was initiated there was no</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">knowledge by the ASSURED of any such threat, and provided further</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">that this Section 3.b. shall not apply to INSURING CLAUSE 7., or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to do damage to the premises or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of the ASSURED;</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from payments made or withdrawals from any account</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">involving erroneous credits to such account;</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss involving </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">which are not finally paid for any reason</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">provided however, that this Section 3.d. shall not apply to INSURING</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">CLAUSE 10.;</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">e.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss of property while in the mail;</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 12 of 19</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

<HR noshade width="100%" size=4>
<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_19"></A><BR>

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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=24%></TD>
     <TD width=4%></TD>
     <TD width=4%></TD>
     <TD width=65%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Specific Exclusions -</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">f.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from the failure for any reason of a financial or depository</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Applicable To All Insuring</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">institution, its receiver or other liquidator to pay or deliver funds or other</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clauses Except Insuring</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to the ASSURED provided further that this Section 3.f. shall not</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clause 1.</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">apply to loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">resulting directly from robbery, burglary,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">misplacement, mysterious unexplainable disappearance, damage,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">destruction or removal from the possession, custody or control of the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">g.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">while in the custody of a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Transportation Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">provided however, that this Section 3.g. shall not apply to INSURING</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">CLAUSE 3.;</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">h.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from entries or changes made by a natural person with</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">authorized access to a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">who acts in good faith on</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">instructions, unless such instructions are given to that person by a software</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">contractor or its partner, officer, or employee authorized by the ASSURED to</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">design, develop, prepare, supply, service, write or implement programs for</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the ASSURED's </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">; or</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">i.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting directly or indirectly from the input of data into a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">terminal, either on the premises of the customer of the ASSURED</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or under the control of such a customer, by a customer or other person who</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">had authorized access to the customer's authentication mechanism.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Specific Exclusions -</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">This bond does not directly or indirectly cover:</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Applicable To All Insuring</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from the complete or partial non-payment of or default on any</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clauses Except Insuring</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loan whether such loan was procured in good faith or through trick, artifice,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clauses 1., 4., And 5.</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">fraud or false pretenses; provided, however, this Section 4.a. shall not apply</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to INSURING CLAUSE 8.;</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from forgery or any alteration;</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss involving a counterfeit provided, however, this Section 4.c. shall not</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">apply to INSURING CLAUSE 5. or 6.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Limit Of Liability/Non-</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">5.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">At all times prior to termination of this Bond, this Bond shall continue in force for</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Reduction And Non-</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Accumulation Of Liability</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">notwithstanding any previous loss for which the COMPANY may have paid or be</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">liable to pay under this Bond provided, however, that the liability of the COMPANY</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">under this Bond with respect to all loss resulting from:</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any one act of burglary, robbery or hold-up, or attempt thereat, in which no</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">is concerned or implicated, or</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any one unintentional or negligent act on the part of any one person</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">resulting in damage to or destruction or misplacement of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">all acts, other than those specified in a. above, of any one person, or</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 13 of 19</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

<HR noshade width="100%" size=4>
<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_20"></A><BR>

<a name="_bclPageBorder20"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=25%></TD>
     <TD width=4%></TD>
     <TD width=4%></TD>
     <TD width=65%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Limit Of Liability/Non-</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any one casualty or event other than those specified in a., b., or c. above,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Reduction And Non-</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall be deemed to be one loss and shall be limited to the applicable LIMIT OF</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Accumulation Of Liability</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the total amount of such loss or losses and shall not be cumulative in amounts</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">from year to year or from period to period.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All acts, as specified in c. above, of any one person which</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">i.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">directly or indirectly aid in any way wrongful acts of any other person or</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">persons, or</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ii.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">permit the continuation of wrongful acts of any other person or persons</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">whether such acts are committed with or without the knowledge of the wrongful</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">acts of the person so aided, and whether such acts are committed with or without</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the intent to aid such other person, shall be deemed to be one loss with the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">wrongful acts of all persons so aided.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Discovery</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">6.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Bond applies only to loss first discovered by an officer of the ASSURED</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">during the BOND PERIOD. Discovery occurs at the earlier of an officer of the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED being aware of:</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">facts which may subsequently result in a loss of a type covered by this Bond,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an actual or potential claim in which it is alleged that the ASSURED is liable</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to a third party,</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">regardless of when the act or acts causing or contributing to such loss occurred,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">even though the amount of loss does not exceed the applicable DEDUCTIBLE</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">AMOUNT, or the exact amount or details of loss may not then be known.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Notice To Company -</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">7.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The ASSURED shall give the COMPANY notice thereof at the earliest</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Proof - Legal Proceedings</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">practicable moment, not to exceed sixty (60) days after discovery of loss, in</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Against Company</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an amount that is in excess of 50% of the applicable DEDUCTIBLE</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">AMOUNT, as stated in ITEM 2. of the DECLARATIONS.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">with full particulars within six (6) months after such discovery.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Securities listed in a proof of loss shall be identified by certificate or bond</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">numbers, if issued with them.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Legal proceedings for the recovery of any loss under this Bond shall not be</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">brought prior to the expiration of sixty (60) days after the proof of loss is filed</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">with the COMPANY or after the expiration of twenty-four (24) months from</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the discovery of such loss.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">e.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Bond affords coverage only in favor of the ASSURED. No claim, suit,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">action or legal proceedings shall be brought under this Bond by anyone</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">other than the ASSURED.</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 14 of 19</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

<HR noshade width="100%" size=4>
<P STYLE="page-break-before:always"></P><PAGE>
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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=25%></TD>
     <TD width=4%></TD>
     <TD width=4%></TD>
     <TD width=66%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Notice To Company -</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">f.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Proof of loss involving </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Proof - Legal Proceedings</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">include electronic recordings of such instructions.</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Against Company</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Deductible Amount</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">8.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The COMPANY shall not be liable under any INSURING CLAUSES of this Bond</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on account of loss unless the amount of such loss, after deducting the net amount</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of all reimbursement and/or recovery obtained or made by the ASSURED, other</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">than from any Bond or policy of insurance issued by an insurance company and</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">covering such loss, or by the COMPANY on account thereof prior to payment by</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">DECLARATIONS.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">There shall be no deductible applicable to any loss under INSURING CLAUSE 1.</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">sustained by any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Valuation</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">9.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">BOOKS OF ACCOUNT OR OTHER RECORDS</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">consisting of books of account or other records</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">used by the ASSURED in the conduct of its business shall be the amount paid by</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the ASSURED for blank books, blank pages, or other materials which replace the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">lost books of account or other records, plus the cost of labor paid by the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED for the actual transcription or copying of data to reproduce such books</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of account or other records.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">other than books of account or other records</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">used by the ASSURED in the conduct of its business, for which a claim is made</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall be determined by the average market value of such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">business day immediately preceding discovery of such loss provided, however,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">that the value of any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">replaced by the ASSURED with the consent of the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY and prior to the settlement of any claim for such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall be the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">actual market value at the time of replacement.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In the case of a loss of interim certificates, warrants, rights or other securities, the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">production of which is necessary to the exercise of subscription, conversion,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">redemption or deposit privileges, the value of them shall be the market value of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">such privileges immediately preceding their expiration if said loss is not discovered</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">until after their expiration. If no market price is quoted for such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or for</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">such privileges, the value shall be fixed by agreement between the parties.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">OTHER PROPERTY</FONT></B>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, other than as stated above, shall be the actual</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">cash value or the cost of repairing or replacing such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">with </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">like quality and value, whichever is less.</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
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<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 15 of 19</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
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<TR valign="bottom">
	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;</TD>
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<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
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<TR>
	<TD colspan=4>&nbsp;
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<TR>
	<TD colspan=4>&nbsp;
</TD>
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	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Securities Settlement</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In the event of a loss of securities covered under this Bond, the COMPANY may,</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">at its sole discretion, purchase replacement securities, tender the value of the</FONT>&nbsp;</TD>
</TR>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">securities in money, or issue its indemnity to effect replacement securities.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The indemnity required from the ASSURED under the terms of this Section</FONT>&nbsp;</TD>
</TR>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">against all loss, cost or expense arising from the replacement of securities by the</FONT>&nbsp;</TD>
</TR>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY'S indemnity shall be:</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
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</TD>
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</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">for securities having a value less than or equal to the applicable</FONT>&nbsp;</TD>
</TR>
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	<TD align=left nowrap>&nbsp;
</TD>
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</TD>
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</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT - one hundred (100%) percent;</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
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	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">for securities having a value in excess of the DEDUCTIBLE AMOUNT but</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">within the applicable LIMIT OF LIABILITY - the percentage that the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT bears to the value of the securities;</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">for securities having a value greater than the applicable LIMIT OF LIABILITY</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">- the percentage that the DEDUCTIBLE AMOUNT and portion in excess of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the applicable LIMIT OF LIABILITY bears to the value of the securities.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The value referred to in Section 10.a., b., and c. is the value in accordance with</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Section 9, VALUATION, regardless of the value of such securities at the time the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss under the COMPANY'S indemnity is sustained.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The COMPANY is not required to issue its indemnity for any portion of a loss of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">securities which is not covered by this Bond; however, the COMPANY may do so</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">as a courtesy to the ASSURED and at its sole discretion.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The ASSURED shall pay the proportion of the Company's premium charge for the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Company's indemnity as set forth in Section 10.a., b., and c. No portion of the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">LIMIT OF LIABILITY shall be used as payment of premium for any indemnity</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">purchased by the ASSURED to obtain replacement securities.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=2>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Subrogation - Assignment - </FONT></I><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">11.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In the event of a payment under this Bond, the COMPANY shall be subrogated to</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Recovery</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">all of the ASSURED'S rights of recovery against any person or entity to the extent</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of such payment. On request, the ASSURED shall deliver to the COMPANY an</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">assignment of the ASSURED'S rights, title and interest and causes of action</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">against any person or entity to the extent of such payment.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Recoveries, whether effected by the COMPANY or by the ASSURED, shall be</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">applied net of the expense of such recovery in the following order:</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">first, to the satisfaction of the ASSURED'S loss which would otherwise have</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">been paid but for the fact that it is in excess of the applicable LIMIT OF</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">LIABILITY,</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">second, to the COMPANY in satisfaction of amounts paid in settlement of</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the ASSURED'S claim,</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">AMOUNT, and</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 16 of 19</FONT>&nbsp;</TD>
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	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Subrogation - Assignment -</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">fourth, to the ASSURED in satisfaction of any loss suffered by the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Recovery</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED which was not covered under this Bond.</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">recovery under this section.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Cooperation Of Assured</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">12.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">At the COMPANY'S request and at reasonable times and places designated by</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the COMPANY, the ASSURED shall:</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">submit to examination by the COMPANY and subscribe to the same under</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">oath,</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">produce for the COMPANY'S examination all pertinent records, and</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">cooperate with the COMPANY in all matters pertaining to the loss.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The ASSURED shall execute all papers and render assistance to secure to the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY the rights and causes of action provided for under this Bond. The</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED shall do nothing after loss to prejudice such rights or causes of action.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Termination</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">13.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the Bond is for a sole ASSURED, it shall not be terminated unless written notice</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall have been given by the acting party to the affected party and to the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Securities and Exchange Commission, Washington, D.C., not less than sixty (60)</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">days prior to the effective date of such termination.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the Bond is for a joint ASSURED, it shall not be terminated unless written notice</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall have been given by the acting party to the affected party, and by the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY to all ASSURED </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Companies </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and to the Securities and</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Exchange Commission, Washington, D.C., not less than sixty (60) days prior to</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the effective date of such termination.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Bond will terminate as to any one ASSURED, other than an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">:</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">immediately on the taking over of such ASSURED by a receiver or other</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">liquidator or by State or Federal officials, or</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">immediately on the filing of a petition under any State or Federal statute</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">relative to bankruptcy or reorganization of the ASSURED, or assignment for</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the benefit of creditors of the ASSURED, or</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">immediately upon such ASSURED ceasing to exist, whether through merger</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">into another entity, disposition of all of its assets or otherwise.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The COMPANY shall refund the unearned premium computed at short rates in</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">accordance with the standard short rate cancellation tables if terminated by the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED or pro rata if terminated for any other reason.</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 17 of 19</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

<HR noshade width="100%" size=4>
<P STYLE="page-break-before:always"></P><PAGE>
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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=23%></TD>
     <TD width=6%></TD>
     <TD width=4%></TD>
     <TD width=65%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Termination</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If any partner, director, trustee, or officer or supervisory employee of an</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED not acting in collusion with an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">learns of any dishonest act</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">committed by such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">at any time, whether in the employment of the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED or otherwise, whether or not such act is of the type covered under this</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond, and whether against the ASSURED or any other person or entity, the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED:</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall immediately remove such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">from a position that would enable</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to cause the ASSURED to suffer a loss covered by this</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond; and</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">within forty-eight (48) hours of learning that an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">has committed</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any dishonest act, shall notify the COMPANY, of such action and provide full</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">particulars of such dishonest act.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The COMPANY may terminate coverage as respects any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">sixty (60)</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">days after written notice is received by each ASSURED </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and the Securities and Exchange Commission, Washington, D.C. of its desire to</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">terminate this Bond as to such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Other Insurance</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">14.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Coverage under this Bond shall apply only as excess over any valid and collectible</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">insurance, indemnity or suretyship obtained by or on behalf of:</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the ASSURED,</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Transportation Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">another entity on whose premises the loss occurred or which employed the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">person causing the loss or engaged the messenger conveying the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">involved.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Conformity</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">15.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If any limitation within this Bond is prohibited by any law controlling this Bond's</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">construction, such limitation shall be deemed to be amended so as to equal the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
	<TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">minimum period of limitation provided by such law.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Change or Modification</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">16.</FONT>&nbsp;</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Bond or any instrument amending or affecting this Bond may not be changed</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or modified orally. No change in or modification of this Bond shall be effective</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">except when made by written endorsement to this Bond signed by an authorized</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">representative of the COMPANY.</FONT>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If this Bond is for a sole ASSURED, no change or modification which would</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">days after written notice has been furnished to the Securities and Exchange</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Commission, Washington, D.C., by the acting party.</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 18 of 19</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

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<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_25"></A><BR>

<a name="_bclPageBorder25"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=26%></TD>
     <TD width=73%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=2>&nbsp;
</TD>
</TR>
<TR>
	<TD colspan=2>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Change or Modification</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If this Bond is for a joint ASSURED, no charge or modification which would</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">days after written notice has been furnished to all insured </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Companies</FONT></B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and to the Securities and Exchange Commission, Washington, D.C., by the</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;
</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY.</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;
</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 19 of 19</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

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<A name="page_26"></A><BR>
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<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="80%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 72px" colSpan=2 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 72px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement No:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 72px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">81940258</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">NAME OF ASSURED: ALPINE EQUITY TRUST</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 30px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">SEE ENDORSEMENT #1</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 42px" noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">NAME OF ASSURED ENDORSEMENT</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALPINE EQUITY TRUST</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALPINE INCOME TRUST</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALPINE SERIES TRUST</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALPINE GLOBAL DYNAMIC DIVIDEND FUND</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALPINE TOTAL DYNAMIC DIVIDEND FUND</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALPINE GLOBAL PREMIER PROPERTIES FUND</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on March 31, 2011.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: March 31, 2011</FONT></P>
<P align=center>
<IMG border=0 src="p81940258_2011rnlx26x1.jpg">
</P>
<BR>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="61%"></TD>
     <TD width="38%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-0949 (Rev. 1-97)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<DIV align=left>
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<TR>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="51%"></TD>
     <TD width="26%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 47px" colSpan=2 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 47px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement No.: 2</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 47px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">81940258</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">NAME OF ASSURED:</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALPINE EQUITY TRUST</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">SEE ENDORSEMENT #1</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is agreed that this Bond is amended as follows:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding the following INSURING CLAUSE:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">12.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Telefacsimile Instruction</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from the ASSURED having transferred, paid or delivered any</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">funds or other </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or established any credit, debited any account or given any</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">value on the faith of any fraudulent instructions sent by a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, financial institution</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or another office of the ASSURED by </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">directly to the ASSURED authorizing</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or acknowledging the transfer, payment or delivery of funds or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">establishment of a credit or the debiting of an account or the giving of value by the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED where such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">instructions:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">bear a valid test key exchanged between the ASSURED and a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">another financial institution with authority to use such test key for </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">instructions in the ordinary course of business, but which test key has been</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">wrongfully obtained by a person who was not authorized to initiate, make,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">validate or authenticate a test key arrangement, and</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">fraudulently purport to have been sent by such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or financial institution</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">when such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">instructions were transmitted without the knowledge</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or consent of such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or financial institution by a person other than such</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" colSpan=2 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or financial institution and which bear a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of a signature,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">provided that the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">instruction was verified by a direct call back to</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an employee of the financial institution, or a person thought by the ASSURED to</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">be the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or an employee of another financial institution.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;</TD>
     <TD colSpan=4 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By deleting from Section 1., Definitions, the definition of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in its entirety, and substituting</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the following:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means an individual, corporate, partnership, trust customer, shareholder or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">subscriber of an Investment Company which has a written agreement with the ASSURED</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">for </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Instruction.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="62%"></TD>
     <TD width="37%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-2367 (Rev. 10-03)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR noshade width="100%" size=4>
<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_28"></A><BR>
<a name="_bclPageBorder28"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="4%"></TD>
     <TD width="7%"></TD>
     <TD width="87%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">3.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding to Section 1., Definitions, the following:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">r.</FONT>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means a system of transmitting written documents by electronic signals</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">over telephone lines to equipment maintained by the ASSURED for the purpose of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">reproducing a copy of said document. </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">does not mean electronic</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">communication sent by Telex or similar means of communication, or through an</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">electronic communication system or through an automated clearing house.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding to Section 3., Specific Exclusions Applicable to All Insuring Clauses Except Insuring</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Clause 1. the following:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">j.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting directly or indirectly from </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">instructions provided, however, this</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">exclusion shall not apply to this INSURING CLAUSE.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on March 31, 2011.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: March 31, 2011</FONT></P>
<P align=center>
<IMG border=0 src="p81940258_2011rnlx26x1.jpg">
</P>
<BR>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="62%"></TD>
     <TD width="37%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-2367 (Rev. 10-03)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 2</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR noshade width="100%" size=4>
<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_29"></A><BR>
<a name="_bclPageBorder29"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="3%"></TD>
     <TD width="5%"></TD>
     <TD width="5%"></TD>
     <TD width="58%"></TD>
     <TD width="26%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 55px" colSpan=2 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 55px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement No.: 3</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 55px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">81940258</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">NAME OF ASSURED: ALPINE EQUITY TRUST</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">SEE ENDORSEMENT #1</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 14px" colSpan=2 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">UNAUTHORIZED SIGNATURE ENDORSEMENT</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is agreed that this Bond is amended as follows:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding the following INSURING CLAUSE:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">13.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Unauthorized Signature</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from the ASSURED having accepted, paid or cashed any check or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Withdrawal Order </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">made or drawn on or against the account of the ASSURED&#146;S customer which</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">bears the signature or endorsement of one other than a person whose name and signature is on</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">file with the ASSURED as a signatory on such account.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It shall be a condition precedent to the ASSURED'S right of recovery under this INSURING</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">CLAUSE that the ASSURED shall have on file signatures of all the persons who are signatories</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on such account.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding to Section 1., Definitions, the following:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">s.</FONT>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means a written order to the issuer of an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Uncertificated Security </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">requesting that the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">transfer, pledge or release from pledge of the specified </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Uncertificated Security </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">be registered.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">t.</FONT>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Uncertificated Security </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means a share, participation or other interest in property of or an</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">enterprise of the issuer or an obligation of the issuer, which is:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">not represented by an instrument and the transfer of which is registered on books</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">maintained for that purpose by or on behalf of the issuer, and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of a type commonly dealt in on securities exchanges or markets, and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">either one of a class or series or by its terms divisible into a class or series of shares,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">participations, interests or obligations.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="60%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-5602 (Ed. 10-03)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<A name="page_30"></A><BR>
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<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="8%"></TD>
     <TD width="91%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">u.</FONT>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Withdrawal Order </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means a non-negotiable instrument, other than an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Instruction</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, signed by a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">customer of the ASSURED authorizing the ASSURED to debit the customer&#146;s account in the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">amount of funds stated therein.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on March 31, 2011.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: March 31, 2011</FONT></P>
<P align=center>
<IMG border=0 src="p81940258_2011rnlx26x1.jpg">
</P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
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     <TD width="60%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-5602 (Ed. 10-03)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 2</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<DIV align=left>
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     <TD width="6%"></TD>
     <TD width="4%"></TD>
     <TD width="60%"></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 55px" colSpan=2 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 55px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement No.:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 55px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">81940258</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">NAME OF ASSURED: ALPINE EQUITY TRUST</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 9px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">SEE ENDORSEMENT #1</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is agreed that this Bond is amended as follows:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding the following INSURING CLAUSE:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#147;14.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Stop Payment Order or Refusal to Pay Check</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from the ASSURED being legally liable to pay compensatory damages</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">for:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">complying or failing to comply with notice from any customer of the ASSURED or any</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">authorized representative of such customer, to stop payment on any check or draft made or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">drawn upon or against the ASSURED by such customer or by any authorized</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">representative of such customer, or</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">refusing to pay any check or draft made or drawn upon or against the ASSURED by any</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">customer of the ASSURED or by any authorized representative of such customer.&#148;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding the following Specific Exclusion:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#147;Section 4.A. Specific Exclusions &#150; Applicable to INSURING CLAUSE 14</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">This Bond does not directly or indirectly cover:</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">liability assumed by the ASSURED by agreement under any contract, unless such liability would</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">have attached to the ASSURED even in the absence of such agreement,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss arising out of:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">malicious prosecution, assault or battery,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any person, or</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">discrimination.&#148;</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on March 31, 2011.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: March 31, 2011</FONT></P>
<P align=center>
<IMG border=0 src="p81940258_2011rnlx26x1.jpg">
</P>
<BR>
<P style="TEXT-ALIGN: left"><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-2365 (Ed. 10-00)</FONT></P>
</DIV>
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<A name="page_32"></A><BR>
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<DIV align=left>
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<TR>
     <TD width="3%"></TD>
     <TD width="5%"></TD>
     <TD width="64%"></TD>
     <TD width="26%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 62px" colSpan=2 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 62px" colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement No.: 5</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 62px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">81940258</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">NAME OF ASSURED: ALPINE EQUITY TRUST</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 14px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">SEE ENDORSEMENT #1</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 23px" colSpan=2 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">NEW YORK AMENDATORY ENDORSEMENT</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is agreed that this Bond is amended as follows:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding to Section 13, Termination, the following:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bonds In Effect Sixty (60) Days Or Less</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If this Bond has been in effect for less than sixty (60) days and if it is not a renewal Bond, the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY may terminate it for any reason by mailing or delivering to the ASSURED and to the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">authorized agent or broker, if any, written notice of termination at least sixty (60) days before the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">effective date of termination.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bonds In Effect More Than Sixty (60) Days</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If this Bond has been in effect for sixty (60) days or more, or if it is a renewal of a Bond issued by the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY, it may be terminated by the COMPANY by mailing or delivering to the ASSURED and to</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the authorized agent or broker, if any, written notice of termination at least sixty (60) days before the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">effective date of termination. Furthermore, when the Bond is a renewal or has been in effect for sixty</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(60) days or more, the COMPANY may terminate only for one or more of the reasons stated in 1-7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">below.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Nonpayment of premium;</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Conviction of a crime arising out of acts increasing the hazard insured against ;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">3.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Discovery of fraud or material misrepresentation in the obtaining of this Bond or in the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">presentation of a claim thereunder;</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Violation of any provision of this Bond that substantially and materially increases the hazard</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">insured against, and which occurred subsequent to inception of the current BOND PERIOD;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">5.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If applicable, material physical change in the property insured, occurring after issuance or last</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">annual renewal anniversary date of this Bond, which results in the property becoming uninsurable</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in accordance with the COMPANY's objective, uniformly applied underwriting standards in effect</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">at the time this Bond was issued or last renewed; or material change in the nature or extent of this</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond occurring after issuance or last annual renewal anniversary date of this Bond, which causes</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the risk of loss to be substantially and materially increased beyond that contemplated at the time</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">this Bond was issued or last renewed;</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
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     <TD width="61%"></TD>
     <TD width="38%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond - New York</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-2863 (Rev. 7-03)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT>&nbsp;</TD></TR></TABLE></DIV>
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</DIV>
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<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">6.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">A determination by the Superintendent of Insurance that continuation of the present premium</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">volume of the COMPANY would jeopardize the COMPANY's policyholders, creditors or the public,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or continuing the Bond itself would place the COMPANY in violation of any provision of the New</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">York Insurance Code; or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">7.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Where the COMPANY has reason to believe, in good faith and with sufficient cause, that there is</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a probable risk or danger that the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">will be destroyed by the ASSURED for the purpose of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">collecting the insurance proceeds.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Notice Of Termination</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Notice of termination under this SECTION shall be mailed to the ASSURED and to the authorized agent</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or broker, if any, at the address shown on the DECLARATIONS of this Bond. The COMPANY,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">however, may deliver any notice instead of mailing it.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Return Premium Calculations</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The COMPANY shall refund the unearned premium computed pro rata if this Bond is terminated by the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY."</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding a new Section reading as follows:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">"Section 17. Election To Conditionally Renew / Nonrenew This Bond</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Conditional Renewal</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the COMPANY conditionally renews this Bond subject to:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Change of limits of liability ;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Change in type of coverage;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">3.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Reduction of coverage;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Increased deductible;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">5.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Addition of exclusion; or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">6.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Increased premiums in excess of 10%, exclusive of any premium increase due to and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">commensurate with insured value added; or as a result of experience rating, retrospective rating</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or audit; the COMPANY shall send notice as provided in Notices Of Nonrenewal And Conditional</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Renewal immediately below.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Notices Of Nonrenewal And Conditional Renewal</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the COMPANY elects not to renew this Bond, or to conditionally renew this Bond as provided</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">herein, the COMPANY shall mail or deliver written notice to the ASSURED at least sixty (60) but</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">not more than one hundred twenty (120) days before:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The expiration date; or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The anniversary date if this Bond has been written for a term of more than one year.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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     <TD width="38%"></TD></TR>
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     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond - New York</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-2863 (Rev. 7-03)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 2</FONT>&nbsp;</TD></TR></TABLE></DIV>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Notice shall be mailed or delivered to the ASSURED at the address shown on the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">DECLARATIONS of this Bond and the authorized agent or broker, if any. If notice is mailed, proof</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of mailing shall be sufficient proof of notice.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">3.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Paragraphs 1. and 2. immediately above shall not apply when the ASSURED, authorized agent or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">broker, or another insurer has mailed or delivered written notice to the COMPANY that the Bond</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">has been replaced or is no longer desired.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">3.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding to General Agreement B., Representations Made By Assured, the following:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">No misrepresentation shall be deemed material unless knowledge by the COMPANY would have lead</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to the COMPANY'S refusal to write this Bond.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on March 31, 2011.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: March 31, 2011</FONT></P>
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     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond - New York</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-2863 (Rev. 7-03)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 3</FONT>&nbsp;</TD></TR></TABLE></DIV>
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     <TD style="TEXT-INDENT: 10px" noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ENDORSEMENT/RIDER</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Effective date of</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">this endorsement/rider: March 31, 2011</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement/Rider No.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">To be attached to and</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">form a part of Bond No.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">81940258</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Issued to: ALPINE EQUITY TRUST</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">SEE ENDORSEMENT #1</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 27px" colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">AUTOMATIC INCREASE IN LIMITS ENDORSEMENT</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In consideration of the premium charged, it is agreed that GENERAL AGREEMENTS, Section C. Additional</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Offices Or Employees-Consolidation, Merger Or Purchase Or Acquisition Of Assets Or Liabilities-Notice To</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Company, is amended by adding the following subsection:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Automatic Increase in Limits for Investment Companies</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If an increase in bonding limits is required pursuant to rule 17g-1 of the Investment Company Act of 1940</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(&#147;the Act&#148;), due to:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(i)</FONT>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the creation of a new </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, other than by consolidation or merger with, or purchase or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">acquisition of assets or liabilities of, another institution; or</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(ii)</FONT>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an increase in asset size of current </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Companies </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">covered under this Bond,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">then the minimum required increase in limits shall take place automatically without payment of additional</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">premium for the remainder of the BOND PERIOD.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and conditions of coverage.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<IMG border=0 src="p81940258_2011rnlx35x1.jpg">
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<TABLE>
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     <TD noWrap><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">14-02-14098 (04/2008)</FONT></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left">
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     <TD noWrap><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 63px" colSpan=2 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 63px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement No:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">7</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 63px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">81940258</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">NAME OF ASSURED: ALPINE EQUITY TRUST</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 14px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">SEE ENDORSEMENT #1</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 15px" colSpan=2 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">TERMINATION-NONRENEWAL-NOTICE ENDORSEMENT</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is agreed that this Bond is amended as follows:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding to Section 13., Termination, the following:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">"Termination By The Company</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bonds In Effect For More Than Sixty (60) Days</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If this Bond has been in effect for more than sixty (60) days, or, if this Bond is a renewal, the COMPANY</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">may terminate by providing written notice of cancellation at least sixty (60) days before the effective date</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of termination for at least one of the following reasons:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Nonpayment of premium;</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Discovery of fraud or material misrepresentation in obtaining this Bond or in the presentation of a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">claim thereunder;</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">3.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Discovery of willful or reckless acts or omissions or violation of any provision of this Bond on the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">part of the ASSURED which substantially and materially increases any hazard insured against,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and which occurred subsequent to the inception of the current BOND PERIOD;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Conviction of the ASSURED of a crime arising out of acts increasing the hazard insured against;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">5.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Material change in the risk which increases the risk of loss after insurance coverage has been</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">issued or renewed, except to the extent that the COMPANY should reasonably have foreseen the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">change, or contemplated the risk when the contract was written;</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">6.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Determination by the Commissioner that the continuation of the Bond would jeopardize a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY'S solvency or would place the COMPANY in violation of the insurance laws of any</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">state;</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">7.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Determination by the Commissioner that continuation of the present premium volume of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY would jeopardize the COMPANY'S policyholders, creditors or the public;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">8.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Such other reasons that are approved by the Commissioner;</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">9.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Determination by the Commissioner that the COMPANY no longer has adequate reinsurance to</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">meet the ASSUREDS needs;</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Substantial breaches of contractual duties, conditions or warranties; or</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">11.</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Unfavorable underwriting facts, specific to the ASSURED, existing that were not present at the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">inception of the Bond.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
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<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="61%"></TD>
     <TD width="38%"></TD></TR>
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     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1360 (Rev. 10-99)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT>&nbsp;</TD></TR></TABLE></DIV>
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     <TD width="96%"></TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bonds In Effect Sixty (60) Days Or Less</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If this Bond has been in effect for sixty (60) days or less, and it is not a renewal Bond, the COMPANY</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">may terminate for any reason by providing written notice of termination at least sixty (60) days before</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the effective date of termination.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Notice Of Termination</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Notice of termination under this Section shall be mailed or delivered, by certified mail, return receipt</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">provided by the United States Postal Service, to the ASSURED and to the authorized agent or broker, if</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any, at least sixty (60) days prior to the effective date of cancellation at the address shown on the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">DECLARATIONS of this Bond.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If this Bond is cancelled for nonpayment of premium, the COMPANY will mail or deliver, by certified</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">mail, return receipt provided by the United States Postal Service, a written notice at least thirty (30) days</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">before the effective date of cancellation. The cancellation notice shall contain information regarding the</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">amount of premium due and the due date, and shall state the effect of nonpayment by the due date.</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Cancellation shall not be effective if payment of the amount due is made prior to the effective date of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">cancellation.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All notice of cancellation shall state the reason(s) for cancellation.</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">There is no liability on the part of, and no cause of action of any nature shall arise against, the</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY, its authorized representatives, its employees, or any firm, person or corporation furnishing</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to the COMPANY, information relating to the reasons for cancellation or nonrenewal, for any statement</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">made by them in complying or enabling the COMPANY to comply with this Section, for the provision of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">information pertaining thereto, or for statements made or evidence submitted at any hearings conducted</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in connection therewith, if such information was provided in good faith and without malice.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Notice Of Nonrenewal</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the COMPANY elects not to renew this Bond, the COMPANY shall mail or deliver written notice, by</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">certified mail, return receipt, provided by the United States Postal Service, to the ASSURED, at his last</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">known address, at least sixty (60) days before the expiration date or before the anniversary date, if this</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond has been written for a term of more than one (1) year. Such notice shall also be mailed to the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED'S agent or broker, if any.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Such notice shall contain all of the following:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date of Notice;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Reason for Cancellation;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Expiration Date of the Bond;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">e.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Effective Date and Hour of Cancellation.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Notice of nonrenewal shall not be required if the COMPANY or a COMPANY within the same insurance</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">group has offered to issue a renewal Bond, the ASSURED has obtained replacement coverage or has</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">agreed in writing to obtain replacement coverage, the ASSURED has requested or agreed to</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">nonrenewal, or the Bond is expressly designated as nonrenewable.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="61%"></TD>
     <TD width="38%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1360 (Rev. 10-99)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 2</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR noshade width="100%" size=4>
<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_38"></A><BR>
<a name="_bclPageBorder38"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="3%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Return Premium Calculations</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Any unearned premiums which have been paid by the ASSURED shall be refunded to the ASSURED</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on a pro rata basis if terminated by the COMPANY or the ASSURED. The unearned premiums shall be</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">refunded to the ASSURED within forty-five (45) days of receipt of the request for cancellation or the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">effective date of cancellation, whichever is later.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Conditional Renewal</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the COMPANY offers or purports to renew the Bond, but on less favorable terms or at higher rates,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the new terms or higher premiums may take effect on the renewal date, if the COMPANY mails or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">delivers by certified mail, return receipt provided by the United States Postal Service, to the ASSURED,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">notice of the new terms or premiums at least sixty (60) days prior to the renewal date. If the COMPANY</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">notifies the ASSURED within sixty (60) days prior to the renewal date, the new terms or premiums do</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">not take effect until sixty (60) days after the notice is mailed or delivered, in which case, the ASSURED</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">may elect to cancel the renewal Bond within the sixty (60) day period. If the COMPANY does not notify</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the ASSURED of the new terms or premiums, the COMPANY shall continue the Bond at the expiring</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">terms and premiums until notice is given or until the effective date of replacement coverage is obtained</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">by the ASSURED, whichever occurs first.&#148;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is further understood and agreed that for the purposes of Section 13., Termination, any occurrence</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">listed in this Section shall be considered to be a request by the ASSURED to immediately terminate this</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on March 31, 2011.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: March 31, 2011</FONT></P>
<P align=center>
<IMG border=0 src="p81940258_2011rnlx26x1.jpg">
</P>
<BR>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="61%"></TD>
     <TD width="38%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1360 (Rev. 10-99)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 3</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR noshade width="100%" size=4>
<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_39"></A><BR>
<a name="_bclPageBorder39"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="42%"></TD>
     <TD width="32%"></TD>
     <TD width="24%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ENDORSEMENT/RIDER</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Effective date of</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">this endorsement/rider: March 31, 2011</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement/Rider No.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">To be attached to and</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">form a part of Bond No.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">81940258</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Issued to: ALPINE EQUITY TRUST</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 14px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">SEE ENDORSEMENT #1</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 25px" colSpan=3 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">similar laws or regulations prohibit the coverage provided by this insurance.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">terms and conditions of coverage.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P align=center>
<IMG border=0 src="p81940258_2011rnlx35x1.jpg">
</P>
<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">14-02-9228 (02/2010)</FONT></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT></TD></TR></TABLE></P>
</DIV>
<HR noshade width="100%" size=4>
<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_40"></A><BR>
<a name="_bclPageBorder40"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="3%"></TD>
     <TD width="37%"></TD>
     <TD width="33%"></TD>
     <TD width="24%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ENDORSEMENT/RIDER</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Effective date of</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">this endorsement/rider: March 31, 2011</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 10px" colSpan=2 noWrap align=left><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 10px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement/Rider No.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 10px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">To be attached to and</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 10px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">form a part of Bond No.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">81940258</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Issued to: ALPINE EQUITY TRUST</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px" noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">SEE ENDORSEMENT #1</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ENDORSEMENT</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In consideration of the premium charged, it is agreed that this Bond is amended as follows:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">with the following:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If this Bond is for a joint ASSURED, no change or modification which would adversely affect the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">furnished to all insured </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Companies </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and the Securities and Exchange Commission,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Washington, D.C., by the COMPANY.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">terms and conditions of coverage.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P align=center>
<IMG border=0 src="p81940258_2011rnlx35x1.jpg">
</P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">17-02-2437 (12/2006) rev.</FONT></P>
<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT></TD></TR></TABLE></P>
</DIV>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>c65269_ex99-2.htm
<TEXT>

<HTML>
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   <TITLE>c65268_ex99-4.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<P align="left">
<B><U><FONT face="serif">Review and Approval of Joint Fidelity Bond</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
<B><FONT face="serif">RESOLVED,</FONT></B><FONT face="serif"> that after considering all relevant factors, including but not limited to, the existing and projected value of the aggregate assets of each registered investment company to which any
covered person may have access, the type and terms of the arrangements made for the custody and safekeeping for such assets, the nature of the securities held by each Fund, the number of the other parties named as insured, the nature of the business
activities of such other parties, the amount of the Bond, the amount of the premium for such Bond, the ratable allocation of the premium among all parties named as insureds, and the extent, if any, to which the share of the premium allocated to each
registered investment company varies from the premium such registered investment company would have had to pay if it had provided and maintained a single insured bond, it is the judgment of the Trustees, including a majority of the Trustees who are
not interested persons of the Funds separately, that the Bond is fair and reasonable in form and amount therefore that the Funds&#146; Bond coverage hereby be approved with the Chubb Group of Insurance Companies in the amount of &#36;6,600,000 with
an annual premium amount of &#36;12,084 to be allocated to the Funds as contained in the materials provided to the Board, for a one-year term expiring on March 31, 2012; and it is </FONT></P>
<P align="left">
<B><FONT face="serif">FURTHER RESOLVED</FONT></B><FONT face="serif">, that the officers of the Funds be, and hereby are, authorized and directed to enter into an agreement with the other insureds under the Bond regarding the allocation of the
proceeds of any recovery under the Bond, under paragraph (f) of Rule 17g-1 promulgated by the SEC under the 1940 Act, such agreement to continue so long as the Bond is in force and whether or not the coverage thereunder is increased or decreased,
and to increase the amount of such Bond as may be necessary to satisfy the requirements of Rule 17g-1(d) under the 1940 Act; and be it </FONT></P>
<P align="left">
<B><FONT face="serif">FURTHER RESOLVED</FONT></B><FONT face="serif">, that any appropriate officer of the Funds is authorized to make any and all payments and do any and all other acts, in the name of the Funds and on their behalf, as they, or any
of them, may determine to be necessary or desirable and proper with the advice of counsel in connection with the foregoing resolution, and to make the filings and give the notices required by Rule 17g-1(g) under the 1940 Act. </FONT></P>
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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>7
<FILENAME>c65269_ex99-3.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c65268_ex99-3.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<P align="left">
<FONT size=2 face="serif">Alpine Funds Complex </FONT><br>
<FONT size=2 face="serif">Rule 17g-1 Fidelity Bond Filing </FONT><br>
<FONT size=2 face="serif">Amount of Single Insured Bond for Joint Insureds </FONT><br>
<FONT size=2 face="serif">Period of Coverage: March 31, 2011 through March 31, 2012</FONT></P>
<TABLE width="65%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=70% align=left nowrap>
<U><FONT size=2 face="serif">Trust</FONT></U>  </TD>
  <TD width=3%>&nbsp;  </TD>
  <TD colspan="2" align=right nowrap>
    <div align="left"><FONT size=2 face="serif">Single Insured</FONT> </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=right nowrap>
    <div align="left"><U><FONT size=2 face="serif">Bond Coverage</FONT></U> </div></TD>
  </TR>
<TR>
  <TD colspan=4>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Alpine Equity Trust</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=2% align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT> </div></TD>
  <TD width=25% align=left nowrap>
 &nbsp;<FONT size=2 face="serif">1,000,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Alpine Income Trust</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT> </div></TD>
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">1,500,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Alpine Series Trust</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT> </div></TD>
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">1,000,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Alpine Global Dynamic Dividend Fund</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT> </div></TD>
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">600,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Alpine Total Dynamic Dividend Fund</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT> </div></TD>
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">1,500,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Alpine Global Premier Properties Fund</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#36;</FONT> </div></TD>
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">1,000,000</FONT>  </TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" width="100%" size=4>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>8
<FILENAME>c65269_ex99-4.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c65268_ex99-2.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<P align="center">
<B><FONT size=2 face="serif">AGREEMENT OF THE JOINT INSUREDS</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">THIS AGREEMENT</FONT></B><FONT size=2 face="serif"> dated March 24, 2010, is hereby entered into by and among Alpine Equity Trust, Alpine Global Dynamic Dividend Fund, Alpine Global Premier
Properties Fund, Alpine Income Trust, Alpine Series Trust and Alpine Total Dynamic Dividend Fund (hereinafter referred to singularly as the &#147;Trust&#148; or collectively as the &#147;Trusts&#148;) (the Trusts are sometimes referred to
individually herein as the &#147;Insured Party&#148; or collectively the &#147;Insured Parties&#148;). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">WHEREAS,</FONT></B><FONT size=2 face="serif"> the Insured Parties are management investment companies registered under the Investment Company Act of 1940, as amended (the &#147;1940
Act&#148;); and </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">WHEREAS</FONT></B><FONT size=2 face="serif">, Alpine Equity Trust, Alpine Income Trust and Alpine Series Trust are currently comprised of various series and the Board of Trustees of each
such Trust may, from time to time, create additional series (each a &#147;Fund&#148; and collectively the &#147;Funds&#148;); and </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">WHEREAS</FONT></B><FONT size=2 face="serif">, each Fund and the Funds may also be referred to individually herein as an Insured Party or collectively as Insured Parties; and </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">WHEREAS,</FONT></B><FONT size=2 face="serif"> Rule 17g-1 under the 1940 Act requires each Trust or Fund, as the case may be, to provide and maintain in effect a bond against larceny and
embezzlement by its officers and employees; and </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">WHEREAS,</FONT></B><FONT size=2 face="serif"> Rule 17g-1 authorizes each Trust or Fund, as the case may be, by virtue of its affiliated status, to secure a joint insured bond naming each of
them as insureds; and </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">WHEREAS,</FONT></B><FONT size=2 face="serif"> Rule 17g-1 also requires that each investment company named as an insured in a joint bond enter into an agreement with the other named insureds
containing certain provisions regarding the respective shares to be received by said insureds in the event recovery is received under the joint insured bond as a result of a loss sustained by them; and </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">WHEREAS,</FONT></B><FONT size=2 face="serif"> the Boards of Trustees of each Trust, including a majority of the Trustees of such Trust who are not &#147;interested persons&#148; of the Trust
as defined by Section 2(a)(19) of the 1940 Act, have given due consideration to all factors relevant to the form, amount and ratable allocation of premiums of such a joint insured bond and have determined that this joint insured bond is in the best
interest of each Insured Party, including, their respective Funds in the case of Alpine Equity Trust, Alpine Income Trust and Alpine Series Trust, and their respective shareholders, and, accordingly, the majority of such Trustees have approved the
amount, type, form and coverage of the joint insured bond and the portion of the premium payable by each such Insured Party hereunder; and </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">WHEREAS,</FONT></B><FONT size=2 face="serif"> the Trustees of each Trust have determined, with respect to each Insured Party, that the allocation of the proceeds payable under the joint
insured bond as set forth herein, which takes into account the minimum amount of coverage required for each Trust or Fund, as the case may be, by Rule 17g-1, is equitable. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">NOW, THEREFORE,</FONT></B><FONT size=2 face="serif"> the parties hereto, in consideration of the mutual covenants contained herein, hereby agree as follows: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">1. </FONT><B><U><FONT size=2 face="serif">Joint Insured Bond</FONT></U></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">The Insured Parties shall maintain in effect a
joint fidelity insurance bond (the &#147;Bond&#148;) from Chubb Group of Insurance Companies or another such reputable fidelity insurance company authorized to do business in the place where the Bond is issued, insuring each Insured Party against
larceny and embezzlement and covering such of their respective officers and employees who may, singly or jointly with others, have access, directly or indirectly, to the particular Insured Party&#146;s securities or other assets. The Bond shall name
each Insured Party as an insured and shall comply with the requirements for such bonds established by Rule 17g-1. </FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">2. </FONT><B><U><FONT size=2 face="serif">Amount</FONT></U></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">The Bond shall be in a least the minimum amount required by
Rule 17g-1(d) to be maintained by the Insured Parties, in accordance with the policies of the staff of the Securities and Exchange Commission. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">3. </FONT><B><U><FONT size=2 face="serif">Ratable Allocation of Premiums</FONT></U></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">The Insured Parties shall divide the
initial premium and any additional premiums which may become due under the Bond among them based upon their relative net assets at the time of payment of the premium involved. </FONT></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size=2 face="serif">4. </FONT><B><U><FONT size=2 face="serif">Ratable Allocation of Proceeds</FONT></U></B><B><FONT size=2 face="serif">.</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size=2 face="serif">(a) If more than one of the Insured Parties sustains
a single loss (including a loss</FONT> <FONT size=2 face="serif">sustained before
the date hereof), for which recovery is received under the Bond, each such Insured
Party shall receive that portion of the recovery that is sufficient in amount
to indemnify that Insured Party in full for  the loss sustained by it, unless
the recovery is inadequate to fully indemnify all such Insured Parties sustaining
a single loss. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b) If the recovery is inadequate to fully indemnify all Insured Parties sustaining a single loss, the recovery shall be allocated among such Insured Parties as follows: </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(i) Each of the Insured Parties, to the extent it sustains a loss, shall be allocated an amount equal to the lesser of its actual loss or the minimum amount of the fidelity bond that it would
be required to maintain under a single insured bond (determined as of the time of the loss in accordance with the provisions of Rule 17g-1). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(ii) The remainder, if any, shall be allocated among the other Insured Parties based upon their relative net assets at the time of the loss (provided that, if such allocation would result in
any Insured Party receiving a portion of the recovery in excess of the loss actually sustained by it, the aggregate of such excess among such other Insured Parties shall be reallocated among the remaining Insured Parties not fully indemnified as a
result of the foregoing allocations, in proportion to the allocation percentages set forth in this sub-provision). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">5. </FONT><B><U><FONT size=2 face="serif">Claims and Settlements</FONT></U></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">Each Insured Party shall, within five (5) days
after the making of any claim under the Bond, provide the other Insured Parties with written notice of the amount and nature of such claim. Each Insured Party shall, within five (5) days of the receipt thereof, provide the other Insured Parties with
written notice of the terms of settlement of any claim made under the Bond by such Insured Party. In the event that two (2) or more Insured Parties shall agree to a settlement of a claim made under the Bond with respect to a single loss, notice of
the settlement shall also include calculation of the amounts to be received under Paragraph 4 hereof. The officers of each Insured Party designated as responsible for filing notices required by paragraph (g) of Rule 17g-1 under the Act shall give
and receive any notices required hereby with respect to such Insured Party. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">6. </FONT><B><U><FONT size=2 face="serif">Modifications and Amendments</FONT></U></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">Any Insured Party may increase the
amount of the Bond. Such Insured Party must give written notice thereof to the other Insured Parties to this Agreement and to the Securities and Exchange Commission in accordance with Rule 17g-1. If, pursuant to Rule 17g-1, any Insured Party shall
determine that the coverage provided pursuant to this Agreement should otherwise be modified, it shall so notify the other Insured Parties hereto and indicate the nature of the modification (including the treatment of any increase or return premium)
which it believes to be appropriate. If within sixty (60) days of such notice any necessary amendments to this Agreement shall not have been made and the request for modification shall not have been withdrawn, this Agreement shall terminate (except
with respect to losses occurring prior to such termination). Any Insured Party may withdraw from this Agreement at any time and cease to be an Insured Party hereto (except with respect to losses occurring prior to such withdrawal) by giving not less
than sixty (60) days prior written notice to the other parties of such withdrawal. Upon withdrawal, a withdrawing Insured Party shall be entitled to receive such portion of any premium rebated by the fidelity company with respect to such withdrawal.
Upon termination of the Bond, each Insured Party shall receive any premium rebated by the</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left">
<FONT size=2 face="serif">fidelity company with respect to such termination in proportion to the premium paid by such insured, less any premium previously refunded with respect to such insured. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">7. </FONT><B><U><FONT size=2 face="serif">Governing Law</FONT></U></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">This Agreement shall be construed in accordance with
the laws of the State of New York. </FONT></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size=2 face="serif">8. </FONT><B><U><FONT size=2 face="serif">No Assignment</FONT></U></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">This Agreement is not assignable. </FONT></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size=2 face="serif">9. </FONT><B><U><FONT size=2 face="serif">Notices</FONT></U></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">All
notices and other communications hereunder shall be addressed to the</FONT> <FONT size=2 face="serif">appropriate
Insured Party, at: c/o Alpine Woods Capital Investors, LLC, 2500 Westchester
Avenue, Suite 215, Purchase, New York, 10577, Attention John Megyesi. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">10. </FONT><B><U><FONT size=2 face="serif">Counterparts</FONT></U></B><B><FONT size=2 face="serif">. </FONT></B><FONT size=2 face="serif">This Agreement may be executed in two (2) or more
counterparts which together shall constitute a single agreement. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">IN WITNESS WHEREOF,</FONT></B><FONT size=2 face="serif"> each of the parties hereto has duly executed this Agreement as of the day and year first above written. </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<B><FONT size=2 face="serif">ALPINE EQUITY TRUST</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<B><FONT size=2 face="serif">(on behalf of each of its Funds)</FONT></B>
  </TD>
</TR>
<TR>
  <TD>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">By: </FONT><U><FONT size=2 face="serif">/s/ Ronald G. Palmer, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">Name: Ronald G. Palmer, Jr.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">Title: Chief Financial Officer</FONT>
  </TD>
</TR>
</TABLE><BR>
<P align="left">
<B><FONT size=2 face="serif">ALPINE GLOBAL DYNAMIC DIVIDEND FUND</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">By: </FONT><U><FONT size=2 face="serif">/s/ Ronald G. Palmer, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">Name: Ronald G. Palmer, Jr.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">Title: Chief Financial Officer</FONT>
  </TD>
</TR>
</TABLE><BR>
<P align="left">
<B><FONT size=2 face="serif">ALPINE GLOBAL PREMIER PROPERTIES FUND</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">By: </FONT><U><FONT size=2 face="serif">/s/ Ronald G. Palmer, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">Name: Ronald G. Palmer, Jr.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">Title: Chief Financial Officer</FONT>
  </TD>
</TR>
<TR>
  <TD>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<B><FONT size=2 face="serif">ALPINE INCOME TRUST</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<B><FONT size=2 face="serif">(on behalf of each of its Funds)</FONT></B>
  </TD>
</TR>
<TR>
  <TD>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">By: </FONT><U><FONT size=2 face="serif">/s/ Ronald G. Palmer, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">Name: Ronald G. Palmer, Jr.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">Title: Chief Financial Officer</FONT>
  </TD>
</TR>
<TR>
  <TD>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<B><FONT size=2 face="serif">ALPINE SERIES TRUST</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<B><FONT size=2 face="serif">(on behalf of each of its Funds)</FONT></B>
  </TD>
</TR>
<TR>
  <TD>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">By: </FONT><U><FONT size=2 face="serif">/s/ Ronald G. Palmer, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">Name: Ronald G. Palmer, Jr.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">Title: Chief Financial Officer</FONT>
  </TD>
</TR>
<TR>
  <TD>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<B><FONT size=2 face="serif">ALPINE TOTAL DYNAMIC DIVIDEND FUND</FONT></B>
  </TD>
</TR>
<TR>
  <TD>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">By: </FONT><U><FONT size=2 face="serif">/s/ Ronald G. Palmer, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">Name: Ronald G. Palmer, Jr.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<FONT size=2 face="serif">Title: Chief Financial Officer</FONT>
  </TD>
</TR>
</TABLE><BR>

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