<SEC-DOCUMENT>0001206774-12-002653.txt : 20120608
<SEC-HEADER>0001206774-12-002653.hdr.sgml : 20120608
<ACCEPTANCE-DATETIME>20120608134715
ACCESSION NUMBER:		0001206774-12-002653
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20120608
DATE AS OF CHANGE:		20120608
EFFECTIVENESS DATE:		20120608

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLAHERTY & CRUMRINE/CLAYMORE TOTAL RETURN FUND INC
		CENTRAL INDEX KEY:			0001245648
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21380
		FILM NUMBER:		12897329

	BUSINESS ADDRESS:	
		STREET 1:		301 E COLORADO BLVD STE 720
		STREET 2:		C/O FLAHERTY & CRUMRINE INC
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
		BUSINESS PHONE:		(626) 795-7300

	MAIL ADDRESS:	
		STREET 1:		301 E COLORADO BLVD STE 720
		STREET 2:		C/O FLAHERTY & CRUMRINE INC
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>fcctrf_40-17g.htm
<DESCRIPTION>FIDELITY BOND FILED PURSUANT TO RULE 17G-1(G)(1)
<TEXT>

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    <TD width="13%"></TD>
    <TD width="6%"></TD>
    <TD width="15%"></TD>
    <TD width="12%"></TD>
    <TD width="3%"></TD>
    <TD width="17%"></TD>
    <TD width="5%"></TD>
    <TD width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="34%" colSpan=3><B><FONT face=Arial size=2>Chubb Group of Insurance Companies</FONT></B></TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD align=left width="20%" colSpan=2><B><FONT face=Arial size=3>DECLARATIONS</FONT></B></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD align=left width="40%" colSpan=4><B><FONT face=Arial size=3>FINANCIAL INSTITUTION INVESTMENT</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="46%" colSpan=4><FONT face=Arial size=1>15
      Mountain View Road, Warren, New Jersey 07059</FONT></TD>
    <TD align=left width="40%" colSpan=4><B><FONT face=Arial size=3>COMPANY ASSET PROTECTION BOND</FONT></B></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 1px" align=left width="48%" colSpan=6><FONT face=Arial size=2>NAME OF ASSURED (including
      its </FONT><B><FONT face=Arial size=2>Subsidiaries</FONT></B><FONT face=Arial size=2>):</FONT></TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD align=left width="20%" colSpan=2><FONT face=Arial size=2>Bond
      Number: 82302721</FONT></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 1px" align=left width="60%" colSpan=7><FONT face=Arial size=2>FLAHERTY &amp; CRUMRINE
      CLAYMORE TOTAL RETURN FUND</FONT></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="17%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD align=left width="40%" colSpan=4><B><FONT face=Arial size=2>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
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    <TD style="TEXT-INDENT: 1px" align=left width="33%" colSpan=5><FONT face=Arial size=2>301 EAST COLORADO BLVD.,
      #720</FONT></TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD align=left width="25%" colSpan=3><FONT face=Arial size=1>Incorporated under the laws of Indiana</FONT></TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 1px" align=left width="27%" colSpan=4><FONT face=Arial size=2>PASADENA, CA
91101</FONT></TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD align=left width="40%" colSpan=4><FONT face=Arial size=1>a
      stock insurance company herein called the COMPANY</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD align=left width="40%" colSpan=4><FONT face=Arial size=1>Capital Center, 251 North Illinois, Suite 1100</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="13%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="20%" colSpan=2><FONT face=Arial size=1>Indianapolis, IN
      46204-1927</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="15%">&nbsp;</TD></TR>
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    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
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    <TD style="TEXT-INDENT: 1px" align=left width="8%"><B><FONT face=Arial size=2>ITEM 1.</FONT></B></TD>
    <TD style="TEXT-INDENT: 1px" align=left width="19%" colSpan=3><FONT face=Arial size=2>BOND PERIOD:</FONT></TD>
    <TD align=right width="6%"><FONT face=Arial size=2>from</FONT></TD>
    <TD align=left width="15%"><FONT face=Arial size=2>12:01 a.m. on</FONT></TD>
    <TD align=left width="12%"><FONT face=Arial size=2>May
      15, 2012</FONT></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="17%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp;</TD>
    <TD align=right width="6%"><FONT face=Arial size=2>to</FONT></TD>
    <TD align=left width="15%"><FONT face=Arial size=2>12:01 a.m. on</FONT></TD>
    <TD align=left width="12%"><FONT face=Arial size=2>May
      15, 2013</FONT></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="17%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
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    <TD style="TEXT-INDENT: 1px" align=left width="8%"><B><FONT face=Arial size=2>ITEM 2.</FONT></B></TD>
    <TD style="TEXT-INDENT: 1px" align=left width="52%" colSpan=6><FONT face=Arial size=2>LIMITS OF
      LIABILITY--DEDUCTIBLE AMOUNTS:</FONT></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="17%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
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    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="92%" colSpan=10><FONT face=Arial size=2>If
      &#147;Not Covered&#148; is inserted below opposite any specified INSURING CLAUSE,
      such INSURING CLAUSE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="92%" colSpan=10><FONT face=Arial size=2>and
      any other reference shall be deemed to be deleted. </FONT><B><FONT face=Arial size=2>There shall be no
      deductible applicable to any</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="72%" colSpan=8><B><FONT face=Arial size=2>loss under INSURING CLAUSE 1. sustained by any Investment
      Company.</FONT></B></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="17%">&nbsp;</TD>
    <TD align=left width="20%" colSpan=2><FONT face=Arial size=2>DEDUCTIBLE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="25%" colSpan=4><FONT face=Arial size=2>INSURING CLAUSE</FONT></TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left width="20%" colSpan=2><FONT face=Arial size=2>LIMIT OF
LIABILITY</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="20%" colSpan=2><FONT face=Arial size=2>AMOUNT</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>1</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD style="TEXT-INDENT: 2px" align=left width="13%"><FONT face=Arial size=2>Employee</FONT></TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2px" align=left width="3%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="17%"><FONT face=Arial size=2>750,000</FONT></TD>
    <TD align=left width="5%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="15%"><FONT face=Arial size=2>0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>2</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD style="TEXT-INDENT: 2px" align=left width="19%" colSpan=2><FONT face=Arial size=2>On Premises</FONT></TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2px" align=left width="3%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="17%"><FONT face=Arial size=2>750,000</FONT></TD>
    <TD align=left width="5%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="15%"><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>3</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD style="TEXT-INDENT: 2px" align=left width="13%"><FONT face=Arial size=2>In Transit</FONT></TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2px" align=left width="3%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="17%"><FONT face=Arial size=2>750,000</FONT></TD>
    <TD align=left width="5%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="15%"><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>4</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD style="TEXT-INDENT: 2px" align=left width="19%" colSpan=2><FONT face=Arial size=2>Forgery or
    Alteration</FONT></TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2px" align=left width="3%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="17%"><FONT face=Arial size=2>Not
      Covered</FONT></TD>
    <TD align=left width="5%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="15%"><FONT face=Arial size=2>N/A</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>5</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD style="TEXT-INDENT: 2px" align=left width="19%" colSpan=2><FONT face=Arial size=2>Extended Forgery</FONT></TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2px" align=left width="3%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="17%"><FONT face=Arial size=2>Not
      Covered</FONT></TD>
    <TD align=left width="5%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="15%"><FONT face=Arial size=2>N/A</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>6</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD style="TEXT-INDENT: 2px" align=left width="19%" colSpan=2><FONT face=Arial size=2>Counterfeit Money</FONT></TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2px" align=left width="3%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="17%"><FONT face=Arial size=2>Not
      Covered</FONT></TD>
    <TD align=left width="5%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="15%"><FONT face=Arial size=2>N/A</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>7</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD style="TEXT-INDENT: 2px" align=left width="19%" colSpan=2><FONT face=Arial size=2>Threats to Person</FONT></TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2px" align=left width="3%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="17%"><FONT face=Arial size=2>Not
      Covered</FONT></TD>
    <TD align=left width="5%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="15%"><FONT face=Arial size=2>N/A</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>8</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD style="TEXT-INDENT: 2px" align=left width="19%" colSpan=2><FONT face=Arial size=2>Computer System</FONT></TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2px" align=left width="3%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="17%"><FONT face=Arial size=2>Not
      Covered</FONT></TD>
    <TD align=left width="5%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="15%"><FONT face=Arial size=2>N/A</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>9</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD style="TEXT-INDENT: 2px" align=left width="46%" colSpan=4><FONT face=Arial size=2>Voice Initiated Funds
      Transfer Instruction</FONT></TD>
    <TD style="TEXT-INDENT: 2px" align=left width="3%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="17%"><FONT face=Arial size=2>Not
      Covered</FONT></TD>
    <TD align=left width="5%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="15%"><FONT face=Arial size=2>N/A</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>10</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD style="TEXT-INDENT: 2px" align=left width="34%" colSpan=3><FONT face=Arial size=2>Uncollectible Items of
      Deposit</FONT></TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2px" align=left width="3%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="17%"><FONT face=Arial size=2>Not
      Covered</FONT></TD>
    <TD align=left width="5%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="15%"><FONT face=Arial size=2>N/A</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>11</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD style="TEXT-INDENT: 2px" align=left width="19%" colSpan=2><FONT face=Arial size=2>Audit Expense</FONT></TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 2px" align=left width="3%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="17%"><FONT face=Arial size=2>25,000</FONT></TD>
    <TD align=left width="5%"><FONT face=Arial size=2>$</FONT></TD>
    <TD align=right width="15%"><FONT face=Arial size=2>0</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%"><B><FONT face=Arial size=2>ITEM 3.</FONT></B></TD>
    <TD align=left width="92%" colSpan=10><FONT face=Arial size=2>THE
      LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE
      FOLLOWING</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="72%" colSpan=8><FONT face=Arial size=2>ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:</FONT></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>1-4</FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="13%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="17%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%" colSpan=11><B><FONT face=Arial size=2>IN WITNESS WHEREOF, THE COMPANY </FONT></B><FONT face=Arial size=2>has caused this Bond to be
      signed by its authorized officers, but it shall not</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="63%" colSpan=8><FONT face=Arial size=2>be valid unless also signed by an authorized representative of the
      Company.</FONT></TD>
    <TD align=left width="17%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp;</TD></TR></TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<IMG src="fcctrf_40-17gx1x1.jpg" border=0>
<BR>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98) - Federal</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 1 of 1</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

<HR noshade align="center" width="100%" size=2>


<DIV STYLE="page-break-before: always"></div>
<BR>

<DIV align="left">
<TABLE cellSpacing=0 border=0>

  <TR>
    <TD width="21%"></TD>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="59%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="78%" colSpan=6><FONT face=Arial size=2>The COMPANY,
      in consideration of payment of the required premium, and in
    reliance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="78%" colSpan=6><FONT face=Arial size=2>on the
      APPLICATION and all other statements made and information furnished to
      the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="78%" colSpan=6><FONT face=Arial size=2>COMPANY by
      the ASSURED, and subject to the DECLARATIONS made a part of
  this</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="78%" colSpan=6><FONT face=Arial size=2>Bond and to
      all other terms and conditions of this Bond, agrees to pay the
      ASSURED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="21%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"><FONT face=Arial size=2>for:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="59%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%"><B><I><FONT face=Arial size=3>Insuring
      Clauses</FONT></I></B></TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%"><I><FONT face=Arial size=2>Employee</FONT></I></TD>
    <TD align=right width="8%"><FONT face=Arial size=2>1</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD align=left width="68%" colSpan=4><FONT face=Arial size=2>Loss
      resulting directly from </FONT><B><FONT face=Arial size=2>Larceny
      </FONT></B><FONT face=Arial size=2>or </FONT><B><FONT face=Arial size=2>Embezzlement </FONT></B><FONT face=Arial size=2>committed by
      any</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="21%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="68%" colSpan=4><FONT size=2><FONT face=Arial><STRONG>Employee</STRONG>, alone or in collusion with
      others.</FONT></FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%"><I><FONT face=Arial size=2>On
      Premises</FONT></I></TD>
    <TD align=right width="8%"><FONT face=Arial size=2>2</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD align=left width="68%" colSpan=4><FONT face=Arial size=2>Loss of
      </FONT><B><FONT face=Arial size=2>Property </FONT></B><FONT face=Arial size=2>resulting directly from robbery, burglary, false
    pretenses,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="68%" colSpan=4><FONT face=Arial size=2>common law or
      statutory larceny, misplacement, mysterious unexplainable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="68%" colSpan=4><FONT face=Arial size=2>disappearance, damage, destruction or removal, from the possession,
      custody or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="68%" colSpan=4><FONT face=Arial size=2>control of
      the ASSURED, while such </FONT><B><FONT face=Arial size=2>Property
      </FONT></B><FONT face=Arial size=2>is lodged or deposited at
      premises</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="21%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="68%" colSpan=4><FONT face=Arial size=2>located anywhere.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%"><I><FONT face=Arial size=2>In
    Transit</FONT></I></TD>
    <TD align=right width="8%"><FONT face=Arial size=2>3</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD align=left width="68%" colSpan=4><FONT face=Arial size=2>Loss of
      </FONT><B><FONT face=Arial size=2>Property </FONT></B><FONT face=Arial size=2>resulting directly from common law or statutory
  larceny,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="68%" colSpan=4><FONT face=Arial size=2>misplacement,
      mysterious unexplainable disappearance, damage or
destruction,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="68%" colSpan=4><FONT face=Arial size=2>while the
      </FONT><B><FONT face=Arial size=2>Property </FONT></B><FONT face=Arial size=2>is in transit anywhere:</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="3%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD align=left width="65%" colSpan=3><FONT face=Arial size=2>in an armored
      motor vehicle, including loading and unloading thereof,</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="3%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD align=left width="65%" colSpan=3><FONT face=Arial size=2>in the
      custody of a natural person acting as a messenger of the ASSURED,
    or</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="3%"><FONT face=Arial size=2>c.</FONT></TD>
    <TD align=left width="65%" colSpan=3><FONT face=Arial size=2>in the
      custody of a </FONT><B><FONT face=Arial size=2>Transportation Company
      </FONT></B><FONT face=Arial size=2>and being transported in a</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=3><FONT face=Arial size=2>conveyance
      other than an armored motor vehicle provided, however, that</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=3><FONT face=Arial size=2>covered
      </FONT><B><FONT face=Arial size=2>Property </FONT></B><FONT face=Arial size=2>transported in such manner is limited to the
following:</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(1</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="59%"><FONT face=Arial size=2>written
    records,</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(2</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="59%"><FONT face=Arial size=2>securities issued in
      registered form, which are not endorsed or are</FONT></TD></TR>
  <TR>
    <TD align=left width="21%"></TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=right width="4%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="59%"><FONT face=Arial size=2>restrictively endorsed, or</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(3</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="59%"><FONT face=Arial size=2>negotiable instruments
      not payable to bearer, which are not endorsed</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%"><FONT face=Arial size=2>or are restrictively
      endorsed.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="68%" colSpan=4><FONT face=Arial size=2>Coverage
      under this INSURING CLAUSE begins immediately on the receipt
  of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="68%" colSpan=4><FONT face=Arial size=2>such
      </FONT><B><FONT face=Arial size=2>Property </FONT></B><FONT face=Arial size=2>by the natural person or </FONT><B><FONT face=Arial size=2>Transportation Company </FONT></B><FONT face=Arial size=2>and
      ends</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="68%" colSpan=4><FONT face=Arial size=2>immediately
      on delivery to the premises of the addressee or to any
      representative</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="21%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="68%" colSpan=4><FONT face=Arial size=2>of the
      addressee located anywhere.</FONT></TD></TR></TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 1 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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




<BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=22%></TD>
     <TD width=6%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=5%></TD>
     <TD width=58%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial">Insuring Clauses</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">(continued)</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">Forgery Or Alteration</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial">4</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">.</FONT></TD>
	<TD align=left colspan=3>
<FONT size=2 face="Arial">Loss resulting directly from:</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">a.</FONT></TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial">Forgery </FONT></B><FONT size=2 face="Arial">on, or fraudulent material alteration of, any bills of exchange,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">checks, drafts, acceptances, certificates of deposits, promissory notes, due</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">bills, money orders, orders upon public treasuries, letters of credit, other</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">written promises, orders or directions to pay sums certain in money, or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">receipts for the withdrawal of </FONT><B><FONT size=2 face="Arial">Property</FONT></B><FONT size=2 face="Arial">, or</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">b.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">transferring, paying or delivering any funds or other </FONT><B><FONT size=2 face="Arial">Property</FONT></B><FONT size=2 face="Arial">, or establishing</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">any credit or giving any value in reliance on any written instructions, advices</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">or applications directed to the ASSURED authorizing or acknowledging the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">transfer, payment, delivery or receipt of funds or other </FONT><B><FONT size=2 face="Arial">Property</FONT></B><FONT size=2 face="Arial">, which</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">instructions, advices or applications fraudulently purport to bear the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">handwritten signature of any customer of the ASSURED, or shareholder or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">subscriber to shares of an </FONT><B><FONT size=2 face="Arial">Investment Company</FONT></B><FONT size=2 face="Arial">, or of any financial</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">institution or </FONT><B><FONT size=2 face="Arial">Employee </FONT></B><FONT size=2 face="Arial">but which instructions, advices or applications either</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">bear a </FONT><B><FONT size=2 face="Arial">Forgery </FONT></B><FONT size=2 face="Arial">or have been fraudulently materially altered without the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">knowledge and consent of such customer, shareholder, subscriber, financial</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">institution or </FONT><B><FONT size=2 face="Arial">Employee</FONT></B><FONT size=2 face="Arial">;</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Arial">excluding, however, under this INSURING CLAUSE any loss covered under</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Arial">INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Arial">CLAUSE 5. is provided for in the DECLARATIONS of this Bond.</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Arial">For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Arial">signature is treated the same as a handwritten signature.</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">Extended Forgery</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial">5</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">.</FONT></TD>
	<TD align=left colspan=3>
<FONT size=2 face="Arial">Loss resulting directly from the ASSURED having, in good faith, and in the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Arial">ordinary course of business, for its own account or the account of others in any</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">capacity:</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">a.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">acquired, accepted or received, accepted or received, sold or delivered, or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">given value, extended credit or assumed liability, in reliance on any original</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial">Securities, documents or other written instruments </FONT></B><FONT size=2 face="Arial">which prove to:</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">(1)</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">bear a </FONT><B><FONT size=2 face="Arial">Forgery </FONT></B><FONT size=2 face="Arial">or a fraudulently material alteration,</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">(2)</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">have been lost or stolen, or</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">(3)</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">be </FONT><B><FONT size=2 face="Arial">Counterfeit</FONT></B><FONT size=2 face="Arial">, or</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">b.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">guaranteed in writing or witnessed any signatures on any transfer,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">assignment, bill of sale, power of attorney, guarantee, endorsement or other</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">obligation upon or in connection with any </FONT><B><FONT size=2 face="Arial">Securities, documents or other</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial">written instruments</FONT></B><FONT size=2 face="Arial">.</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Arial">Actual physical possession, and continued actual physical possession if taken as</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Arial">collateral, of such </FONT><B><FONT size=2 face="Arial">Securities, documents or other written instruments </FONT></B><FONT size=2 face="Arial">by an</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<B><FONT size=2 face="Arial">Employee, Custodian</FONT></B><FONT size=2 face="Arial">, or a Federal or State chartered deposit institution of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Arial">ASSURED is a condition precedent to the ASSURED having relied on such items.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Arial">Release or return of such collateral is an acknowledgment by the ASSURED that it</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Arial">no longer relies on such collateral.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 2 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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




<BR>

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

<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial">(3</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">)</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">an unauthorized account or a fictitious account to be debited or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">credited.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 3 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<BR>

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

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




<BR>

<DIV align="left">
<TABLE cellSpacing=0 border=0>

  <TR>
    <TD width="23%"></TD>
    <TD width="5%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="65%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><B><I><FONT face=Arial size=3>General
      Agreements</FONT></I></B></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="65%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>Additional
      Companies</FONT></I></TD>
    <TD align=left width="5%"><FONT face=Arial size=2>A.</FONT></TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>If more than
      one corporation, or </FONT><B><FONT face=Arial size=2>Investment
      Company</FONT></B><FONT face=Arial size=2>, or any combination
  of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>Included As
      Assured</FONT></I></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>them is
      included as the ASSURED herein:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(1</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>The total liability of
      the COMPANY under this Bond for loss or losses</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>sustained by any one or
      more or all of them shall not exceed the limit for</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>which the COMPANY would
      be liable under this Bond if all such loss were</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>sustained by any one of
      them.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(2</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>Only the first named
      ASSURED shall be deemed to be the sole agent of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>others for all purposes
      under this Bond, including but not limited to the giving</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>or receiving of any
      notice or proof required to be given and for the purpose of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>effecting or accepting
      any amendments to or termination of this Bond. The</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>COMPANY shall furnish
      each </FONT><B><FONT face=Arial size=2>Investment Company </FONT></B><FONT face=Arial size=2>with a copy of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>Bond and with any
      amendment thereto, together with a copy of each formal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>filing of claim by any
      other named ASSURED and notification of the terms of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>the settlement of each
      such claim prior to the execution of such settlement.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(3</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>The COMPANY shall not
      be responsible for the proper application of any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>payment made hereunder
      to the first named ASSURED.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(4</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>Knowledge possessed or
      discovery made by any partner, director, trustee,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>officer or supervisory
      employee of any ASSURED shall constitute knowledge</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>or discovery by all the
      ASSUREDS for the purposes of this Bond.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(5</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>If the first named
      ASSURED ceases for any reason to be covered under this</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>Bond, then the ASSURED
      next named on the APPLICATION shall thereafter</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="23%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="65%"><FONT face=Arial size=2>be considered as the first named ASSURED for the
      purposes of this Bond.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>Representation Made
      By</FONT></I></TD>
    <TD align=left width="5%"><FONT face=Arial size=2>B.</FONT></TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>The ASSURED
      represents that all information it has furnished in the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>Assured</FONT></I></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>APPLICATION
      for this Bond or otherwise is complete, true and correct.
Such</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>APPLICATION
      and other information constitute part of this Bond.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>The ASSURED
      must promptly notify the COMPANY of any change in any fact or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>circumstance
      which materially affects the risk assumed by the COMPANY
under</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>this
      Bond.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>Any
      intentional misrepresentation, omission, concealment or incorrect
      statement of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>a material
      fact, in the APPLICATION or otherwise, shall be grounds for recision
      of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>this
      Bond.</FONT></TD></TR></TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 5 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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




<BR>

<DIV align="left">
<TABLE cellSpacing=0 border=0>

  <TR>
    <TD width="25%"></TD>
    <TD width="3%"></TD>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="63%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%"><B><I><FONT face=Arial size=3>General
      Agreements</FONT></I></B></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="63%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%"><I><FONT face=Arial size=2>(continued)</FONT></I></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="63%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%"><I><FONT face=Arial size=2>Additional Offices
      Or</FONT></I></TD>
    <TD align=left width="3%"><FONT face=Arial size=2>C.</FONT></TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>If the
      ASSURED, other than an </FONT><B><FONT face=Arial size=2>Investment
      Company</FONT></B><FONT face=Arial size=2>, while this Bond is in
      force,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%"><I><FONT face=Arial size=2>Employees -
      Consolidation,</FONT></I></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>merges or
      consolidates with, or purchases or acquires assets or liabilities
    of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%"><I><FONT face=Arial size=2>Merger Or Purchase
      Or</FONT></I></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>another
      institution, the ASSURED shall not have the coverage afforded under
      this</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%"><I><FONT face=Arial size=2>Acquisition Of
      Assets Or</FONT></I></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>Bond for loss
      which has:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%"><I><FONT face=Arial size=2>Liabilities - Notice
      To</FONT></I></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=right width="6%"><FONT face=Arial size=2>(1</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="63%"><FONT face=Arial size=2>occurred or will occur
      on premises, or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%"><I><FONT face=Arial size=2>Company</FONT></I></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="63%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=right width="6%"><FONT face=Arial size=2>(2</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="63%"><FONT face=Arial size=2>been caused or will be
      caused by an employee, or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=right width="6%"><FONT face=Arial size=2>(3</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="63%"><FONT face=Arial size=2>arisen or will arise
      out of the assets or liabilities,</FONT></TD></TR>
  <TR>
    <TD align=left width="25%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=right width="6%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="63%"><FONT face=Arial size=2>of such
      institution, unless the ASSURED:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=right width="6%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="63%"><FONT face=Arial size=2>gives the COMPANY
      written notice of the proposed consolidation, merger or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="63%"><FONT face=Arial size=2>purchase or acquisition
      of assets or liabilities prior to the proposed effective</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="63%"><FONT face=Arial size=2>date of such action,
      and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=right width="6%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="63%"><FONT face=Arial size=2>obtains the written
      consent of the COMPANY to extend some or all of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="63%"><FONT face=Arial size=2>coverage provided by
      this Bond to such additional exposure, and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"><FONT face=Arial size=2>c.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="63%"><FONT face=Arial size=2>on obtaining such consent, pays to the COMPANY an
      additional premium.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%"><I><FONT face=Arial size=2>Change Of Control
      -</FONT></I></TD>
    <TD align=left width="3%"><FONT face=Arial size=2>D.</FONT></TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>When the
      ASSURED learns of a change in control (other than in an </FONT><B><FONT face=Arial size=2>Investment</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%"><I><FONT face=Arial size=2>Notice To
      Company</FONT></I></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><B><FONT face=Arial size=2>Company</FONT></B><FONT face=Arial size=2>), as set forth in
      Section 2(a) (9) of the Investment Company Act of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>1940,
      </FONT><FONT face=Arial size=2>the ASSURED shall within sixty (60) days
      give written notice to the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>COMPANY
      setting forth:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=right width="6%"><FONT face=Arial size=2>(1</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="63%"><FONT face=Arial size=2>the names of the
      transferors and transferees (or the names of the beneficial</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="63%"><FONT face=Arial size=2>owners if the voting
      securities are registered in another name),</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=right width="6%"><FONT face=Arial size=2>(2</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="63%"><FONT face=Arial size=2>the total number of
      voting securities owned by the transferors and the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="63%"><FONT face=Arial size=2>transferees (or the
      beneficial owners), both immediately before and after the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="63%"><FONT face=Arial size=2>transfer,
  and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=right width="6%"><FONT face=Arial size=2>(3</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="63%"><FONT face=Arial size=2>the total number of
      outstanding voting securities.</FONT></TD></TR>
  <TR>
    <TD align=left width="25%"></TD>
    <TD align=left width="3%"></TD>
    <TD align=right width="6%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="63%"><FONT STYLE="font: x-small Arial">Failure to give the required notice shall result in termination
    of coverage for</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="6%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="63%"><FONT face=Arial size=2>any loss involving a transferee, to be
      effective on the date of such change in control.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%"><I><FONT face=Arial size=2>Court Costs
      And</FONT></I></TD>
    <TD align=left width="3%"><FONT face=Arial size=2>E.</FONT></TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>The COMPANY
      will indemnify the ASSURED for court costs and reasonable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%"><I><FONT face=Arial size=2>Attorneys&#146;
      Fees</FONT></I></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>attorneys'
      fees incurred and paid by the ASSURED in defense, whether or
  not</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>successful,
      whether or not fully litigated on the merits and whether or not
      settled,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>of any claim,
      suit or legal proceeding with respect to which the ASSURED
  would</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>be entitled
      to recovery under this Bond. However, with respect to
INSURING</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="71%" colSpan=3><FONT face=Arial size=2>CLAUSE 1.,
      this Section shall only apply in the event that:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=right width="6%"><FONT face=Arial size=2>(1</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="63%"><FONT face=Arial size=2>an </FONT><B><FONT face=Arial size=2>Employee </FONT></B><FONT face=Arial size=2>admits to
      being guilty of </FONT><B><FONT face=Arial size=2>Larceny or
      Embezzlement</FONT></B><FONT face=Arial size=2>,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="25%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=right width="6%"><FONT face=Arial size=2>(2</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="63%"><FONT face=Arial size=2>an </FONT><B><FONT face=Arial size=2>Employee </FONT></B><FONT face=Arial size=2>is
      adjudicated to be guilty of </FONT><B><FONT face=Arial size=2>Larceny or
      Embezzlement</FONT></B><FONT face=Arial size=2>,
or</FONT></TD></TR></TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 6 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

<HR noshade align="center" width="100%" size=2>



<DIV STYLE="page-break-before: always"></div>
<BR>

<DIV align="left">
<TABLE cellSpacing=0 border=0>

  <TR>
    <TD width="26%"></TD>
    <TD width="7%"></TD>
    <TD width="66%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%"><B><I><FONT face=Arial size=3>General
      Agreements</FONT></I></B></TD>
    <TD align=left width="7%">&nbsp;</TD>
    <TD align=left width="66%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%"><I><FONT face=Arial size=2>Court Costs
      And</FONT></I></TD>
    <TD align=left width="7%"><FONT face=Arial size=2>(3)</FONT></TD>
    <TD align=left width="66%"><FONT face=Arial size=2>in the absence of 1 or
      2 above, an arbitration panel agrees, after a review of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%"><I><FONT face=Arial size=2>Attorneys&#146;
      Fees</FONT></I></TD>
    <TD align=left width="7%">&nbsp;</TD>
    <TD align=left width="66%"><FONT face=Arial size=2>an agreed statement of
      facts between the COMPANY and the ASSURED,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%"><I><FONT face=Arial size=2>(continued)</FONT></I></TD>
    <TD align=left width="7%">&nbsp;</TD>
    <TD align=left width="66%"><FONT face=Arial size=2>that an </FONT><B><FONT face=Arial size=2>Employee </FONT></B><FONT face=Arial size=2>would be
      found guilty of </FONT><B><FONT face=Arial size=2>Larceny or Embezzlement
      </FONT></B><FONT face=Arial size=2>if</FONT></TD></TR>
  <TR>
    <TD align=left width="26%"></TD>
    <TD align=left width="7%"></TD>
    <TD align=left width="66%"><FONT face=Arial size=2>such
      <B>Employee </B>were prosecuted.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" colSpan=3><FONT face=Arial size=2></FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>The ASSURED
      shall promptly give notice to the COMPANY of any such suit or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>legal
      proceeding and at the request of the COMPANY shall furnish copies of
      all</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>pleadings and
      pertinent papers to the COMPANY. The COMPANY may, at its</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>sole option,
      elect to conduct the defense of all or part of such legal
      proceeding.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>The defense
      by the COMPANY shall be in the name of the ASSURED through</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>attorneys
      selected by the COMPANY. The ASSURED shall provide all
  reasonable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>information
      and assistance as required by the COMPANY for such defense.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>If the
      COMPANY declines to defend the ASSURED, no settlement without
  the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>prior written
      consent of the COMPANY nor judgment against the ASSURED shall</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>determine the
      existence, extent or amount of coverage under this Bond.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>If the amount
      demanded in any such suit or legal proceeding is within the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>DEDUCTIBLE
      AMOUNT, if any, the COMPANY shall have no liability for court</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>costs and
      attorney's fees incurred in defending all or part of such suit or
      legal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>proceeding.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>If the amount
      demanded in any such suit or legal proceeding is in excess of
  the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>LIMIT OF
      LIABILITY stated in ITEM 2. of the DECLARATIONS for the
    applicable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>INSURING
      CLAUSE, the COMPANY'S liability for court costs and attorney's
    fees</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>incurred in
      defending all or part of such suit or legal proceedings is limited to
      the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>proportion of
      such court costs and attorney's fees incurred that the LIMIT
  OF</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>LIABILITY
      stated in ITEM 2. of the DECLARATIONS for the applicable
  INSURING</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>CLAUSE bears
      to the total of the amount demanded in such suit or legal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>proceeding.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>If the amount
      demanded is any such suit or legal proceeding is in excess of
  the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>DEDUCTIBLE
      AMOUNT, if any, but within the LIMIT OF LIABILITY stated in
  ITEM</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="7%"><FONT face=Arial size=2>2.</FONT></TD>
    <TD align=left width="66%"><FONT face=Arial size=2>of the DECLARATIONS for
      the applicable INSURING CLAUSE, the</FONT></TD></TR>
  <TR>
    <TD align=left width="26%"></TD>
    <TD align=left width="7%"></TD>
    <TD align=left width="66%"><FONT face=Arial size=2>COMPANY'S
      liability for court costs and attorney's fees incurred in defending all
      </FONT></TD></TR>
  <TR>
    <TD align=left width="26%"></TD>
    <TD align=left width="7%"></TD>
    <TD align=left width="66%"><FONT face=Arial size=2>or part of
      such suit or legal proceedings shall be limited to the proportion of
      such</FONT></TD></TR>
  <TR>
    <TD align=left width="26%"></TD>
    <TD align=left width="7%"></TD>
    <TD align=left width="66%"><FONT face=Arial size=2>court
      costs or attorney's fees that the amount demanded that would be
      payable</FONT></TD></TR>
  <TR>
    <TD align=left width="26%"></TD>
    <TD align=left width="7%"></TD>
    <TD align=left width="66%"><FONT face=Arial size=2>under
      this Bond after application of the DEDUCTIBLE AMOUNT, bears to the </FONT></TD></TR>
  <TR>
    <TD align=left width="26%"></TD>
    <TD align=left width="7%"></TD>
    <TD align=left width="66%"><FONT face=Arial size=2>total amount
      demanded.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>Amounts paid
      by the COMPANY for court costs and attorneys' fees shall be
in</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="26%">&nbsp;</TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>addition to
      the LIMIT OF LIABILITY stated in ITEM 2. of the
  DECLARATIONS.</FONT></TD></TR></TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 7 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

<HR noshade align="center" width="100%" size=2>



<DIV STYLE="page-break-before: always"></div>
<BR>

<DIV align="left">
<TABLE cellSpacing=0 border=0>

  <TR>
    <TD width="20%"></TD>
    <TD width="8%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="59%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%"><B><I><FONT face=Arial size=3>Conditions
      And</FONT></I></B></TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%"><B><I><FONT face=Arial size=3>Limitations</FONT></I></B></TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%"><I><FONT face=Arial size=2>Definitions</FONT></I></TD>
    <TD align=right width="8%"><FONT face=Arial size=2>1</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD align=left width="69%" colSpan=4><FONT face=Arial size=2>As used in
      this Bond:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD align=left width="65%" colSpan=3><B><FONT face=Arial size=2>Computer
      System </FONT></B><FONT face=Arial size=2>means a computer and all input,
      output, processing,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=3><FONT face=Arial size=2>storage,
      off-line media libraries, and communication facilities which
  are</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=3><FONT face=Arial size=2>connected to
      the computer and which are under the control and supervision</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=3><FONT face=Arial size=2>of the
      operating system(s) or application(s) software used by the
    ASSURED.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD align=left width="65%" colSpan=3><B><FONT face=Arial size=2>Counterfeit </FONT></B><FONT face=Arial size=2>means an imitation
      of an actual valid original which is intended</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=3><FONT face=Arial size=2>to deceive
      and be taken as the original.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>c.</FONT></TD>
    <TD align=left width="65%" colSpan=3><B><FONT face=Arial size=2>Custodian
      </FONT></B><FONT face=Arial size=2>means the institution designated by an
      </FONT><B><FONT face=Arial size=2>Investment Company </FONT></B><FONT face=Arial size=2>to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=3><FONT face=Arial size=2>maintain
      possession and control of its assets.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>d.</FONT></TD>
    <TD align=left width="65%" colSpan=3><B><FONT face=Arial size=2>Customer
      </FONT></B><FONT face=Arial size=2>means an individual, corporate,
      partnership, trust customer,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=3><FONT face=Arial size=2>shareholder
      or subscriber of an </FONT><B><FONT face=Arial size=2>Investment Company
      </FONT></B><FONT face=Arial size=2>which has a written</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=3><FONT face=Arial size=2>agreement
      with the ASSURED for </FONT><B><FONT face=Arial size=2>Voice Initiated
      Funds Transfer</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=3><B><FONT face=Arial size=2>Instruction</FONT></B><FONT face=Arial size=2>.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>e.</FONT></TD>
    <TD align=left width="65%" colSpan=3><B><FONT face=Arial size=2>Employee
      </FONT></B><FONT face=Arial size=2>means:</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(1</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="59%"><FONT face=Arial size=2>an officer of the
      ASSURED,</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(2</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="59%"><FONT face=Arial size=2>a natural person while
      in the regular service of the ASSURED at any of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%"><FONT face=Arial size=2>the ASSURED'S premises
      and compensated directly by the ASSURED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%"><FONT face=Arial size=2>through its payroll
      system and subject to the United States Internal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%"><FONT face=Arial size=2>Revenue Service Form
      W-2 or equivalent income reporting plans of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%"><FONT face=Arial size=2>other countries, and
      whom the ASSURED has the right to control and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%"><FONT face=Arial size=2>direct both as to the
      result to be accomplished and details and means</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%"><FONT face=Arial size=2>by which such result is
      accomplished in the performance of such</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%"><FONT face=Arial size=2>service,</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(3</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="59%"><FONT face=Arial size=2>a guest student
      pursuing studies or performing duties in any of the</FONT></TD></TR>
  <TR>
    <TD align=left width="20%"></TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=right width="4%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="59%"><FONT face=Arial size=2>ASSURED'S
      premises,</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(4</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="59%"><FONT face=Arial size=2>an attorney retained by
      the ASSURED and an employee of such</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%"><FONT face=Arial size=2>attorney while either
      is performing legal services for the ASSURED,</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(5</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="59%"><FONT face=Arial size=2>a natural person
      provided by an employment contractor to perform</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%"><FONT face=Arial size=2>employee duties for the
      ASSURED under the ASSURED'S supervision</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%"><FONT face=Arial size=2>at any of the ASSURED'S
      premises,</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(6</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="59%"><FONT face=Arial size=2>an employee of an
      institution merged or consolidated with the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%"><FONT face=Arial size=2>ASSURED prior to the
      effective date of this Bond,</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(7</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="59%"><FONT face=Arial size=2>a director or trustee
      of the ASSURED, but only while performing acts</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%"><FONT face=Arial size=2>within the scope of the
      customary and usual duties of any officer or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%"><FONT face=Arial size=2>other employee of the
      ASSURED or while acting as a member of any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%"><FONT face=Arial size=2>committee duly elected
      or appointed to examine or audit or have</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="20%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%"><FONT face=Arial size=2>custody of or access to
      </FONT><B><FONT face=Arial size=2>Property </FONT></B><FONT face=Arial size=2>of the ASSURED, or</FONT></TD></TR></TABLE>

</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 8 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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




<BR>

<DIV align="left">
<TABLE cellSpacing=0 border=0>

  <TR>
    <TD width="23%"></TD>
    <TD width="10%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="60%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><B><I><FONT face=Arial size=3>Conditions
      And</FONT></I></B></TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="60%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><B><I><FONT face=Arial size=3>Limitations</FONT></I></B></TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="60%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>Definitions</FONT></I></TD>
    <TD align=right width="10%"><FONT face=Arial size=2>(8</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD style="TEXT-ALIGN: left" align=left width="64%" colSpan=2><FONT face=Arial size=2>each natural person, partnership or corporation
      authorized by written</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%"><I><FONT face=Arial size=2>(continued)</FONT></I></TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="64%" colSpan=2><FONT face=Arial size=2>agreement with the ASSURED to perform services as
      electronic data</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="64%" colSpan=2><FONT face=Arial size=2>processor of checks or other accounting records related
      to such checks but</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="64%" colSpan=2><FONT face=Arial size=2>only while such person, partnership or corporation is
      actually performing</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="64%" colSpan=2><FONT face=Arial size=2>such services and not:</FONT></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: left" width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><FONT face=Arial size=2>creating, preparing, modifying or maintaining the
    ASSURED'S</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="60%"><FONT face=Arial size=2>computer software or programs, or</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><FONT face=Arial size=2>acting as transfer agent or in any other agency capacity in
      issuing</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><FONT face=Arial size=2>checks, drafts or securities for the ASSURED,</FONT></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: left" width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: right" align=right width="10%"><FONT face=Arial size=2>(9</FONT></TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD style="TEXT-ALIGN: left" align=right width="64%" colSpan=2><FONT face=Arial size=2>any partner, officer or employee of an investment
      advisor, an underwriter</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="64%" colSpan=2><FONT face=Arial size=2>(distributor), a transfer agent or shareholder
      accounting recordkeeper, or an</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="64%" colSpan=2><FONT face=Arial size=2>administrator, for an </FONT><B><FONT face=Arial size=2>Investment Company </FONT></B><FONT face=Arial size=2>while
      performing acts coming</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="64%" colSpan=2><FONT face=Arial size=2>within the scope of the customary and usual duties of an
      officer or employee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="64%" colSpan=2><FONT face=Arial size=2>of an </FONT><B><FONT face=Arial size=2>Investment
      Company </FONT></B><FONT face=Arial size=2>or acting as a member of any
      committee duly</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="64%" colSpan=2><FONT face=Arial size=2>elected or appointed to examine, audit or have custody
      of or access to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="64%" colSpan=2><B><FONT face=Arial size=2>Property
      </FONT></B><FONT face=Arial size=2>of </FONT><B><FONT face=Arial size=2>an
      Investment Company</FONT></B><FONT face=Arial size=2>.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="64%" colSpan=2><FONT face=Arial size=2>The term
      </FONT><B><FONT face=Arial size=2>Employee </FONT></B><FONT face=Arial size=2>shall not include any partner, officer or employee of
a</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="64%" colSpan=2><FONT face=Arial size=2>transfer
      agent, shareholder accounting recordkeeper or administrator:</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><FONT face=Arial size=2>which is not an "affiliated person" (as defined in Section 2(a) of
      the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><FONT face=Arial size=2>Investment Company Act of 1940) of an </FONT><B><FONT face=Arial size=2>Investment Company </FONT></B><FONT face=Arial size=2>or
    of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><FONT face=Arial size=2>the investment advisor or underwriter (distributor) of such
      </FONT><B><FONT face=Arial size=2>Investment</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><B><FONT face=Arial size=2>Company</FONT></B><FONT face=Arial size=2>, or</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><FONT face=Arial size=2>which is a "bank" (as defined in Section 2(a) of the
      Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=center width="99%" colSpan=5><FONT face=Arial size=2>Company Act of 1940).</FONT></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: left" width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><FONT face=Arial size=2>This Bond does not afford coverage in favor of the employers
      of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><FONT face=Arial size=2>persons as set forth in e. (4), (5) and (8) above, and upon payment
      to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><FONT face=Arial size=2>the ASSURED by the COMPANY resulting directly from </FONT><B><FONT face=Arial size=2>Larceny or</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><B><FONT face=Arial size=2>Embezzlement </FONT></B><FONT face=Arial size=2>committed by any of
      the partners, officers or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><FONT face=Arial size=2>employees of such employers, whether acting alone or in collusion
      with</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><FONT face=Arial size=2>others, an assignment of such of the ASSURED'S rights and causes
      of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><FONT face=Arial size=2>action as it may have against such employers by reason of such
      acts</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><FONT face=Arial size=2>so committed shall, to the extent of such payment, be given by
      the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><FONT face=Arial size=2>ASSURED to the COMPANY, and the ASSURED shall execute
  all</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><FONT face=Arial size=2>papers necessary to secure to the COMPANY the rights provided
      for</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" align=left width="23%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="10%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=left width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" align=right width="60%"><FONT face=Arial size=2>herein.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="64%" colSpan=2><FONT face=Arial size=2>Each employer
      of persons as set forth in e.(4), (5) and (8) above and the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="64%" colSpan=2><FONT face=Arial size=2>partners,
      officers and other employees of such employers shall
  collectively</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="64%" colSpan=2><FONT face=Arial size=2>be deemed to
      be one person for all the purposes of this Bond; excepting,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="64%" colSpan=2><FONT face=Arial size=2>however, the
      fifth paragraph of Section 13.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="64%" colSpan=2><FONT face=Arial size=2>Independent
      contractors not specified in e.(4), (5) or (8) above,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="64%" colSpan=2><FONT face=Arial size=2>intermediaries, agents, brokers or other representatives of the
      same general</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="64%" colSpan=2><FONT face=Arial size=2>character
      shall not be considered </FONT><B><FONT face=Arial size=2>Employees</FONT></B><FONT face=Arial size=2>.</FONT></TD></TR></TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 9 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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




<BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=23%></TD>
     <TD width=10%></TD>
     <TD width=65%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial">Conditions And</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial">Limitations</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">Definitions</FONT></I></TD>
	<TD align=left>
<FONT size=2 face="Arial">f.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial">Forgery </FONT></B><FONT size=2 face="Arial">means the signing of the name of another natural person with the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">(continued)</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">intent to deceive but does not mean a signature which consists in whole or in</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">part of one's own name, with or without authority, in any capacity for any</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">purpose.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">g.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial">Investment Company </FONT></B><FONT size=2 face="Arial">means any investment company registered under the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">Investment Company Act of 1940 and listed under the NAME OF ASSURED</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">on the DECLARATIONS.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">h.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial">Items of Deposit </FONT></B><FONT size=2 face="Arial">means one or more checks or drafts drawn upon a</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">financial institution in the United States of America.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">i.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial">Larceny or Embezzlement </FONT></B><FONT size=2 face="Arial">means larceny or embezzlement as defined in</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">Section 37 of the Investment Company Act of 1940.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">j.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial">Property </FONT></B><FONT size=2 face="Arial">means money, revenue and other stamps; securities; including any</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">note, stock, treasury stock, bond, debenture, evidence of indebtedness,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">certificate of deposit, certificate of interest or participation in any profit-</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">sharing agreement, collateral trust certificate, preorganization certificate or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">subscription, transferable share, investment contract, voting trust certificate,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">certificate of deposit for a security, fractional undivided interest in oil, gas, or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">other mineral rights, any interest or instruments commonly known as a</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">security under the Investment Company Act of 1940, any other certificate of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">interest or participation in, temporary or interim certificate for, receipt for,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">guarantee of, or warrant or right to subscribe to or purchase any of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">foregoing; bills of exchange; acceptances; checks; withdrawal orders; money</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">orders; travelers' letters of credit; bills of lading; abstracts of title; insurance</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">policies, deeds, mortgages on real estate and/or upon chattels and interests</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">therein; assignments of such policies, deeds or mortgages; other valuable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">papers, including books of accounts and other records used by the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">ASSURED in the conduct of its business (but excluding all electronic data</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">processing records); and, all other instruments similar to or in the nature of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">the foregoing in which the ASSURED acquired an interest at the time of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">ASSURED'S consolidation or merger with, or purchase of the principal</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">assets of, a predecessor or which are held by the ASSURED for any</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">purpose or in any capacity and whether so held gratuitously or not and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">whether or not the ASSURED is liable therefor.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">k.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial">Relative </FONT></B><FONT size=2 face="Arial">means the spouse of an </FONT><B><FONT size=2 face="Arial">Employee </FONT></B><FONT size=2 face="Arial">or partner of the ASSURED</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">and any unmarried child supported wholly by, or living in the home of, such</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial">Employee </FONT></B><FONT size=2 face="Arial">or partner and being related to them by blood, marriage or legal</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">guardianship.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">l.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial">Securities, documents or other written instruments </FONT></B><FONT size=2 face="Arial">means original</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">(including original counterparts) negotiable or non-negotiable instruments, or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">assignments thereof, which in and of themselves represent an equitable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">interest, ownership, or debt and which are in the ordinary course of business</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">transferable by delivery of such instruments with any necessary</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">endorsements or assignments.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 10 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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




<BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=23%></TD>
     <TD width=4%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=63%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial">Conditions And</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial">Limitations</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">Definitions</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">m.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial">Subsidiary </FONT></B><FONT size=2 face="Arial">means any organization that, at the inception date of this Bond,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">(continued)</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">is named in the APPLICATION or is created during the BOND PERIOD and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">of which more than fifty percent (50%) of the outstanding securities or voting</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">rights representing the present right to vote for election of directors is owned</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">or controlled by the ASSURED either directly or through one or more of its</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">subsidiaries.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">n.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial">Transportation Company </FONT></B><FONT size=2 face="Arial">means any organization which provides its own</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">or its leased vehicles for transportation or which provides freight forwarding</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">or air express services.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">o.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial">Voice Initiated Election </FONT></B><FONT size=2 face="Arial">means any election concerning dividend options</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">available to </FONT><B><FONT size=2 face="Arial">Investment Company </FONT></B><FONT size=2 face="Arial">shareholders or subscribers which is</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">requested by voice over the telephone.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">p.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial">Voice Initiated Redemption </FONT></B><FONT size=2 face="Arial">means any redemption of shares issued by an</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial">Investment Company </FONT></B><FONT size=2 face="Arial">which is requested by voice over the telephone.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">q.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="Arial">means any </FONT><B><FONT size=2 face="Arial">Voice Initiated</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial">Redemption </FONT></B><FONT size=2 face="Arial">or </FONT><B><FONT size=2 face="Arial">Voice Initiated Election</FONT></B><FONT size=2 face="Arial">.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">For the purposes of these definitions, the singular includes the plural and the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Arial">plural includes the singular, unless otherwise indicated.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">General Exclusions -</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial">2</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">.</FONT></TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial">This bond does not directly or indirectly cover:</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">Applicable to All Insuring</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">a.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">loss not reported to the COMPANY in writing within sixty (60) days after</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">Clauses</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">termination of this Bond as an entirety;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">b.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">loss due to riot or civil commotion outside the United States of America and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">Canada, or any loss due to military, naval or usurped power, war or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">insurrection. This Section 2.b., however, shall not apply to loss which occurs</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">in transit in the circumstances recited in INSURING CLAUSE 3., provided</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">that when such transit was initiated there was no knowledge on the part of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">any person acting for the ASSURED of such riot, civil commotion, military,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">naval or usurped power, war or insurrection;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">c.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">loss resulting from the effects of nuclear fission or fusion or radioactivity;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">d.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">loss of potential income including, but not limited to, interest and dividends</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">not realized by the ASSURED or by any customer of the ASSURED;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">e.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">damages of any type for which the ASSURED is legally liable, except</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">compensatory damages, but not multiples thereof, arising from a loss</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">covered under this Bond;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">f.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">costs, fees and expenses incurred by the ASSURED in establishing the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">existence of or amount of loss under this Bond, except to the extent covered</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">under INSURING CLAUSE 11.;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">g.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">loss resulting from indirect or consequential loss of any nature;</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 11 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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




<BR>

<DIV align="left">
<TABLE cellSpacing=0 border=0>

  <TR>
    <TD width="23%"></TD>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="55%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><B><I><FONT face=Arial size=3>Conditions
      And</FONT></I></B></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="55%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><B><I><FONT face=Arial size=3>Limitations</FONT></I></B></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="55%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>General Exclusions
      -</FONT></I></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>h.</FONT></TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>loss
      resulting from dishonest acts by any member of the Board of
      Directors</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>Applicable to All
      Insuring</FONT></I></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>or Board of
      Trustees of the ASSURED who is not an </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2>, acting</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>Clauses</FONT></I></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>alone or in
      collusion with others;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>(continued)</FONT></I></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>i.</FONT></TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>loss, or that
      part of any loss, resulting solely from any violation by the</FONT></TD></TR>
  <TR>
    <TD align=left width="23%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>ASSURED or by any <B>Employee</B>:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(1</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="59%" colSpan=2><FONT face=Arial size=2>of any law
      regulating:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD align=left width="55%"><FONT face=Arial size=2>the issuance, purchase
      or sale of securities,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD align=left width="55%"><FONT face=Arial size=2>securities transactions
      on security or commodity exchanges or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="55%"><FONT face=Arial size=2>the over the counter
      market,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>c.</FONT></TD>
    <TD align=left width="55%"><FONT face=Arial size=2>investment
      companies,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>d.</FONT></TD>
    <TD align=left width="55%"><FONT face=Arial size=2>investment advisors,
      or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(2</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="59%" colSpan=2><FONT face=Arial size=2>of any rule
      or regulation made pursuant to any such law; or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>j.</FONT></TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>loss of
      confidential information, material or data;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>k.</FONT></TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>loss
      resulting from voice requests or instructions received over
  the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>telephone,
      provided however, this Section 2.k. shall not apply to
  INSURING</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="23%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="65%" colSpan=4><FONT face=Arial size=2>CLAUSE 7. or 9.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>Specific Exclusions
      -</FONT></I></TD>
    <TD align=right width="5%"><FONT face=Arial size=2>3</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD align=left width="69%" colSpan=5><B><FONT face=Arial size=2>This Bond
      does not directly or indirectly cover:</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>Applicable To All
      Insuring</FONT></I></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>loss caused
      by an </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2>, provided, however, this Section 3.a. shall
    not</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>Clauses Except
      Insuring</FONT></I></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>apply to loss
      covered under INSURING CLAUSE 2. or 3. which results</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>Clause
    1.</FONT></I></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>directly from
      misplacement, mysterious unexplainable disappearance, or</FONT></TD></TR>
  <TR>
    <TD align=left width="23%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>damage or destruction of <B>Property</B>;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>loss through
      the surrender of property away from premises of the ASSURED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>as a result
      of a threat:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(1</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="59%" colSpan=2><FONT face=Arial size=2>to do bodily
      harm to any natural person, except loss of </FONT><B><FONT face=Arial size=2>Property </FONT></B><FONT face=Arial size=2>in</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%" colSpan=2><FONT face=Arial size=2>transit in
      the custody of any person acting as messenger of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%" colSpan=2><FONT face=Arial size=2>ASSURED,
      provided that when such transit was initiated there was no</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%" colSpan=2><FONT face=Arial size=2>knowledge by
      the ASSURED of any such threat, and provided further</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="59%" colSpan=2><FONT face=Arial size=2>that this
      Section 3.b. shall not apply to INSURING CLAUSE 7., or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=right width="4%"><FONT face=Arial size=2>(2</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>)</FONT></TD>
    <TD align=left width="59%" colSpan=2><FONT face=Arial size=2>to do damage
      to the premises or </FONT><B><FONT face=Arial size=2>Property
      </FONT></B><FONT face=Arial size=2>of the ASSURED;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>c.</FONT></TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>loss
      resulting from payments made or withdrawals from any account</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>involving
      erroneous credits to such account;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>d.</FONT></TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>loss
      involving </FONT><B><FONT face=Arial size=2>Items of Deposit
      </FONT></B><FONT face=Arial size=2>which are not finally paid for any
      reason</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>provided
      however, that this Section 3.d. shall not apply to INSURING</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>CLAUSE
      10.;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>e.</FONT></TD>
    <TD align=left width="65%" colSpan=4><FONT face=Arial size=2>loss of
      property while in the mail;</FONT></TD></TR></TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 12 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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




<BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=24%></TD>
     <TD width=4%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial">Conditions And</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial">Limitations</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">Specific Exclusions -</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">f.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">loss resulting from the failure for any reason of a financial or depository</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">Applicable To All Insuring</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">institution, its receiver or other liquidator to pay or deliver funds or other</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">Clauses Except Insuring</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial">Property </FONT></B><FONT size=2 face="Arial">to the ASSURED provided further that this Section 3.f. shall not</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">Clause 1.</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">apply to loss of </FONT><B><FONT size=2 face="Arial">Property </FONT></B><FONT size=2 face="Arial">resulting directly from robbery, burglary,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">(continued)</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">misplacement, mysterious unexplainable disappearance, damage,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">destruction or removal from the possession, custody or control of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">ASSURED.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">g.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">loss of </FONT><B><FONT size=2 face="Arial">Property </FONT></B><FONT size=2 face="Arial">while in the custody of a </FONT><B><FONT size=2 face="Arial">Transportation Company</FONT></B><FONT size=2 face="Arial">,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">provided however, that this Section 3.g. shall not apply to INSURING</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">CLAUSE 3.;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">h.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">loss resulting from entries or changes made by a natural person with</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">authorized access to a </FONT><B><FONT size=2 face="Arial">Computer System </FONT></B><FONT size=2 face="Arial">who acts in good faith on</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">instructions, unless such instructions are given to that person by a software</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">contractor or its partner, officer, or employee authorized by the ASSURED to</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">design, develop, prepare, supply, service, write or implement programs for</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">the ASSURED's </FONT><B><FONT size=2 face="Arial">Computer System</FONT></B><FONT size=2 face="Arial">; or</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">i.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">loss resulting directly or indirectly from the input of data into a </FONT><B><FONT size=2 face="Arial">Computer</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial">System </FONT></B><FONT size=2 face="Arial">terminal, either on the premises of the customer of the ASSURED</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">or under the control of such a customer, by a customer or other person who</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="Arial">had authorized access to the customer's authentication mechanism.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">Specific Exclusions -</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial">4</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">.</FONT></TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial">This bond does not directly or indirectly cover:</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">Applicable To All Insuring</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">a.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">loss resulting from the complete or partial non-payment of or default on any</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">Clauses Except Insuring</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">loan whether such loan was procured in good faith or through trick, artifice,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">Clauses 1., 4., And 5.</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">fraud or false pretenses; provided, however, this Section 4.a. shall not apply</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">to INSURING CLAUSE 8.;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">b.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">loss resulting from forgery or any alteration;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">c.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">loss involving a counterfeit provided, however, this Section 4.c. shall not</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="Arial">apply to INSURING CLAUSE 5. or 6.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">Limit Of Liability/Non-</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial">5</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">At all times prior to termination of this Bond, this Bond shall continue in force for</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">Reduction And Non-</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial">Accumulation Of Liability</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">notwithstanding any previous loss for which the COMPANY may have paid or be</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">liable to pay under this Bond provided, however, that the liability of the COMPANY</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial">under this Bond with respect to all loss resulting from:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">a.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">any one act of burglary, robbery or hold-up, or attempt thereat, in which no</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial">Employee </FONT></B><FONT size=2 face="Arial">is concerned or implicated, or</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">b.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">any one unintentional or negligent act on the part of any one person</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">resulting in damage to or destruction or misplacement of </FONT><B><FONT size=2 face="Arial">Property</FONT></B><FONT size=2 face="Arial">, or</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial">c.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial">all acts, other than those specified in a. above, of any one person, or</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 13 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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




<BR>

<DIV align="left">
<TABLE cellSpacing=0 border=0>

  <TR>
    <TD width="24%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="65%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><B><I><FONT face=Arial size=3>Conditions
      And</FONT></I></B></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><B><I><FONT face=Arial size=3>Limitations</FONT></I></B></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><I><FONT face=Arial size=2>Limit Of
      Liability/Non-</FONT></I></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>d.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>any one casualty or
      event other than those specified in a., b., or c. above,</FONT></TD></TR>
  <TR>
    <TD align=left width="24%"><EM><FONT face=Arial size=2>Reduction And Non-</FONT></EM></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>shall be
      deemed to be one loss and shall be limited to the applicable LIMIT
      OF</FONT></TD></TR>
  <TR>
    <TD align=left width="24%"><EM><FONT face=Arial size=2>Accumulation Of Liability</FONT></EM></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>LIABILITY
      stated in ITEM 2. of the DECLARATIONS of this Bond irrespective
    of</FONT></TD></TR>
  <TR>
    <TD align=left width="24%"><EM><FONT face=Arial size=2>(continued)</FONT></EM></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>the total
      amount of such loss or losses and shall not be cumulative in
    amounts</FONT></TD></TR>
  <TR>
    <TD align=left width="24%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>from year
      to year or from period to period.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>All acts, as
      specified in c. above, of any one person which</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>i.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>directly or indirectly
      aid in any way wrongful acts of any other person or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>persons,
or</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>ii.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>permit the continuation
      of wrongful acts of any other person or persons</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>whether such
      acts are committed with or without the knowledge of the
  wrongful</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>acts of the
      person so aided, and whether such acts are committed with or
    without</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>the intent to
      aid such other person, shall be deemed to be one loss with
the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="24%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="69%" colSpan=2><FONT face=Arial size=2>wrongful acts of all persons so
      aided.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><I><FONT face=Arial size=2>Discovery</FONT></I></TD>
    <TD align=right width="4%"><FONT face=Arial size=2>6</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>This Bond
      applies only to loss first discovered by an officer of the
    ASSURED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>during the
      BOND PERIOD. Discovery occurs at the earlier of an officer of
  the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>ASSURED being
      aware of:</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>facts which may
      subsequently result in a loss of a type covered by this Bond,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>or</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>an actual or potential
      claim in which it is alleged that the ASSURED is liable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>to a third
    party,</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>regardless of
      when the act or acts causing or contributing to such loss
    occurred,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>even though
      the amount of loss does not exceed the applicable DEDUCTIBLE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="24%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="69%" colSpan=2><FONT face=Arial size=2>AMOUNT, or the exact amount or details
      of loss may not then be known.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><I><FONT face=Arial size=2>Notice To Company
      -</FONT></I></TD>
    <TD align=right width="4%"><FONT face=Arial size=2>7</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD align=left width="4%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>The ASSURED shall give
      the COMPANY notice thereof at the earliest</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><I><FONT face=Arial size=2>Proof - Legal
      Proceedings</FONT></I></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>practicable moment, not
      to exceed sixty (60) days after discovery of loss, in</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><I><FONT face=Arial size=2>Against
      Company</FONT></I></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>an amount that is in
      excess of 50% of the applicable DEDUCTIBLE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>AMOUNT, as stated in
      ITEM 2. of the DECLARATIONS.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>The ASSURED shall
      furnish to the COMPANY proof of loss, duly sworn to,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>with full particulars
      within six (6) months after such discovery.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>c.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>Securities listed in a
      proof of loss shall be identified by certificate or bond</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>numbers, if issued with
      them.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>d.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>Legal proceedings for
      the recovery of any loss under this Bond shall not be</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>brought prior to the
      expiration of sixty (60) days after the proof of loss is
filed</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>with the COMPANY or
      after the expiration of twenty-four (24) months from</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>the discovery of such
      loss.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>e.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>This Bond affords
      coverage only in favor of the ASSURED. No claim, suit,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>action or legal
      proceedings shall be brought under this Bond by anyone</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>other than the
      ASSURED.</FONT></TD></TR></TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 14 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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




<BR>

<DIV align="left">
<TABLE cellSpacing=0 border=0>

  <TR>
    <TD width="24%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="65%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><B><I><FONT face=Arial size=3>Conditions
      And</FONT></I></B></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><B><I><FONT face=Arial size=3>Limitations</FONT></I></B></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><I><FONT face=Arial size=2>Notice To Company
      -</FONT></I></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>f.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>Proof of loss involving
      </FONT><B><FONT face=Arial size=2>Voice Initiated Funds Transfer
      Instruction </FONT></B><FONT face=Arial size=2>shall</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><I><FONT face=Arial size=2>Proof - Legal
      Proceedings</FONT></I></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>include electronic
      recordings of such instructions.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><I><FONT face=Arial size=2>Against
      Company</FONT></I></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="24%"><I><FONT face=Arial size=2>(continued)</FONT></I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="65%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><I><FONT face=Arial size=2>Deductible
      Amount</FONT></I></TD>
    <TD align=right width="4%"><FONT face=Arial size=2>8</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>The COMPANY
      shall not be liable under any INSURING CLAUSES of this Bond</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>on account of
      loss unless the amount of such loss, after deducting the net
    amount</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>of all
      reimbursement and/or recovery obtained or made by the ASSURED,
    other</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>than from any
      Bond or policy of insurance issued by an insurance company
and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>covering such
      loss, or by the COMPANY on account thereof prior to payment
by</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>the COMPANY
      of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>ITEM 3. of
      the DECLARATIONS, and then for such excess only, but in no
  event</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>for more than
      the applicable LIMITS OF LIABILITY stated in ITEM 2. of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>DECLARATIONS.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>There shall
      be no deductible applicable to any loss under INSURING CLAUSE
  1.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="24%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="69%" colSpan=2><FONT face=Arial size=2>sustained by any </FONT><B><FONT face=Arial size=2>Investment Company</FONT></B><FONT face=Arial size=2>.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><I><FONT face=Arial size=2>Valuation</FONT></I></TD>
    <TD align=right width="4%"><FONT face=Arial size=2>9</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD align=left width="69%" colSpan=2><B><FONT face=Arial size=2>BOOKS OF
      ACCOUNT OR OTHER RECORDS</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>The value of
      any loss of </FONT><B><FONT face=Arial size=2>Property </FONT></B><FONT face=Arial size=2>consisting of books of account or other
  records</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>used by the
      ASSURED in the conduct of its business shall be the amount paid
    by</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>the ASSURED
      for blank books, blank pages, or other materials which replace
    the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>lost books of
      account or other records, plus the cost of labor paid by the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>ASSURED for
      the actual transcription or copying of data to reproduce such
    books</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>of account or
      other records.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>The value of
      any loss of </FONT><B><FONT face=Arial size=2>Property </FONT></B><FONT face=Arial size=2>other than books of account or other
records</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>used by the
      ASSURED in the conduct of its business, for which a claim is
  made</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>shall be
      determined by the average market value of such </FONT><B><FONT face=Arial size=2>Property </FONT></B><FONT face=Arial size=2>on the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>business day
      immediately preceding discovery of such loss provided,
  however,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>that the
      value of any </FONT><B><FONT face=Arial size=2>Property </FONT></B><FONT face=Arial size=2>replaced by the ASSURED with the consent of
  the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>COMPANY and
      prior to the settlement of any claim for such </FONT><B><FONT face=Arial size=2>Property </FONT></B><FONT face=Arial size=2>shall be
  the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" colSpan=5><FONT face=Arial size=2>actual
      market value at the time of replacement.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>In the case
      of a loss of interim certificates, warrants, rights or other securities,
      the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>production of
      which is necessary to the exercise of subscription,
  conversion,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>redemption or
      deposit privileges, the value of them shall be the market value
    of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>such
      privileges immediately preceding their expiration if said loss is not
      discovered</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>until after
      their expiration. If no market price is quoted for such </FONT><B><FONT face=Arial size=2>Property </FONT></B><FONT face=Arial size=2>or
    for</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>such
      privileges, the value shall be fixed by agreement between the
      parties.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><B><FONT face=Arial size=2>OTHER
      PROPERTY</FONT></B></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>The value of
      any loss of </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2>, other than as stated above, shall be the
    actual</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>cash value or
      the cost of repairing or replacing such </FONT><B><FONT face=Arial size=2>Property </FONT></B><FONT face=Arial size=2>with </FONT><B><FONT face=Arial size=2>Property </FONT></B><FONT face=Arial size=2>of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>like quality
      and value, whichever is less.</FONT></TD></TR></TABLE>

</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 15 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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




<BR>

<DIV align="left">
<TABLE cellSpacing=0 border=0>

  <TR>
    <TD width="22%"></TD>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="65%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%"><B><I><FONT face=Arial size=3>Conditions
      And</FONT></I></B></TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%"><B><I><FONT face=Arial size=3>Limitations</FONT></I></B></TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%"><I><FONT face=Arial size=2>(continued)</FONT></I></TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%"><I><FONT face=Arial size=2>Securities
      Settlement</FONT></I></TD>
    <TD align=right width="6%"><FONT face=Arial size=2>10</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>In the event
      of a loss of securities covered under this Bond, the COMPANY
  may,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>at its sole
      discretion, purchase replacement securities, tender the value of
    the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>securities in
      money, or issue its indemnity to effect replacement
  securities.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>The indemnity
      required from the ASSURED under the terms of this Section</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>against all
      loss, cost or expense arising from the replacement of securities by
      the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>COMPANY'S
      indemnity shall be:</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>for securities having a
      value less than or equal to the applicable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>DEDUCTIBLE AMOUNT - one
      hundred (100%) percent;</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>for securities having a
      value in excess of the DEDUCTIBLE AMOUNT but</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>within the applicable
      LIMIT OF LIABILITY - the percentage that the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>DEDUCTIBLE AMOUNT bears
      to the value of the securities;</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>c.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>for securities having a
      value greater than the applicable LIMIT OF LIABILITY</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>- the percentage that
      the DEDUCTIBLE AMOUNT and portion in excess of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>the applicable LIMIT OF
      LIABILITY bears to the value of the securities.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>The value
      referred to in Section 10.a., b., and c. is the value in accordance
      with</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>Section 9,
      VALUATION, regardless of the value of such securities at the time
      the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>loss under
      the COMPANY'S indemnity is sustained.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>The COMPANY
      is not required to issue its indemnity for any portion of a loss
    of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>securities
      which is not covered by this Bond; however, the COMPANY may do
  so</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>as a courtesy
      to the ASSURED and at its sole discretion.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>The ASSURED
      shall pay the proportion of the Company's premium charge for
  the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>Company's
      indemnity as set forth in Section 10.a., b., and c. No portion of
      the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>LIMIT OF
      LIABILITY shall be used as payment of premium for any
  indemnity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="22%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="6%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="69%" colSpan=2><FONT face=Arial size=2>purchased by the ASSURED to obtain
      replacement securities.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="28%" colSpan=2><I><FONT face=Arial size=2>Subrogation - Assignment - </FONT></I><FONT face=Arial size=2>11.</FONT></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>In the event
      of a payment under this Bond, the COMPANY shall be subrogated
  to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%"><I><FONT face=Arial size=2>Recovery</FONT></I></TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>all of the
      ASSURED'S rights of recovery against any person or entity to the
      extent</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>of such
      payment. On request, the ASSURED shall deliver to the COMPANY
  an</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>assignment of
      the ASSURED'S rights, title and interest and causes of action</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>against any
      person or entity to the extent of such payment.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>Recoveries,
      whether effected by the COMPANY or by the ASSURED, shall be</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>applied net
      of the expense of such recovery in the following order:</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>first, to the
      satisfaction of the ASSURED'S loss which would otherwise have</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>been paid but for the
      fact that it is in excess of the applicable LIMIT OF</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>LIABILITY,</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>second, to the COMPANY
      in satisfaction of amounts paid in settlement of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>the ASSURED'S
      claim,</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>c.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>third, to the ASSURED
      in satisfaction of the applicable DEDUCTIBLE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="6%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>AMOUNT,
  and</FONT></TD></TR></TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 16 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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




<BR>

<DIV align="left">
<TABLE cellSpacing=0 border=0>

  <TR>
    <TD width="24%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="65%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><B><I><FONT face=Arial size=3>Conditions
      And</FONT></I></B></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><B><I><FONT face=Arial size=3>Limitations</FONT></I></B></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><I><FONT face=Arial size=2>Subrogation -
      Assignment -</FONT></I></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>d.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>fourth, to the ASSURED
      in satisfaction of any loss suffered by the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><I><FONT face=Arial size=2>Recovery</FONT></I></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>ASSURED which was not
      covered under this Bond.</FONT></TD></TR>
  <TR>
    <TD align=left width="24%"><EM><FONT face=Arial size=2>(continued)</FONT></EM></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>Recovery
      from reinsurance or indemnity of the COMPANY shall not be deemed </FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="24%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="65%"><FONT face=Arial size=2>a recovery under this
    section.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><I><FONT face=Arial size=2>Cooperation Of
      Assured</FONT></I></TD>
    <TD align=right width="4%"><FONT face=Arial size=2>12</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>At the
      COMPANY'S request and at reasonable times and places designated
    by</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>the COMPANY,
      the ASSURED shall:</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>submit to examination
      by the COMPANY and subscribe to the same under</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>oath,</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>produce for the
      COMPANY'S examination all pertinent records, and</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>c.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>cooperate with the
      COMPANY in all matters pertaining to the loss.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>The ASSURED
      shall execute all papers and render assistance to secure to
  the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>COMPANY the
      rights and causes of action provided for under this Bond. The</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="24%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="69%" colSpan=2><FONT face=Arial size=2>ASSURED shall do nothing after loss to
      prejudice such rights or causes of action.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%"><I><FONT face=Arial size=2>Termination</FONT></I></TD>
    <TD align=right width="4%"><FONT face=Arial size=2>13</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>If the Bond
      is for a sole ASSURED, it shall not be terminated unless written
      notice</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>shall have
      been given by the acting party to the affected party and to
  the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>Securities
      and Exchange Commission, Washington, D.C., not less than sixty
    (60)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>days prior to
      the effective date of such termination.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>If the Bond
      is for a joint ASSURED, it shall not be terminated unless written
      notice</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>shall have
      been given by the acting party to the affected party, and by
  the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>COMPANY to
      all ASSURED </FONT><B><FONT face=Arial size=2>Investment Companies
      </FONT></B><FONT face=Arial size=2>and to the Securities and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>Exchange
      Commission, Washington, D.C., not less than sixty (60) days prior
    to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>the effective
      date of such termination.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>This Bond
      will terminate as to any one ASSURED, other than an </FONT><B><FONT face=Arial size=2>Investment</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><B><FONT face=Arial size=2>Company</FONT></B><FONT face=Arial size=2>:</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>immediately on the
      taking over of such ASSURED by a receiver or other</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>liquidator or by State
      or Federal officials, or</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>immediately on the
      filing of a petition under any State or Federal statute</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>relative to bankruptcy
      or reorganization of the ASSURED, or assignment for</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>the benefit of
      creditors of the ASSURED, or</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>c.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>immediately upon such
      ASSURED ceasing to exist, whether through merger</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>into another entity,
      disposition of all of its assets or otherwise.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>The COMPANY
      shall refund the unearned premium computed at short rates in</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>accordance
      with the standard short rate cancellation tables if terminated by
      the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>ASSURED or
      pro rata if terminated for any other
reason.</FONT></TD></TR></TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 17 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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




<BR>

<DIV align="left">
<TABLE cellSpacing=0 border=0>

  <TR>
    <TD width="23%"></TD>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="65%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><B><I><FONT face=Arial size=3>Conditions
      And</FONT></I></B></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><B><I><FONT face=Arial size=3>Limitations</FONT></I></B></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>Termination</FONT></I></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>If any
      partner, director, trustee, or officer or supervisory employee of
    an</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>(continued)</FONT></I></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>ASSURED not
      acting in collusion with an </FONT><B><FONT face=Arial size=2>Employee
      </FONT></B><FONT face=Arial size=2>learns of any dishonest
act</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>committed by
      such </FONT><B><FONT face=Arial size=2>Employee </FONT></B><FONT face=Arial size=2>at any time, whether in the employment of
  the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>ASSURED or
      otherwise, whether or not such act is of the type covered under
    this</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>Bond, and
      whether against the ASSURED or any other person or entity,
the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>ASSURED:</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>shall immediately
      remove such </FONT><B><FONT face=Arial size=2>Employee </FONT></B><FONT face=Arial size=2>from a position that would enable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>such </FONT><B><FONT face=Arial size=2>Employee </FONT></B><FONT face=Arial size=2>to cause the
      ASSURED to suffer a loss covered by this</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>Bond; and</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>within forty-eight (48)
      hours of learning that an </FONT><B><FONT face=Arial size=2>Employee
      </FONT></B><FONT face=Arial size=2>has committed</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>any dishonest act,
      shall notify the COMPANY, of such action and provide full</FONT></TD></TR>
  <TR>
    <TD align=left width="23%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>particulars of such dishonest act.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>The COMPANY
      may terminate coverage as respects any </FONT><B><FONT face=Arial size=2>Employee </FONT></B><FONT face=Arial size=2>sixty (60)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>days after
      written notice is received by each ASSURED </FONT><B><FONT face=Arial size=2>Investment Company</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>and the
      Securities and Exchange Commission, Washington, D.C. of its desire
      to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="23%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="69%" colSpan=2><FONT face=Arial size=2>terminate this Bond as to such
      </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2>.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>Other
      Insurance</FONT></I></TD>
    <TD align=right width="5%"><FONT face=Arial size=2>14</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>Coverage
      under this Bond shall apply only as excess over any valid and
      collectible</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>insurance,
      indemnity or suretyship obtained by or on behalf of:</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>the
  ASSURED,</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>a </FONT><B><FONT face=Arial size=2>Transportation Company</FONT></B><FONT face=Arial size=2>, or</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"><FONT face=Arial size=2>c.</FONT></TD>
    <TD align=left width="65%"><FONT face=Arial size=2>another entity on whose
      premises the loss occurred or which employed the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="65%"><FONT face=Arial size=2>person causing the loss
      or engaged the messenger conveying the </FONT><B><FONT face=Arial size=2>Property</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="23%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="4%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="65%"><FONT face=Arial size=2>involved.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>Conformity</FONT></I></TD>
    <TD align=right width="5%"><FONT face=Arial size=2>15</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>If any
      limitation within this Bond is prohibited by any law controlling this
      Bond's</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>construction,
      such limitation shall be deemed to be amended so as to equal
  the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="23%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="69%" colSpan=2><FONT face=Arial size=2>minimum period of limitation provided by
      such law.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%"><I><FONT face=Arial size=2>Change or
      Modification</FONT></I></TD>
    <TD align=right width="5%"><FONT face=Arial size=2>16</FONT></TD>
    <TD align=left width="2%"><FONT face=Arial size=2>.</FONT></TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>This Bond or
      any instrument amending or affecting this Bond may not be
  changed</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>or modified
      orally. No change in or modification of this Bond shall be
    effective</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>except when
      made by written endorsement to this Bond signed by an
  authorized</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>representative of the COMPANY.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>If this Bond
      is for a sole ASSURED, no change or modification which would</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>adversely
      affect the rights of the ASSURED shall be effective prior to sixty
      (60)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>days after
      written notice has been furnished to the Securities and
  Exchange</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="23%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="69%" colSpan=2><FONT face=Arial size=2>Commission,
      Washington, D.C., by the acting
party.</FONT></TD></TR></TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial">Page 18 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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




<BR>

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

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


<BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>

  <TR>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="36%"></TD>
    <TD width="33%"></TD>
    <TD width="24%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="36%">&nbsp;</TD>
    <TD align=left width="33%">&nbsp;</TD>
    <TD align=left width="24%"><B><FONT face=Arial size=2>ENDORSEMENT/RIDER</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="42%" colSpan=3><FONT face=Arial size=2>Effective
      date of</FONT></TD>
    <TD align=left width="33%">&nbsp;</TD>
    <TD align=left width="24%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="42%" colSpan=3><FONT face=Arial size=2>this
      endorsement/rider: May 15, 2012</FONT></TD>
    <TD style="TEXT-INDENT: 10px" align=left width="57%" colSpan=2><B><FONT face=Arial size=2>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="36%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 10px" align=left width="33%"><FONT face=Arial size=2>Endorsement/Rider No.</FONT></TD>
    <TD align=left width="24%"><FONT face=Arial size=2>1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="36%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 10px" align=left width="33%"><FONT face=Arial size=2>To be attached to and</FONT></TD>
    <TD align=left width="24%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="36%">&nbsp;</TD>
    <TD style="TEXT-INDENT: 10px" align=left width="33%"><FONT face=Arial size=2>form a part of Bond No.</FONT></TD>
    <TD align=left width="24%"><FONT face=Arial size=2>82302721</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="75%" colSpan=4><FONT face=Arial size=2>Issued to: FLAHERTY &amp; CRUMRINE
      CLAYMORE TOTAL RETURN FUND</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="24%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="93%" colSpan=3><FONT face=Arial size=2>DELETING
      VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" colSpan=5><FONT face=Arial size=2>ENDORSEMENT</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="99%" colSpan=5><FONT face=Arial size=2>In
      consideration of the premium charged, it is agreed that this Bond is
      amended as follows:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right width="3%"><FONT face=Arial size=2>1</FONT></TD>
    <TD align=left width="3%"><FONT face=Arial size=2>.</FONT></TD>
    <TD align=left width="93%" colSpan=3><FONT face=Arial size=2>The paragraph
      titled Other Property in Section 9, Valuation, is deleted in its
      entirety.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right width="3%"><FONT face=Arial size=2>2</FONT></TD>
    <TD align=left width="3%"><FONT face=Arial size=2>.</FONT></TD>
    <TD align=left width="93%" colSpan=3><FONT face=Arial size=2>The third
      paragraph in Section 16, Change or Modification, is deleted in its
      entirety and replaced</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="36%"><FONT face=Arial size=2>with the
      following:</FONT></TD>
    <TD align=left width="33%">&nbsp;</TD>
    <TD align=left width="24%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="93%" colSpan=3><FONT face=Arial size=2>If this Bond
      is for a joint ASSURED, no change or modification which would adversely
      affect the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="93%" colSpan=3><FONT face=Arial size=2>rights of the
      ASSURED shall be effective prior to sixty (60) days after written notice
      has been</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="93%" colSpan=3><FONT face=Arial size=2>furnished to
      all insured </FONT><B><FONT face=Arial size=2>Investment Companies
      </FONT></B><FONT face=Arial size=2>and the Securities and Exchange
      Commission,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="36%"><FONT face=Arial size=2>Washington, D.C., by
      the COMPANY.</FONT></TD>
    <TD align=left width="33%">&nbsp;</TD>
    <TD align=left width="24%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="99%" colSpan=5><FONT face=Arial size=2>The title and
      any headings in this endorsement/rider are solely for convenience and form
      no part of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="42%" colSpan=3><FONT face=Arial size=2>terms and
      conditions of coverage.</FONT></TD>
    <TD align=left width="33%">&nbsp;</TD>
    <TD align=left width="24%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="75%" colSpan=4><FONT face=Arial size=2>All other
      terms, conditions and limitations of this Bond shall remain
      unchanged.</FONT></TD>
    <TD align=left width="24%">&nbsp;</TD></TR></TABLE>
</DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P align=center>
<IMG border=0 align=middle src="fcctrf_40-17gx21x1.jpg"> </P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>17-02-2437 (12/2006) rev.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Page 1</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV STYLE="page-break-before: always"></div>

<BR>

<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 align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=left><B><FONT size=2 face=Arial>ENDORSEMENT/RIDER</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>Effective date of</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>this endorsement/rider: May 15, 2012</FONT></TD>

   <TD colSpan=2 align=left><B><FONT size=2 face=Arial>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial>Endorsement/Rider No.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial>2</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial>To be attached to and</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial>form a part of Bond No.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial>82302721</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=2 face=Arial>Issued to: FLAHERTY &amp; CRUMRINE CLAYMORE TOTAL RETURN FUND</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=center><B><FONT size=2 face=Arial>COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face=Arial>It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face=Arial>similar laws or regulations prohibit the coverage provided by this insurance.</FONT></TD>

   <TD 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 align=left><FONT size=2 face=Arial>The title and any headings in this endorsement/rider are solely for convenience and form no part of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>terms and conditions of coverage.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face=Arial>All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P align=center>
<IMG border=0 align=middle src="fcctrf_40-17gx21x1.jpg"> </P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>14-02-9228 (02/2010)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Page 1</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV STYLE="page-break-before: always"></div>

<BR>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="3%"></TD>

   <TD width="3%"></TD>

   <TD width="66%"></TD>

   <TD width="26%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 67px" colSpan=2 align=left><B><FONT size=2 face=Arial>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 67px" align=left><FONT size=2 face=Arial>Endorsement No:</FONT></TD>

   <TD align=left><FONT size=2 face=Arial>3</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 67px" align=left><FONT size=2 face=Arial>Bond Number:</FONT></TD>

   <TD align=left><FONT size=2 face=Arial>82302721</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=2 face=Arial>NAME OF ASSURED: FLAHERTY &amp; CRUMRINE CLAYMORE TOTAL RETURN FUND</FONT></TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=center><B><FONT size=2 face=Arial>PREMIUM ENDORSEMENT</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face=Arial>It is agreed that:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial>1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial>.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial>The premium for this Bond for the period May 15, 2012 to May 15, 2013 is:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial>Premium: Two thousand three hundred ten dollars and 00/100 ($2,310.00)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial>2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial>.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial>It is further agreed that this premium is subject to change during this period if amendments are made to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial>this Bond at the request of the ASSURED.</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face=Arial>This Endorsement applies to loss discovered after 12:01 a.m. on May 15, 2012.</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face=Arial>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Date: May 9, 2012</FONT></P>

<P align=center>
<IMG border=0 src="fcctrf_40-17gx23x1.jpg"></P> <BR>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>ICAP Bond</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Form 17-02-0735 (Rev. 1-97)</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV STYLE="page-break-before: always"></div>

<BR>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="3%"></TD>

   <TD width="37%"></TD>

   <TD width="28%"></TD>

   <TD width="30%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face=Arial>ENDORSEMENT/RIDER</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face=Arial>Effective date of</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face=Arial>this endorsement/rider: May 15, 2012</FONT></TD>

   <TD colSpan=2 align=left><B><FONT size=2 face=Arial>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial>Endorsement/Rider No.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face=Arial>4</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial>To be attached to and</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial>form a part of Bond No.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face=Arial>82302721</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=2 face=Arial>Issued to: FLAHERTY &amp; CRUMRINE CLAYMORE TOTAL RETURN FUND</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" 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 align=center><FONT size=2 face=Arial>AUTOMATIC INCREASE IN LIMITS ENDORSEMENT</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face=Arial>In consideration of the premium charged, it is agreed that GENERAL AGREEMENTS, Section C. Additional</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face=Arial>Offices Or Employees-Consolidation, Merger Or Purchase Or Acquisition Of Assets Or Liabilities-Notice To</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face=Arial>Company, is amended by adding the following subsection:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face=Arial>Automatic Increase in Limits for Investment Companies</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face=Arial>If an increase in bonding limits is required pursuant to rule 17g-1 of the Investment Company Act of 1940</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face=Arial>(&#8220;the Act&#8221;), due to:</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>(i)</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial>the creation of a new </FONT><B><FONT size=2 face=Arial>Investment Company</FONT></B><FONT size=2 face=Arial>, other than by consolidation or merger with, or purchase or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial>acquisition of assets or liabilities of, another institution; or</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>(ii)</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial>an increase in asset size of current </FONT><B><FONT size=2 face=Arial>Investment Companies </FONT></B><FONT size=2 face=Arial>covered under this Bond,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face=Arial>then the minimum required increase in limits shall take place automatically without payment of additional</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face=Arial>premium for the remainder of the BOND PERIOD.</FONT></TD>

   <TD 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 align=left><FONT size=2 face=Arial>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face=Arial>and conditions of coverage.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face=Arial>All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P align=center>
<IMG border=0 align=middle src="fcctrf_40-17gx21x1.jpg"> </P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>14-02-14098 (04/2008)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Page 1</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV STYLE="page-break-before: always"></div>

<BR>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><I><FONT size=2 face=Arial>Important Notice:</FONT></I></B></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=Arial>The SEC Requires Proof of Your Fidelity Insurance Policy</FONT></B></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>Your company is now required to file an electronic copy of your fidelity insurance coverage</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>(Chubb&#8217;s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>rules adopted by the SEC on June 12, 2006.</FONT></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>Chubb is in the process of providing your agent/broker with an electronic copy of your insurance</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>policy as well as instructions on how to submit this proof of fidelity insurance coverage to the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>SEC. You can expect to receive this information from your agent/broker shortly.</FONT></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>The electronic copy of your policy is provided by Chubb solely as a convenience and does not</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>affect the terms and conditions of coverage as set forth in the paper policy you receive by mail.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>The terms and conditions of the policy mailed to you, which are the same as those set forth in</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>the electronic copy, constitute the entire agreement between your company and Chubb.</FONT></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>If you have any questions, please contact your agent or broker.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Form 14-02-12160 (ed. 7/2006)</FONT></P>

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<DIV STYLE="page-break-before: always"></div>

<BR>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=2 face=Arial>IMPORTANT POLICYHOLDER INFORMATION</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>Inquiries concerning your policy should be directed to your insurance agent. The name,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>address and telephone number of your agent, if one is involved, is shown on the policy and/or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>in the material accompanying the policy.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>If you require additional information you may contact the California Insurance Department at</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial>either the following address or phone number:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 37px" align=left><FONT size=2 face=Arial>California Insurance Department</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 37px" align=left><FONT size=2 face=Arial>300 South Spring Street</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 37px" align=left><FONT size=2 face=Arial>Los Angeles, CA 90012</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 37px" align=left><FONT size=2 face=Arial>1-800-927-HELP</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Form 14-02-1495 (Ed. 1/94)</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV STYLE="page-break-before: always"></div>



<BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=100%></TD></TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:19.000000px">
<B><FONT size=3 face="Arial">IMPORTANT NOTICE</FONT></B></TD>
</TR>
<TR>
	<TD>
&nbsp;</TD>
</TR>
<TR>
	<TD>
&nbsp;</TD>
</TR>
<TR>
	<TD>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">The premium shown on this policy or premium</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">statement may be subject to adjustment in</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">accordance with the provisions of California law</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">recently adopted by ballot initiative. You will be</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">informed about any adjustment as soon as the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">requirements of the law and their effect on your</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">premium can be determined.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="Arial">Form 99-10-0267 (Ed. 2/98)</FONT></P>

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




<BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=100%></TD></TR>
<TR valign="bottom">
	<TD align=center>
<B><FONT size=5 face="Arial">POLICYHOLDER</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<B><FONT size=5 face="Arial">DISCLOSURE NOTICE OF</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<B><FONT size=5 face="Arial">TERRORISM INSURANCE COVERAGE</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<B><FONT size=3 face="Arial">(for policies with no terrorism exclusion or sublimit)</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">You are hereby notified that, under the Terrorism Risk Insurance Act (the &#147;Act&#148;), effective</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">December 26, 2007, this policy makes available to you insurance for losses arising out of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">Treasury, in concurrence with the Secretary of State and the Attorney General of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">United States, to be an act of terrorism; to be a violent act or an act that is dangerous to</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">human life, property or infrastructure; to have resulted in damage within the United</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">States, or outside the United States in the case of an air carrier or vessel or the premises</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">of a United States Mission; and to have been committed by an individual or individuals as</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">part of an effort to coerce the civilian population of the United States or to influence the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">policy or affect the conduct of the United States Government by coercion.</FONT></TD>
</TR>
<TR>
	<TD>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">You should know that the insurance provided by your policy for losses caused by acts of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">terrorism is partially reimbursed by the United States under the formula set forth in the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">Act. Under this formula, the United States pays 85% of covered terrorism losses that</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">exceed the statutorily established deductible to be paid by the insurance company</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">providing the coverage.</FONT></TD>
</TR>
<TR>
	<TD>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">However, if aggregate insured losses attributable to terrorist acts certified under the Act</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">exceed &#36;100 billion in a Program Year (January 1 through December 31), the Treasury</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">shall not make any payment for any portion of the amount of such losses that exceeds</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="Arial">&#36;100 billion.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="Arial">10-02-1281 (Ed. 1/2003)</FONT></P>

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<BR>

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

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




<BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=99%></TD></TR>
<TR valign="bottom">
	<TD align=center>
<B><FONT size=4 face="Arial">IMPORTANT NOTICE TO POLICYHOLDERS</FONT></B></TD>
</TR>
<TR>
	<TD>
&nbsp;</TD>
</TR>
<TR>
	<TD>
&nbsp;</TD>
</TR>
<TR>
	<TD>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.000000px">
<FONT size=2 face="Arial">All of the members of the Chubb Group of Insurance companies doing business in the United</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial">States (hereinafter &#147;Chubb&#148;) distribute their products through licensed insurance brokers and agents</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial">(&#147;producers&#148;). Detailed information regarding the types of compensation paid by Chubb to producers on</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial">US insurance transactions is available under the Producer Compensation link located at the bottom of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial">page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial">your producer.</FONT></TD>
</TR>
<TR>
	<TD>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.000000px">
<FONT size=2 face="Arial">Thank you for choosing Chubb.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="Arial">10-02-1295 (ed. 6/2007)</FONT></P>

<HR noshade align="center" width="100%" size=2>
<DIV STYLE="page-break-before: always"></div>
<BR>
<P align=left><B><FONT face="Arial" size=2>The following resolutions were
adopted at the April 19, 2012 Meeting of the Board of Directors of Flaherty
&amp; Crumrine/Claymore Total Return Fund Incorporated at which a majority of
Directors who are not &#147;interested persons&#148; approved the amount and form of the
current bond for the period of May 15, 2012 to May 15, 2013. </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="5%"><B><FONT face="Arial" size=2>RESOLVED:</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp; &nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="94%"><FONT face="Arial" size=2>That the renewal of the fidelity
      bond coverage for the period from May 15, 2011 to May 15, 2012, which
      provides coverage in the aggregate amount of $750,000, is hereby approved;
      and further</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="94%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="5%"><STRONG><FONT face=Arial size=2>RESOLVED:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="94%"><FONT face=Arial size=2>That it is the finding of the Directors at this Meeting
      that the fidelity bond (the &#147;Bond&#148;) issued through Federal Insurance
      Company in the amount of $750,000 covering officers and employees of the
      Fund, in accordance with the requirements of Rule 17g-1 under the
      Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), is fair and
      reasonable in form and amount, after having given due consideration to,
      among other things, the value of the aggregate assets of the Fund to which
      any person covered under the Bond may have access, the custody and
      safekeeping of the assets of the Fund&#146;s portfolio, and the nature of the
      securities in the Fund&#146;s portfolio; and further</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="94%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="5%"><STRONG><FONT face=Arial size=2>RESOLVED:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="94%"><FONT face=Arial size=2>That the premium in the amount of $2,310 paid by the
      Fund under the Bond is hereby authorized; and further</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="94%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="5%"><STRONG><FONT face=Arial size=2>RESOLVED:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="94%"><FONT face=Arial size=2>That the appropriate officers of the Fund are hereby
      authorized and directed to take such other action as may from time to time
      be necessary or appropriate in order to conform to the provisions of the
      1940 Act and the rules and regulations under that Act; and
    further</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="94%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="5%"><STRONG><FONT face=Arial size=2>RESOLVED:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="94%"><FONT face=Arial size=2>That the Secretary or Assistant Secretary of the Fund
      shall make such filings concerning the Bond with the Securities and
      Exchange Commission (&#147;SEC&#148;) and give such notices as required under
      paragraph (g) of Rule 17g-1 promulgated by the SEC under the 1940
      Act.</FONT></TD></TR></TABLE><BR>
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