-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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MIC-Info: RSA-MD5,RSA,
 JPlggMtmVB5mEAVkpIS+oV73MQ580kchMB3RnJAa7cec1CMzdJM89TxL8AiJun8M
 CSloILhIEa4nmUhEUCo0ew==

<SEC-DOCUMENT>0000793040-08-000004.txt : 20080509
<SEC-HEADER>0000793040-08-000004.hdr.sgml : 20080509
<ACCEPTANCE-DATETIME>20080509125939
ACCESSION NUMBER:		0000793040-08-000004
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20080509
DATE AS OF CHANGE:		20080509
EFFECTIVENESS DATE:		20080509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELLSWORTH FUND LTD
		CENTRAL INDEX KEY:			0000793040
		IRS NUMBER:				133345139
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04656
		FILM NUMBER:		08817279

	BUSINESS ADDRESS:	
		STREET 1:		65 MADISON AVENUE
		STREET 2:		SUITE 550
		CITY:			MORRISTOWN
		STATE:			NJ
		ZIP:			07960
		BUSINESS PHONE:		(973) 631-1177

	MAIL ADDRESS:	
		STREET 1:		65 MADISON AVE
		STREET 2:		SUITE 550
		CITY:			MORRISTOWN
		STATE:			NJ
		ZIP:			07960

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELLSWORTH CONVERTIBLE GROWTH & INCOME FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>ecffidelitybond2008.htm
<DESCRIPTION>FIDELITY BOND
<TEXT>

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   <TITLE>p82126582-2008.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Chubb Group of Insurance Companies</FONT></B>&nbsp;
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<B><FONT face="Arial,Bold,Arial,Helvetica,sans-serif">DECLARATIONS</FONT></B>&nbsp;
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<B><FONT face="Arial,Bold,Arial,Helvetica,sans-serif">FINANCIAL INSTITUTION INVESTMENT</FONT></B>&nbsp;
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">15 Mountain View Road, Warren, New Jersey 07059</FONT>&nbsp;
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<B><FONT face="Arial,Bold,Arial,Helvetica,sans-serif">COMPANY ASSET PROTECTION BOND</FONT></B>&nbsp;
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	<TD align=left width=43% nowrap colspan=9>
 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">NAME OF ASSURED (including its </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Subsidiaries</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">):</FONT>&nbsp;
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond Number: 82126582</FONT>&nbsp;
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	<TD align=left width=24% nowrap colspan=5>
 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">BANCROFT FUND LTD.</FONT>&nbsp;
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</TR>
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&nbsp;
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&nbsp;
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	<TD align=left width=11% nowrap>
&nbsp;
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&nbsp;	</TD>
	<TD align=left width=9% nowrap>
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	<TD width=2%>
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	<TD align=left width=38% nowrap colspan=7>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;
	</TD>
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<TR>
	<TD colspan=19>
&nbsp;
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</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap colspan=7>
 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">65 MADISON AVENUE, SUITE 550</FONT>&nbsp;
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	<TD width=2%>
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	<TD align=left width=11% nowrap>
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	<TD align=left width=24% nowrap colspan=5>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Incorporated under the laws of Indiana</FONT>&nbsp;
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 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">MORRISTOWN, NJ 07960</FONT>&nbsp;
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">a stock insurance company herein called the COMPANY</FONT>&nbsp;
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Capital Center, 251 North Illinois, Suite 1100</FONT>&nbsp;
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Indianapolis, IN 46204-1927</FONT>&nbsp;
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<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">ITEM 1.</FONT></B>&nbsp;
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	<TD align=left width=16% nowrap colspan=3>
 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">BOND PERIOD:</FONT>&nbsp;
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">from</FONT>&nbsp;
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	<TD align=left width=11% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">12:01 a.m. on</FONT>&nbsp;
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">May 1, 2008</FONT>&nbsp;
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 &nbsp; &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to</FONT>&nbsp;
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">12:01 a.m. on</FONT>&nbsp;
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">May 1, 2009</FONT>&nbsp;
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 &nbsp;<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">ITEM 2.</FONT></B>&nbsp;
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 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:</FONT>&nbsp;
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&nbsp;
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	<TD align=left width=86% nowrap colspan=17>
 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If &#147;Not Covered&#148; is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE</FONT>&nbsp;
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	<TD align=left width=86% nowrap colspan=17>
 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and any other reference shall be deemed to be deleted. </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">There shall be no deductible applicable to any</FONT></B>&nbsp;
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&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=13>
 &nbsp;<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">loss under INSURING CLAUSE 1. sustained by any Investment Company.</FONT></B>&nbsp;
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&nbsp;
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&nbsp;
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&nbsp;
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&nbsp;
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&nbsp;
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&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DEDUCTIBLE</FONT>&nbsp;
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</TR>
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&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=22% nowrap colspan=5>
 &nbsp;<U><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">INSURING CLAUSE</FONT></U>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
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&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
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&nbsp;
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&nbsp;	</TD>
	<TD align=left width=19% nowrap colspan=3>
 &nbsp; &nbsp;<U><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">LIMIT OF LIABILITY</FONT></U>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
 &nbsp; &nbsp;<U><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">AMOUNT</FONT></U>&nbsp;
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&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Employee</FONT>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
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&nbsp;	</TD>
	<TD align=left width=19% nowrap colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 1,050,000.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 0.</FONT>&nbsp;
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</TR>
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	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">On Premises</FONT>&nbsp;
	</TD>
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	<TD align=left width=4% nowrap>
&nbsp;
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&nbsp;
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&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 1,050,000.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 50,000.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">3.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In Transit</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 1,050,000.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 50,000.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">4.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Forgery or Alteration</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 1,050,000.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 50,000.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">5.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Extended Forgery</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 1,050,000.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 50,000.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">6.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Counterfeit Money</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 1,050,000.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 50,000.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">7.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Threats to Person</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 1,050,000.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 50,000.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">8.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Computer System</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 1,050,000.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 50,000.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">9.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=41% nowrap colspan=7>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 1,050,000.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 50,000.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">10.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=30% nowrap colspan=5>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Uncollectible Items of Deposit</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 250,000.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 5,000.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">11.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Audit Expense</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap colspan=3>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 250,000.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#36; 5,000.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=19>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">ITEM 3.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=86% nowrap colspan=17>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=53% nowrap colspan=11>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=22% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Endorsement Nos. 1 - 5</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=19>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=94% nowrap colspan=19>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">IN WITNESS WHEREOF, THE COMPANY </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">has caused this Bond to be signed by its authorized officers, but it shall not
be</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap colspan=13>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">valid unless also signed by an authorized representative of the Company.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<IMG src="p82126582-2008x1x1.jpg" border=0>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98) - Federal</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 1 of 1</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_2"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=75% nowrap colspan=7>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY, in consideration of payment of the required premium, and in reliance</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=75% nowrap colspan=7>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">on the APPLICATION and all other statements made and information furnished to the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=75% nowrap colspan=7>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=75% nowrap colspan=7>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Insuring Clauses</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Employee</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Larceny </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Embezzlement </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">committed by any</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=5>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, alone or in collusion with others.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">On Premises</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">resulting directly from robbery, burglary,
false pretenses,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">common law or statutory larceny, misplacement, mysterious unexplainable</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">disappearance, damage, destruction or removal, from the possession, custody or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">control of the ASSURED, while such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">is lodged or
deposited at premises</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">located anywhere.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">In Transit</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">3.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">resulting directly from common law or statutory
larceny,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">misplacement, mysterious unexplainable disappearance, damage or destruction,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">while the </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">is in transit anywhere:</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">in an armored motor vehicle, including loading and unloading thereof,</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">in the custody of a natural person acting as a messenger of the ASSURED,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">in the custody of a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Transportation Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and being transported
in a</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">conveyance other than an armored motor vehicle provided, however, that</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">covered </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">transported in such manner is limited to the
following:</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">written records,</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">securities issued in registered form, which are not endorsed or are</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">restrictively endorsed, or</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">negotiable instruments not payable to bearer, which are not endorsed</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or are restrictively endorsed.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Coverage under this INSURING CLAUSE begins immediately on the receipt of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">by the natural person or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Transportation Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and ends</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">immediately on delivery to the premises of the addressee or to any representative</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of the addressee located anywhere.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 1 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_3"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Insuring Clauses</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Forgery Or Alteration</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">4.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">on, or fraudulent material alteration of, any bills of exchange,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">checks, drafts, acceptances, certificates of deposits, promissory notes, due</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">bills, money orders, orders upon public treasuries, letters of credit, other</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">written promises, orders or directions to pay sums certain in money, or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">receipts for the withdrawal of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">transferring, paying or delivering any funds or other </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">,
or establishing</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any credit or giving any value in reliance on any written instructions, advices</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or applications directed to the ASSURED authorizing or acknowledging the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">transfer, payment, delivery or receipt of funds or other </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, which</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">instructions, advices or applications fraudulently purport to bear the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">handwritten signature of any customer of the ASSURED, or shareholder or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">subscriber to shares of an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or of any
financial</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">institution or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">but which instructions, advices or
applications either</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">bear a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or have been fraudulently materially altered
without the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">knowledge and consent of such customer, shareholder, subscriber, financial</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">institution or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">excluding, however, under this INSURING CLAUSE any loss covered under</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">CLAUSE 5. is provided for in the DECLARATIONS of this Bond.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">signature is treated the same as a handwritten signature.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Extended Forgery</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">5.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from the ASSURED having, in good faith, and in the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ordinary course of business, for its own account or the account of others in any</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">capacity:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">acquired, accepted or received, accepted or received, sold or delivered, or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">given value, extended credit or assumed liability, in reliance on any original</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Securities, documents or other written instruments </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which prove to:</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">bear a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or a fraudulently material
alteration,</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">have been lost or stolen, or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">be </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Counterfeit</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">guaranteed in writing or witnessed any signatures on any transfer,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">assignment, bill of sale, power of attorney, guarantee, endorsement or other</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">obligation upon or in connection with any </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Securities, documents or other</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">written instruments</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Actual physical possession, and continued actual physical possession if taken as</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">collateral, of such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Securities, documents or other written instruments </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">by an</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee, Custodian</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or a Federal or State chartered deposit institution of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED is a condition precedent to the ASSURED having relied on such items.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Release or return of such collateral is an acknowledgment by the ASSURED that it</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">no longer relies on such collateral.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 2 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



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<A name="page_4"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Insuring Clauses</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Extended Forgery</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">signature is treated the same as a handwritten signature.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Counterfeit Money</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">6.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from the receipt by the ASSURED in good faith of any</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Counterfeit </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">money.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Threats To Person</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">7.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from surrender of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">away from an
office of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED as a result of a threat communicated to the ASSURED to do bodily</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">harm to an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">as defined in Section 1.e. (1), (2) and (5),
a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Relative </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">invitee of such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or a resident of the household of such
</FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, who</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">is, or allegedly is, being held captive provided, however, that prior to the surrender</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">who receives the threat has made a reasonable
effort to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">notify an officer of the ASSURED who is not involved in such threat, and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED has made a reasonable effort to notify the Federal Bureau of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Investigation and local law enforcement authorities concerning such threat.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">It is agreed that for purposes of this INSURING CLAUSE, any </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED, as set forth in the preceding paragraph, shall be deemed to be an</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED hereunder, but only with respect to the surrender of money, securities</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and other tangible personal property in which such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">has
a legal or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">equitable interest.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Computer System</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">8.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from fraudulent:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">entries of data into, or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">changes of data elements or programs within,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Computer System</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, provided the fraudulent entry or change
causes:</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">funds or other property to be transferred, paid or delivered,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an account of the ASSURED or of its customer to be added, deleted,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">debited or credited, or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an unauthorized account or a fictitious account to be debited or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">credited.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 3 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



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<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Insuring Clauses</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Voice Initiated Funds</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">9.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">directed</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Transfer Instruction</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to the ASSURED authorizing the transfer of dividends or redemption proceeds of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shares from a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Customer's
</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">account, provided such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">was:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">received at the ASSURED'S offices by those </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employees </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of the
ASSURED</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">specifically authorized to receive the </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Instruction</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">made by a person purporting to be a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Customer</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">made by said person for the purpose of causing the ASSURED or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Customer</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to sustain a loss or making an improper personal financial gain for such</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">person or any other person.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In order for coverage to apply under this INSURING CLAUSE, all </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Funds Transfer Instructions </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">must be received and processed in accordance with</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the Designated Procedures outlined in the APPLICATION furnished to the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Uncollectible Items of</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">10.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from the ASSURED having credited an account of a</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Deposit</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">customer, shareholder or subscriber on the faith of any </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">prove to be uncollectible, provided that the crediting of such account causes:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">redemptions or withdrawals to be permitted,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shares to be issued, or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">dividends to be paid,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">from an account of an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In order for coverage to apply under this INSURING CLAUSE, the ASSURED</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">must hold </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for the minimum number of days stated
in the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">APPLICATION before permitting any redemptions or withdrawals, issuing any</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shares or paying any dividends with respect to such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Items of Deposit</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall not be deemed uncollectible until the ASSURED'S</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">standard collection procedures have failed.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Audit Expense</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">11.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Expense incurred by the ASSURED for that part of the cost of audits or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">examinations required by any governmental regulatory authority or self-regulatory</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">organization to be conducted by such authority, organization or their appointee by</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">reason of the discovery of loss sustained by the ASSURED and covered by this</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 4 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



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<A name="page_6"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">General Agreements</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Additional Companies</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">A.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If more than one corporation, or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or any
combination of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Included As Assured</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">them is included as the ASSURED herein:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The total liability of the COMPANY under this Bond for loss or losses</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">sustained by any one or more or all of them shall not exceed the limit for</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which the COMPANY would be liable under this Bond if all such loss were</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">sustained by any one of them.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Only the first named ASSURED shall be deemed to be the sole agent of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">others for all purposes under this Bond, including but not limited to the giving</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or receiving of any notice or proof required to be given and for the purpose of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">effecting or accepting any amendments to or termination of this Bond. The</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY shall furnish each </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">with a copy of
the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond and with any amendment thereto, together with a copy of each formal</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">filing of claim by any other named ASSURED and notification of the terms of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the settlement of each such claim prior to the execution of such settlement.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY shall not be responsible for the proper application of any</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">payment made hereunder to the first named ASSURED.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(4)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Knowledge possessed or discovery made by any partner, director, trustee,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">officer or supervisory employee of any ASSURED shall constitute knowledge</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or discovery by all the ASSUREDS for the purposes of this Bond.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(5)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the first named ASSURED ceases for any reason to be covered under this</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond, then the ASSURED next named on the APPLICATION shall thereafter</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">be considered as the first named ASSURED for the purposes of this Bond.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Representation Made By</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">B.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED represents that all information it has furnished in the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Assured</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">APPLICATION for this Bond or otherwise is complete, true and correct. Such</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">APPLICATION and other information constitute part of this Bond.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED must promptly notify the COMPANY of any change in any fact or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">circumstance which materially affects the risk assumed by the COMPANY under</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">this Bond.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Any intentional misrepresentation, omission, concealment or incorrect statement of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a material fact, in the APPLICATION or otherwise, shall be grounds for recision of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">this Bond.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 5 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



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

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">General Agreements</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Additional Offices Or</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">C.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the ASSURED, other than an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, while this
Bond is in force,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Employees - Consolidation,</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">merges or consolidates with, or purchases or acquires assets or liabilities of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Merger Or Purchase Or</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">another institution, the ASSURED shall not have the coverage afforded under this</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Acquisition Of Assets Or</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond for loss which has:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Liabilities - Notice To</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">occurred or will occur on premises, or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Company</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">been caused or will be caused by an employee, or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">arisen or will arise out of the assets or liabilities,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of such institution, unless the ASSURED:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">gives the COMPANY written notice of the proposed consolidation, merger or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">purchase or acquisition of assets or liabilities prior to the proposed effective</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">date of such action, and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">obtains the written consent of the COMPANY to extend some or all of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">coverage provided by this Bond to such additional exposure, and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">on obtaining such consent, pays to the COMPANY an additional premium.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Change Of Control -</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">D.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">When the ASSURED learns of a change in control (other than in an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Notice To Company</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">), as set forth in Section 2(a) (9) of the Investment Company Act of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1940,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
 &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED shall within sixty (60) days give written notice to the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY setting forth:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the names of the transferors and transferees (or the names of the beneficial</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">owners if the voting securities are registered in another name),</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the total number of voting securities owned by the transferors and the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">transferees (or the beneficial owners), both immediately before and after the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">transfer, and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the total number of outstanding voting securities.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Failure to give the required notice shall result in termination of coverage for any</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss involving a transferee, to be effective on the date of such change in control.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Court Costs And</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">E.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY will indemnify the ASSURED for court costs and reasonable</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Attorneys&#146; Fees</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">attorneys' fees incurred and paid by the ASSURED in defense, whether or not</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">successful, whether or not fully litigated on the merits and whether or not settled,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of any claim, suit or legal proceeding with respect to which the ASSURED would</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">be entitled to recovery under this Bond. However, with respect to INSURING</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">CLAUSE 1., this Section shall only apply in the event that:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">admits to being guilty of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Larceny or Embezzlement</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">is adjudicated to be guilty of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Larceny or Embezzlement</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 6 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



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

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">General Agreements</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Court Costs And</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">in the absence of 1 or 2 above, an arbitration panel agrees, after a review of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Attorneys&#146; Fees</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an agreed statement of facts between the COMPANY and the ASSURED,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">that an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">would be found guilty of
</FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Larceny or Embezzlement </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">if</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">were prosecuted.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED shall promptly give notice to the COMPANY of any such suit or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">legal proceeding and at the request of the COMPANY shall furnish copies of all</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">pleadings and pertinent papers to the COMPANY. The COMPANY may, at its</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">sole option, elect to conduct the defense of all or part of such legal proceeding.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The defense by the COMPANY shall be in the name of the ASSURED through</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">attorneys selected by the COMPANY. The ASSURED shall provide all reasonable</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">information and assistance as required by the COMPANY for such defense.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the COMPANY declines to defend the ASSURED, no settlement without the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">prior written consent of the COMPANY nor judgment against the ASSURED shall</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">determine the existence, extent or amount of coverage under this Bond.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the amount demanded in any such suit or legal proceeding is within the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">costs and attorney's fees incurred in defending all or part of such suit or legal</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">proceeding.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the amount demanded in any such suit or legal proceeding is in excess of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">incurred in defending all or part of such suit or legal proceedings is limited to the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">proportion of such court costs and attorney's fees incurred that the LIMIT OF</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">CLAUSE bears to the total of the amount demanded in such suit or legal</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">proceeding.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the amount demanded is any such suit or legal proceeding is in excess of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of the DECLARATIONS for the applicable INSURING CLAUSE, the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY'S liability for court costs and attorney's fees incurred in defending all or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">part of such suit or legal proceedings shall be limited to the proportion of such</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">court costs or attorney's fees that the amount demanded that would be payable</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">amount demanded.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Amounts paid by the COMPANY for court costs and attorneys' fees shall be in</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=71% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 7 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



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

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Definitions</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">As used in this Bond:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means a computer and all input, output, processing,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">storage, off-line media libraries, and communication facilities which are</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">connected to the computer and which are under the control and supervision</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of the operating system(s) or application(s) software used by the ASSURED.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Counterfeit </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means an imitation of an actual valid original which is intended</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to deceive and be taken as the original.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Custodian </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means the institution designated by an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">maintain possession and control of its assets.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means an individual, corporate, partnership, trust customer,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shareholder or subscriber of an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which has a
written</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">agreement with the ASSURED for </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Instruction</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">e.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means:</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an officer of the ASSURED,</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a natural person while in the regular service of the ASSURED at any of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED'S premises and compensated directly by the ASSURED</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">through its payroll system and subject to the United States Internal</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Revenue Service Form W-2 or equivalent income reporting plans of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">other countries, and whom the ASSURED has the right to control and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">direct both as to the result to be accomplished and details and means</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">by which such result is accomplished in the performance of such</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">service,</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a guest student pursuing studies or performing duties in any of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED'S premises,</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(4)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an attorney retained by the ASSURED and an employee of such</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">attorney while either is performing legal services for the ASSURED,</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(5)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a natural person provided by an employment contractor to perform</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">employee duties for the ASSURED under the ASSURED'S supervision</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">at any of the ASSURED'S premises,</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(6)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an employee of an institution merged or consolidated with the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED prior to the effective date of this Bond,</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(7)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a director or trustee of the ASSURED, but only while performing acts</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">within the scope of the customary and usual duties of any officer or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">other employee of the ASSURED or while acting as a member of any</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">committee duly elected or appointed to examine or audit or have</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">custody of or access to </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of the ASSURED, or</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 8 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



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<A name="page_10"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Definitions</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(8)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">each natural person, partnership or corporation authorized by written</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">agreement with the ASSURED to perform services as electronic data</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">processor of checks or other accounting records related to such checks but</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">only while such person, partnership or corporation is actually performing</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">such services and not:</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">creating, preparing, modifying or maintaining the ASSURED'S</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">computer software or programs, or</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">acting as transfer agent or in any other agency capacity in issuing</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">checks, drafts or securities for the ASSURED,</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(9)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any partner, officer or employee of an investment advisor, an underwriter</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(distributor), a transfer agent or shareholder accounting recordkeeper, or an</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">administrator, for an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">while performing acts
coming</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">within the scope of the customary and usual duties of an officer or employee</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or acting as a member of any committee
duly</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">elected or appointed to examine, audit or have custody of or access to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">an Investment Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The term </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall not include any partner, officer or
employee of a</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">transfer agent, shareholder accounting recordkeeper or administrator:</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which is not an "affiliated person" (as defined in Section 2(a) of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Investment Company Act of 1940) of an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or
of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the investment advisor or underwriter (distributor) of such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which is a "bank" (as defined in Section 2(a) of the Investment</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Company Act of 1940).</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Bond does not afford coverage in favor of the employers of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">persons as set forth in e. (4), (5) and (8) above, and upon payment to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED by the COMPANY resulting directly from </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Larceny or</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Embezzlement </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">committed by any of the partners, officers or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">employees of such employers, whether acting alone or in collusion with</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">others, an assignment of such of the ASSURED'S rights and causes of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">action as it may have against such employers by reason of such acts</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">so committed shall, to the extent of such payment, be given by the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED to the COMPANY, and the ASSURED shall execute all</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">papers necessary to secure to the COMPANY the rights provided for</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=57% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">herein.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Each employer of persons as set forth in e.(4), (5) and (8) above and the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">partners, officers and other employees of such employers shall collectively</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">be deemed to be one person for all the purposes of this Bond; excepting,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">however, the fifth paragraph of Section 13.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Independent contractors not specified in e.(4), (5) or (8) above,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">intermediaries, agents, brokers or other representatives of the same general</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">character shall not be considered </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employees</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=56% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=43% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 9 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Definitions</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">f.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means the signing of the name of another natural person with the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">intent to deceive but does not mean a signature which consists in whole or in</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">part of one's own name, with or without authority, in any capacity for any</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">purpose.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">g.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means any investment company registered under the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Investment Company Act of 1940 and listed under the NAME OF ASSURED</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">on the DECLARATIONS.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">h.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means one or more checks or drafts drawn upon a</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">financial institution in the United States of America.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">i.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Larceny or Embezzlement </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means larceny or embezzlement as defined in</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Section 37 of the Investment Company Act of 1940.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">j.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means money, revenue and other stamps; securities; including any</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">note, stock, treasury stock, bond, debenture, evidence of indebtedness,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">certificate of deposit, certificate of interest or participation in any profit-</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">sharing agreement, collateral trust certificate, preorganization certificate or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">subscription, transferable share, investment contract, voting trust certificate,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">certificate of deposit for a security, fractional undivided interest in oil, gas, or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">other mineral rights, any interest or instruments commonly known as a</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">security under the Investment Company Act of 1940, any other certificate of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">interest or participation in, temporary or interim certificate for, receipt for,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">guarantee of, or warrant or right to subscribe to or purchase any of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">foregoing; bills of exchange; acceptances; checks; withdrawal orders; money</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">orders; travelers' letters of credit; bills of lading; abstracts of title; insurance</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">policies, deeds, mortgages on real estate and/or upon chattels and interests</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">therein; assignments of such policies, deeds or mortgages; other valuable</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">papers, including books of accounts and other records used by the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED in the conduct of its business (but excluding all electronic data</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">processing records); and, all other instruments similar to or in the nature of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the foregoing in which the ASSURED acquired an interest at the time of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED'S consolidation or merger with, or purchase of the principal</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">assets of, a predecessor or which are held by the ASSURED for any</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">purpose or in any capacity and whether so held gratuitously or not and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">whether or not the ASSURED is liable therefor.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">k.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Relative </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means the spouse of an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee
</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or partner of the ASSURED</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and any unmarried child supported wholly by, or living in the home of, such</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or partner and being related to them by blood, marriage or legal</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">guardianship.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">l.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Securities, documents or other written instruments </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means original</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(including original counterparts) negotiable or non-negotiable instruments, or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">assignments thereof, which in and of themselves represent an equitable</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">interest, ownership, or debt and which are in the ordinary course of business</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">transferable by delivery of such instruments with any necessary</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">endorsements or assignments.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 10 of 19</FONT>&nbsp;
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<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;
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&nbsp;
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<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;
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&nbsp;
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<TR>
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&nbsp;
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<TR>
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&nbsp;
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<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Definitions</FONT></I>&nbsp;
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&nbsp;
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">m.</FONT>&nbsp;
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&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Subsidiary </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means any organization that, at the inception date of this Bond,</FONT>&nbsp;
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<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;
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&nbsp;
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	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">is named in the APPLICATION or is created during the BOND PERIOD and</FONT>&nbsp;
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	<TD align=left width=22% nowrap>
&nbsp;
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&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
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&nbsp;
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of which more than fifty percent (50%) of the outstanding securities or voting</FONT>&nbsp;
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&nbsp;
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&nbsp;
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&nbsp;
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">rights representing the present right to vote for election of directors is owned</FONT>&nbsp;
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&nbsp;
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	<TD align=left width=4% nowrap>
&nbsp;
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&nbsp;
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or controlled by the ASSURED either directly or through one or more of its</FONT>&nbsp;
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	<TD align=left width=22% nowrap>
&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
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&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">subsidiaries.</FONT>&nbsp;
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<TR>
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&nbsp;
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	<TD align=left width=22% nowrap>
&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
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&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">n.</FONT>&nbsp;
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&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Transportation Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means any organization which provides its own</FONT>&nbsp;
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	<TD align=left width=22% nowrap>
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
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&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
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	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or its leased vehicles for transportation or which provides freight forwarding</FONT>&nbsp;
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	<TD align=left width=22% nowrap>
&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
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&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
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&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or air express services.</FONT>&nbsp;
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</TR>
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	<TD align=left width=22% nowrap>
&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">o.</FONT>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated Election </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means any election concerning dividend options</FONT>&nbsp;
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	<TD align=left width=22% nowrap>
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">available to </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shareholders or subscribers
which is</FONT>&nbsp;
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	<TD align=left width=22% nowrap>
&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
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&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
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&nbsp;	</TD>
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">requested by voice over the telephone.</FONT>&nbsp;
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<TR>
	<TD colspan=7>
&nbsp;
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	<TD align=left width=22% nowrap>
&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">p.</FONT>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated Redemption </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means any redemption of shares issued by an</FONT>&nbsp;
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	<TD align=left width=22% nowrap>
&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which is requested by voice over the telephone.</FONT>&nbsp;
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<TR>
	<TD colspan=7>
&nbsp;
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	<TD align=left width=22% nowrap>
&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
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&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">q.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means any </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated</FONT></B>&nbsp;
	</TD>
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	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Redemption </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated Election</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">For the purposes of these definitions, the singular includes the plural and the</FONT>&nbsp;
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</TR>
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	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">plural includes the singular, unless otherwise indicated.</FONT>&nbsp;
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</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">General Exclusions -</FONT></I>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">This bond does not directly or indirectly cover:</FONT></B>&nbsp;
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<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Applicable to All Insuring</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss not reported to the COMPANY in writing within sixty (60) days after</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Clauses</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">termination of this Bond as an entirety;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss due to riot or civil commotion outside the United States of America and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Canada, or any loss due to military, naval or usurped power, war or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">insurrection. This Section 2.b., however, shall not apply to loss which occurs</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">in transit in the circumstances recited in INSURING CLAUSE 3., provided</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">that when such transit was initiated there was no knowledge on the part of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any person acting for the ASSURED of such riot, civil commotion, military,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">naval or usurped power, war or insurrection;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from the effects of nuclear fission or fusion or radioactivity;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss of potential income including, but not limited to, interest and dividends</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">not realized by the ASSURED or by any customer of the ASSURED;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">e.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">damages of any type for which the ASSURED is legally liable, except</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">compensatory damages, but not multiples thereof, arising from a loss</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">covered under this Bond;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">f.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">costs, fees and expenses incurred by the ASSURED in establishing the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">existence of or amount of loss under this Bond, except to the extent covered</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">under INSURING CLAUSE 11.;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">g.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from indirect or consequential loss of any nature;</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 11 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



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<A name="page_13"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=50% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=50% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=11>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=11>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">General Exclusions -</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">h.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from dishonest acts by any member of the Board of Directors</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Applicable to All Insuring</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or Board of Trustees of the ASSURED who is not an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">,
acting</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Clauses</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">alone or in collusion with others;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">i.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss, or that part of any loss, resulting solely from any violation by the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED or by any </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of any law regulating:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=50% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the issuance, purchase or sale of securities,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=50% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">securities transactions on security or commodity exchanges or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=50% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the over the counter market,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=50% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">investment companies,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=50% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">investment advisors, or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of any rule or regulation made pursuant to any such law; or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">j.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss of confidential information, material or data;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">k.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from voice requests or instructions received over the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">telephone, provided however, this Section 2.k. shall not apply to INSURING</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">CLAUSE 7. or 9.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=11>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=11>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Specific Exclusions -</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">3.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=7>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">This Bond does not directly or indirectly cover:</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Applicable To All Insuring</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss caused by an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, provided, however, this Section 3.a.
shall not</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Clauses Except Insuring</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">apply to loss covered under INSURING CLAUSE 2. or 3. which results</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Clause 1.</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">directly from misplacement, mysterious unexplainable disappearance, or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">damage or destruction of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss through the surrender of property away from premises of the ASSURED</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">as a result of a threat:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to do bodily harm to any natural person, except loss of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">in</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">transit in the custody of any person acting as messenger of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED, provided that when such transit was initiated there was no</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">knowledge by the ASSURED of any such threat, and provided further</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">that this Section 3.b. shall not apply to INSURING CLAUSE 7., or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=55% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to do damage to the premises or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of the
ASSURED;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from payments made or withdrawals from any account</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">involving erroneous credits to such account;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss involving </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which are not finally paid for
any reason</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">provided however, that this Section 3.d. shall not apply to INSURING</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">CLAUSE 10.;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">e.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss of property while in the mail;</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 12 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



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

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=13% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=13% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=13% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=13% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=15>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=15>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Specific Exclusions -</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">f.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from the failure for any reason of a financial or depository</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Applicable To All Insuring</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">institution, its receiver or other liquidator to pay or deliver funds or other</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Clauses Except Insuring</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to the ASSURED provided further that this Section 3.f. shall not</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Clause 1.</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">apply to loss of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">resulting directly from robbery,
burglary,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=13% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">misplacement,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">mysterious</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">unexplainable</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=13% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">disappearance,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">damage,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">destruction or removal from the possession, custody or control of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=13% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=13% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">g.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">while in the custody of a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Transportation Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">provided however, that this Section 3.g. shall not apply to INSURING</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=13% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">CLAUSE 3.;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=13% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">h.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from entries or changes made by a natural person with</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">authorized access to a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">who acts in good faith
on</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">instructions, unless such instructions are given to that person by a software</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">contractor or its partner, officer, or employee authorized by the ASSURED to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">design, develop, prepare, supply, service, write or implement programs for</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED's </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Computer System</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">; or</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=13% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">i.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting directly or indirectly from the input of data into a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Computer</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">terminal, either on the premises of the customer of the ASSURED</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or under the control of such a customer, by a customer or other person who</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">had authorized access to the customer's authentication mechanism.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=15>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=15>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Specific Exclusions -</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">4.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=45% nowrap colspan=7>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">This bond does not directly or indirectly cover:</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=13% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Applicable To All Insuring</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from the complete or partial non-payment of or default on any</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Clauses Except Insuring</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loan whether such loan was procured in good faith or through trick, artifice,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Clauses 1., 4., And 5.</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">fraud or false pretenses; provided, however, this Section 4.a. shall not apply</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=25% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to INSURING CLAUSE 8.;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=13% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from forgery or any alteration;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=13% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss involving a counterfeit provided, however, this Section 4.c. shall not</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">apply to INSURING CLAUSE 5. or 6.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=13% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=15>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=15>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Limit Of Liability/Non-</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">5.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=69% nowrap colspan=11>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">At all times prior to termination of this Bond, this Bond shall continue in force for</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Reduction And Non-</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=69% nowrap colspan=11>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Accumulation Of Liability</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=69% nowrap colspan=11>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">notwithstanding any previous loss for which the COMPANY may have paid or be</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=69% nowrap colspan=11>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">liable to pay under this Bond provided, however, that the liability of the COMPANY</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=60% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">under this Bond with respect to all loss resulting from:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any one act of burglary, robbery or hold-up, or attempt thereat, in which no</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=39% nowrap colspan=5>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">is concerned or implicated, or</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=13% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=15>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any one unintentional or negligent act on the part of any one person</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">resulting in damage to or destruction or misplacement of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=15>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=63% nowrap colspan=9>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">all acts, other than those specified in a. above, of any one person, or</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 13 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Limit Of Liability/Non-</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any one casualty or event other than those specified in a., b., or c. above,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Reduction And Non-</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall be deemed to be one loss and shall be limited to the applicable LIMIT OF</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Accumulation Of Liability</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the total amount of such loss or losses and shall not be cumulative in amounts</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">from year to year or from period to period.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">All acts, as specified in c. above, of any one person which</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">i.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">directly or indirectly aid in any way wrongful acts of any other person or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">persons, or</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ii.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">permit the continuation of wrongful acts of any other person or persons</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">whether such acts are committed with or without the knowledge of the wrongful</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">acts of the person so aided, and whether such acts are committed with or without</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the intent to aid such other person, shall be deemed to be one loss with the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">wrongful acts of all persons so aided.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Discovery</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">6.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Bond applies only to loss first discovered by an officer of the ASSURED</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">during the BOND PERIOD. Discovery occurs at the earlier of an officer of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED being aware of:</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">facts which may subsequently result in a loss of a type covered by this Bond,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an actual or potential claim in which it is alleged that the ASSURED is liable</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to a third party,</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">regardless of when the act or acts causing or contributing to such loss occurred,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">even though the amount of loss does not exceed the applicable DEDUCTIBLE</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">AMOUNT, or the exact amount or details of loss may not then be known.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Notice To Company -</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">7.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED shall give the COMPANY notice thereof at the earliest</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Proof - Legal Proceedings</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">practicable moment, not to exceed sixty (60) days after discovery of loss, in</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Against Company</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an amount that is in excess of 50% of the applicable DEDUCTIBLE</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">AMOUNT, as stated in ITEM 2. of the DECLARATIONS.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">with full particulars within six (6) months after such discovery.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Securities listed in a proof of loss shall be identified by certificate or bond</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">numbers, if issued with them.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Legal proceedings for the recovery of any loss under this Bond shall not be</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">brought prior to the expiration of sixty (60) days after the proof of loss is filed</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">with the COMPANY or after the expiration of twenty-four (24) months from</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the discovery of such loss.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">e.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Bond affords coverage only in favor of the ASSURED. No claim, suit,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">action or legal proceedings shall be brought under this Bond by anyone</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">other than the ASSURED.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 14 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



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<A name="page_16"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Notice To Company -</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">f.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Proof of loss involving </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Proof - Legal Proceedings</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">include electronic recordings of such instructions.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Against Company</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Deductible Amount</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">8.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY shall not be liable under any INSURING CLAUSES of this Bond</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">on account of loss unless the amount of such loss, after deducting the net amount</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of all reimbursement and/or recovery obtained or made by the ASSURED, other</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">than from any Bond or policy of insurance issued by an insurance company and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">covering such loss, or by the COMPANY on account thereof prior to payment by</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DECLARATIONS.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">There shall be no deductible applicable to any loss under INSURING CLAUSE 1.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">sustained by any </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Valuation</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">9.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">BOOKS OF ACCOUNT OR OTHER RECORDS</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">consisting of books of account
or other records</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">used by the ASSURED in the conduct of its business shall be the amount paid by</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED for blank books, blank pages, or other materials which replace the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">lost books of account or other records, plus the cost of labor paid by the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED for the actual transcription or copying of data to reproduce such books</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of account or other records.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">other than books of account or
other records</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">used by the ASSURED in the conduct of its business, for which a claim is made</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall be determined by the average market value of such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">on the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">business day immediately preceding discovery of such loss provided, however,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">that the value of any </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">replaced by the ASSURED with the
consent of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY and prior to the settlement of any claim for such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall be the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">actual market value at the time of replacement.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In the case of a loss of interim certificates, warrants, rights or other securities, the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">production of which is necessary to the exercise of subscription, conversion,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">redemption or deposit privileges, the value of them shall be the market value of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">such privileges immediately preceding their expiration if said loss is not discovered</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">until after their expiration. If no market price is quoted for such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or for</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">such privileges, the value shall be fixed by agreement between the parties.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">OTHER PROPERTY</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, other than as stated above,
shall be the actual</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">cash value or the cost of repairing or replacing such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">with </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">like quality and value, whichever is less.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 15 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



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

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Securities Settlement</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">10.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In the event of a loss of securities covered under this Bond, the COMPANY may,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">at its sole discretion, purchase replacement securities, tender the value of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">securities in money, or issue its indemnity to effect replacement securities.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The indemnity required from the ASSURED under the terms of this Section</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">against all loss, cost or expense arising from the replacement of securities by the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY'S indemnity shall be:</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for securities having a value less than or equal to the applicable</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT - one hundred (100%) percent;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for securities having a value in excess of the DEDUCTIBLE AMOUNT but</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">within the applicable LIMIT OF LIABILITY - the percentage that the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT bears to the value of the securities;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for securities having a value greater than the applicable LIMIT OF LIABILITY</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">- the percentage that the DEDUCTIBLE AMOUNT and portion in excess of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the applicable LIMIT OF LIABILITY bears to the value of the securities.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The value referred to in Section 10.a., b., and c. is the value in accordance with</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Section 9, VALUATION, regardless of the value of such securities at the time the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss under the COMPANY'S indemnity is sustained.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY is not required to issue its indemnity for any portion of a loss of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">securities which is not covered by this Bond; however, the COMPANY may do so</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">as a courtesy to the ASSURED and at its sole discretion.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED shall pay the proportion of the Company's premium charge for the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Company's indemnity as set forth in Section 10.a., b., and c. No portion of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">LIMIT OF LIABILITY shall be used as payment of premium for any indemnity</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">purchased by the ASSURED to obtain replacement securities.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=29% nowrap colspan=3>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Subrogation - Assignment - </FONT></I><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">11.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In the event of a payment under this Bond, the COMPANY shall be subrogated to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Recovery</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">all of the ASSURED'S rights of recovery against any person or entity to the extent</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of such payment. On request, the ASSURED shall deliver to the COMPANY an</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">assignment of the ASSURED'S rights, title and interest and causes of action</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">against any person or entity to the extent of such payment.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Recoveries, whether effected by the COMPANY or by the ASSURED, shall be</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=66% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">applied net of the expense of such recovery in the following order:</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">first, to the satisfaction of the ASSURED'S loss which would otherwise have</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">been paid but for the fact that it is in excess of the applicable LIMIT OF</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">LIABILITY,</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">second, to the COMPANY in satisfaction of amounts paid in settlement of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED'S claim,</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=6% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">AMOUNT, and</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 16 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



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

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Subrogation - Assignment -</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">fourth, to the ASSURED in satisfaction of any loss suffered by the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Recovery</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED which was not covered under this Bond.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">recovery under this section.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Cooperation Of Assured</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">12.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">At the COMPANY'S request and at reasonable times and places designated by</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the COMPANY, the ASSURED shall:</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">submit to examination by the COMPANY and subscribe to the same under</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">oath,</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">produce for the COMPANY'S examination all pertinent records, and</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">cooperate with the COMPANY in all matters pertaining to the loss.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED shall execute all papers and render assistance to secure to the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY the rights and causes of action provided for under this Bond. The</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED shall do nothing after loss to prejudice such rights or causes of action.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Termination</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">13.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the Bond is for a sole ASSURED, it shall not be terminated unless written notice</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall have been given by the acting party to the affected party and to the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Securities and Exchange Commission, Washington, D.C., not less than sixty (60)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">days prior to the effective date of such termination.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the Bond is for a joint ASSURED, it shall not be terminated unless written notice</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall have been given by the acting party to the affected party, and by the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY to all ASSURED </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Companies </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and to the
Securities and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Exchange Commission, Washington, D.C., not less than sixty (60) days prior to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the effective date of such termination.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Bond will terminate as to any one ASSURED, other than an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">:</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">immediately on the taking over of such ASSURED by a receiver or other</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">liquidator or by State or Federal officials, or</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">immediately on the filing of a petition under any State or Federal statute</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">relative to bankruptcy or reorganization of the ASSURED, or assignment for</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the benefit of creditors of the ASSURED, or</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">immediately upon such ASSURED ceasing to exist, whether through merger</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">into another entity, disposition of all of its assets or otherwise.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY shall refund the unearned premium computed at short rates in</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">accordance with the standard short rate cancellation tables if terminated by the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED or pro rata if terminated for any other reason.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 17 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



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<A name="page_19"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Termination</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If any partner, director, trustee, or officer or supervisory employee of an</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED not acting in collusion with an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">learns of any
dishonest act</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">committed by such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">at any time, whether in the
employment of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED or otherwise, whether or not such act is of the type covered under this</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond, and whether against the ASSURED or any other person or entity, the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED:</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall immediately remove such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">from a position that
would enable</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to cause the ASSURED to suffer a loss covered by
this</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond; and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">within forty-eight (48) hours of learning that an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">has
committed</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any dishonest act, shall notify the COMPANY, of such action and provide full</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">particulars of such dishonest act.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY may terminate coverage as respects any </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">sixty (60)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">days after written notice is received by each ASSURED </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and the Securities and Exchange Commission, Washington, D.C. of its desire to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">terminate this Bond as to such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Other Insurance</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">14.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Coverage under this Bond shall apply only as excess over any valid and collectible</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">insurance, indemnity or suretyship obtained by or on behalf of:</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Transportation Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">another entity on whose premises the loss occurred or which employed the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">person causing the loss or engaged the messenger conveying the </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">involved.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Conformity</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If any limitation within this Bond is prohibited by any law controlling this Bond's</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">construction, such limitation shall be deemed to be amended so as to equal the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">minimum period of limitation provided by such law.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Change or Modification</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">16.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Bond or any instrument amending or affecting this Bond may not be changed</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or modified orally. No change in or modification of this Bond shall be effective</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">except when made by written endorsement to this Bond signed by an authorized</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">representative of the COMPANY.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If this Bond is for a sole ASSURED, no change or modification which would</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">days after written notice has been furnished to the Securities and Exchange</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=67% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Commission, Washington, D.C., by the acting party.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 18 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=72% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
<B><I><FONT face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=72% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Change or Modification</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=72% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If this Bond is for a joint ASSURED, no charge or modification which would</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
<I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=72% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=72% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">days after written notice has been furnished to all insured </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Companies</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=72% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and to the Securities and Exchange Commission, Washington, D.C., by the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=72% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=55% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 19 of 19</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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<A name="page_21"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=Arial,Bold,Arial,Helvetica,sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=Arial,Arial,Helvetica,sans-serif size=2>Endorsement No:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=Arial,Arial,Helvetica,sans-serif size=2>Bond Number:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>82126582</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>NAME OF ASSURED: BANCROFT FUND LTD.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=Arial,Bold,Arial,Helvetica,sans-serif size=2>AMEND NAME OF ASSURED ENDORSEMENT</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=3><FONT face=Arial,Arial,Helvetica,sans-serif size=2>It is agreed that NAME OF ASSURED of the DECLARATIONS for this Bond is amended to include the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>following:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Bancroft Fund Ltd.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Ellsworth Fund Ltd.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>This Endorsement applies to loss discovered after 12:01 a.m. on May 1, 2008.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=3><FONT face=Arial,Arial,Helvetica,sans-serif size=2>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT>&nbsp; </TD></TR></TABLE><BR>
<IMG src="p82126582-2008x26x1.jpg" border=0>
<BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>ICAP Bond</FONT>&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Form 17-02-6272 (Ed. 8-04)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Page 1</FONT>&nbsp; </TD></TR></TABLE><BR>
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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Effective date of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="41%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>this endorsement: May 1, 2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="59%" colSpan=3><B><FONT face=Arial,Bold,Arial,Helvetica,sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="59%" colSpan=3><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Endorsement No.: 2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="59%" colSpan=3><FONT face=Arial,Arial,Helvetica,sans-serif size=2>To be attached to and form a part of Bond</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Number:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="41%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>82126582</FONT>&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 noWrap align=left width="38%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Issued to: BANCROFT FUND LTD.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="41%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=5>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=Arial,Bold,Arial,Helvetica,sans-serif size=2>COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS RIDER</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=5><FONT face=Arial,Arial,Helvetica,sans-serif size=2>It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=5><FONT face=Arial,Arial,Helvetica,sans-serif size=2>laws or regulations prohibit the coverage provided by this insurance.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=5>&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 noWrap align=left width="99%" colSpan=5><FONT face=Arial,Arial,Helvetica,sans-serif size=2>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT>&nbsp; </TD></TR></TABLE><BR>
<IMG src="p82126582-2008x26x1.jpg" border=0>
<BR>
<P align=left><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Form 14-02-9228 (Ed. 4/2004)</FONT></P>
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<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=35% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=23% nowrap>
 &nbsp;<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">ENDORSEMENT/RIDER</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Effective date of</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">this endorsement/rider: May 1, 2008</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=56% nowrap colspan=3>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=35% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Endorsement/Rider No.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=23% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">3</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=35% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">To be attached to and</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=35% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">form a part of Bond No.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=23% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">82126582</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Issued to: BANCROFT FUND LTD.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=93% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=35% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ENDORSEMENT</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=98% nowrap colspan=7>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In consideration of the premium charged, it is agreed that this Bond is amended as follows:</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=93% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=93% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=35% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">with the following:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=93% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If this Bond is for a joint ASSURED, no change or modification which would adversely affect the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=93% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=93% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">furnished to all insured </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Companies </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and the Securities
and Exchange Commission,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=35% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Washington, D.C., by the COMPANY.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=98% nowrap colspan=7>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">terms and conditions of coverage.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=31% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=73% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="center">
<IMG src="p82126582-2008x23x1.jpg" border=0>
</P>
<P align="left">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">17-02-2437 (12/2006) rev. Page 1</FONT></P>

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



<!--$$/page=-->
<A name="page_24"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=87% nowrap colspan=3>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Endorsement No:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">4</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond Number:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">82126582</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=73% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">NAME OF ASSURED: BANCROFT FUND LTD.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=87% nowrap colspan=3>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">TERMINATION-NONRENEWAL-NOTICE ENDORSEMENT</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=73% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">It is agreed that this Bond is amended as follows:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">By adding to Section 13., Termination, the following:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">"Termination By The Company</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bonds In Effect For More Than Sixty (60) Days</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If this Bond has been in effect for more than sixty (60) days, or, if this Bond is a renewal, the COMPANY</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">may terminate by providing written notice of cancellation at least sixty (60) days before the effective date</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=68% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of termination for at least one of the following reasons:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Nonpayment of premium;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=87% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Discovery of fraud or material misrepresentation in obtaining this Bond or in the presentation of a</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">claim thereunder;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">3.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=87% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Discovery of willful or reckless acts or omissions or violation of any provision of this Bond on the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=87% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">part of the ASSURED which substantially and materially increases any hazard insured against, and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=87% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which occurred subsequent to the inception of the current BOND PERIOD;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">4.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=87% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Conviction of the ASSURED of a crime arising out of acts increasing the hazard insured against;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">5.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=87% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Material change in the risk which increases the risk of loss after insurance coverage has been</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=87% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">issued or renewed, except to the extent that the COMPANY should reasonably have foreseen the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">change, or contemplated the risk when the contract was written;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">6.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=87% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Determination by the Commissioner that the continuation of the Bond would jeopardize a</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=87% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY'S solvency or would place the COMPANY in violation of the insurance laws of any</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">state;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">7.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=87% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Determination by the Commissioner that continuation of the present premium volume of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=87% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY would jeopardize the COMPANY'S policyholders, creditors or the public;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">8.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Such other reasons that are approved by the Commissioner;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">9.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=87% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Determination by the Commissioner that the COMPANY no longer has adequate reinsurance to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">meet the ASSUREDS needs;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">10.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Substantial breaches of contractual duties, conditions or warranties; or</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">11.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=87% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Unfavorable underwriting facts, specific to the ASSURED, existing that were not present at the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=5% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=61% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">inception of the Bond.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond</FONT>&nbsp;
	</TD>
	<TD align=left width=37% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1360 (Rev. 10-99)</FONT>&nbsp;
	</TD>
	<TD align=left width=37% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 1</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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<A name="page_25"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bonds In Effect Sixty (60) Days Or Less</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If this Bond has been in effect for sixty (60) days or less, and it is not a renewal Bond, the COMPANY</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">may terminate for any reason by providing written notice of termination at least sixty (60) days before the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">effective date of termination.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Notice Of Termination</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Notice of termination under this Section shall be mailed or delivered, by certified mail, return receipt</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">provided by the United States Postal Service, to the ASSURED and to the authorized agent or broker, if</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any, at least sixty (60) days prior to the effective date of cancellation at the address shown on the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DECLARATIONS of this Bond.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If this Bond is cancelled for nonpayment of premium, the COMPANY will mail or deliver, by certified</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">mail, return receipt provided by the United States Postal Service, a written notice at least thirty (30) days</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">before the effective date of cancellation. The cancellation notice shall contain information regarding the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">amount of premium due and the due date, and shall state the effect of nonpayment by the due date.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Cancellation shall not be effective if payment of the amount due is made prior to the effective date of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">cancellation.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">All notice of cancellation shall state the reason(s) for cancellation.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">There is no liability on the part of, and no cause of action of any nature shall arise against, the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY, its authorized representatives, its employees, or any firm, person or corporation furnishing to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the COMPANY, information relating to the reasons for cancellation or nonrenewal, for any statement</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">made by them in complying or enabling the COMPANY to comply with this Section, for the provision of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">information pertaining thereto, or for statements made or evidence submitted at any hearings conducted</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">in connection therewith, if such information was provided in good faith and without malice.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Notice Of Nonrenewal</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the COMPANY elects not to renew this Bond, the COMPANY shall mail or deliver written notice, by</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">certified mail, return receipt, provided by the United States Postal Service, to the ASSURED, at his last</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">known address, at least sixty (60) days before the expiration date or before the anniversary date, if this</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond has been written for a term of more than one (1) year. Such notice shall also be mailed to the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED'S agent or broker, if any.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Such notice shall contain all of the following:</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond Number:</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Date of Notice;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Reason for Cancellation;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Expiration Date of the Bond;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">e.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Effective Date and Hour of Cancellation.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Notice of nonrenewal shall not be required if the COMPANY or a COMPANY within the same insurance</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">group has offered to issue a renewal Bond, the ASSURED has obtained replacement coverage or has</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">agreed in writing to obtain replacement coverage, the ASSURED has requested or agreed to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">nonrenewal, or the Bond is expressly designated as nonrenewable.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond</FONT>&nbsp;
	</TD>
	<TD align=left width=37% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1360 (Rev. 10-99)</FONT>&nbsp;
	</TD>
	<TD align=left width=37% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 2</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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



<!--$$/page=-->
<A name="page_26"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Return Premium Calculations</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Any unearned premiums which have been paid by the ASSURED shall be refunded to the ASSURED on</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a pro rata basis if terminated by the COMPANY or the ASSURED. The unearned premiums shall be</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">refunded to the ASSURED within forty-five (45) days of receipt of the request for cancellation or the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">effective date of cancellation, whichever is later.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Conditional Renewal</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the COMPANY offers or purports to renew the Bond, but on less favorable terms or at higher rates, the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">new terms or higher premiums may take effect on the renewal date, if the COMPANY mails or delivers</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">by certified mail, return receipt provided by the United States Postal Service, to the ASSURED, notice of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the new terms or premiums at least sixty (60) days prior to the renewal date. If the COMPANY notifies</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED within sixty (60) days prior to the renewal date, the new terms or premiums do not take</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">effect until sixty (60) days after the notice is mailed or delivered, in which case, the ASSURED may elect</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to cancel the renewal Bond within the sixty (60) day period. If the COMPANY does not notify the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED of the new terms or premiums, the COMPANY shall continue the Bond at the expiring terms</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and premiums until notice is given or until the effective date of replacement coverage is obtained by the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED, whichever occurs first.&#148;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">It is further understood and agreed that for the purposes of Section 13., Termination, any occurrence</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">listed in this Section shall be considered to be a request by the ASSURED to immediately terminate this</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=94% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on May 1, 2008.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<IMG src="p82126582-2008x26x1.jpg" border=0>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond</FONT>&nbsp;
	</TD>
	<TD align=left width=37% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=62% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1360 (Rev. 10-99)</FONT>&nbsp;
	</TD>
	<TD align=left width=37% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 3</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=Arial,Bold,Arial,Helvetica,sans-serif size=2>ENDORSEMENT/RIDER</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%" colSpan=3><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Effective date of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%" colSpan=3><FONT face=Arial,Arial,Helvetica,sans-serif size=2>this endorsement/rider: May 1, 2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="57%" colSpan=3><B><FONT face=Arial,Bold,Arial,Helvetica,sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Endorsement/Rider No.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>To be attached to and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>form a part of Bond No.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>82126582</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%" colSpan=3><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Issued to: BANCROFT FUND LTD.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="93%" colSpan=5>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=Arial,Arial,Helvetica,sans-serif size=2>AUTOMATIC INCREASE IN LIMITS ENDORSEMENT</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=7><FONT face=Arial,Arial,Helvetica,sans-serif size=2>In consideration of the premium charged, it is agreed that GENERAL AGREEMENTS, Section C. Additional</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=7><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Offices Or Employees-Consolidation, Merger Or Purchase Or Acquisition Of Assets Or Liabilities-Notice To</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=5><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Company, is amended by adding the following subsection:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=5><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Automatic Increase in Limits for Investment Companies</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=7><FONT face=Arial,Arial,Helvetica,sans-serif size=2>If an increase in bonding limits is required pursuant to rule 17g-1 of the Investment Company Act of 1940</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%" colSpan=3><FONT face=Arial,Arial,Helvetica,sans-serif size=2>(&#147;the Act&#148;), due to:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>(i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="93%" colSpan=5><FONT face=Arial,Arial,Helvetica,sans-serif size=2>the creation of a new </FONT><B><FONT face=Arial,Bold,Arial,Helvetica,sans-serif size=2>Investment Company</FONT></B><FONT face=Arial,Arial,Helvetica,sans-serif size=2>, other than by consolidation or merger with, or purchase</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="63%" colSpan=3><FONT face=Arial,Arial,Helvetica,sans-serif size=2>or acquisition of assets or liabilities of, another institution; or</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>(ii)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="93%" colSpan=5><FONT face=Arial,Arial,Helvetica,sans-serif size=2>an increase in asset size of current </FONT><B><FONT face=Arial,Bold,Arial,Helvetica,sans-serif size=2>Investment Companies </FONT></B><FONT face=Arial,Arial,Helvetica,sans-serif size=2>covered under this Bond,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=7><FONT face=Arial,Arial,Helvetica,sans-serif size=2>then the minimum required increase in limits shall take place automatically without payment of additional</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=5><FONT face=Arial,Arial,Helvetica,sans-serif size=2>premium for the remainder of the BOND PERIOD.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=7><FONT face=Arial,Arial,Helvetica,sans-serif size=2>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%" colSpan=3><FONT face=Arial,Arial,Helvetica,sans-serif size=2>and conditions of coverage.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=7><FONT face=Arial,Arial,Helvetica,sans-serif size=2>All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center>
<IMG src="p82126582-2008x23x1.jpg" border=0>
</P>
<P align=left><FONT face=Arial,Arial,Helvetica,sans-serif size=2>14-02-14098 (04/2008) Page 1</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=Arial,Bold,Arial,Helvetica,sans-serif size=5>POLICYHOLDER</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=Arial,Bold,Arial,Helvetica,sans-serif size=5>DISCLOSURE NOTICE OF</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=Arial,Bold,Arial,Helvetica,sans-serif size=5>TERRORISM INSURANCE COVERAGE</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=Arial,Bold,Arial,Helvetica,sans-serif>(for policies with no terrorism exclusion or sublimit)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>You are hereby notified that, under the Terrorism Risk Insurance Act (the &#147;Act&#148;), effective</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>December 26, 2007, this policy makes available to you insurance for losses arising out of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>Treasury, in concurrence with the Secretary of State and the Attorney General of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>United States, to be an act of terrorism; to be a violent act or an act that is dangerous to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>human life, property or infrastructure; to have resulted in damage within the United</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>States, or outside the United States in the case of an air carrier or vessel or the premises</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>of a United States Mission; and to have been committed by an individual or individuals as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>part of an effort to coerce the civilian population of the United States or to influence the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>policy or affect the conduct of the United States Government by coercion.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>You should know that the insurance provided by your policy for losses caused by acts of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>terrorism is partially reimbursed by the United States under the formula set forth in the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>Act. Under this formula, the United States pays 85% of covered terrorism losses that</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>exceed the statutorily established deductible to be paid by the insurance company</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>providing the coverage.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>However, if aggregate insured losses attributable to terrorist acts certified under the Act</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>exceed $100 billion in a Program Year (January 1 through December 31), the Treasury</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>shall not make any payment for any portion of the amount of such losses that exceeds</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=Arial,Arial,Helvetica,sans-serif>$100 billion.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=Arial,Arial,Helvetica,sans-serif size=2>10-02-1281 (Ed. 1/2003)</FONT></P>
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	<TD align=left width=100% nowrap>
<FONT face="Arial,Arial,Helvetica,sans-serif">If aggregate insured losses attributable to terrorist acts certified under the Act exceed</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
<FONT face="Arial,Arial,Helvetica,sans-serif">&#36;100 billion in a Program Year (January 1 through December 31) and we have met our</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
<FONT face="Arial,Arial,Helvetica,sans-serif">insurer deductible under the Act, we shall not be liable for the payment of any portion of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
<FONT face="Arial,Arial,Helvetica,sans-serif">the amount of such losses that exceeds &#36;100 billion, and in such case insured losses up</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
<FONT face="Arial,Arial,Helvetica,sans-serif">to that amount are subject to pro rata allocation in accordance with procedures</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
<FONT face="Arial,Arial,Helvetica,sans-serif">established by the Secretary of the Treasury.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
<FONT face="Arial,Arial,Helvetica,sans-serif">The portion of your policy&#146;s annual premium that is attributable to insurance for such acts</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
<FONT face="Arial,Arial,Helvetica,sans-serif">of terrorism is: &#36; </FONT><B><FONT face="Arial,Bold,Arial,Helvetica,sans-serif">-0-.</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
<FONT face="Arial,Arial,Helvetica,sans-serif">If you have any questions about this notice, please contact your agent or broker.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">10-02-1281 (Ed. 1/2003)</FONT></P>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=Arial,BoldItalic,Arial,Helvetica,sans-serif size=2>Important Notice:</FONT></I></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><B><FONT face=Arial,Bold,Arial,Helvetica,sans-serif size=2>The SEC Requires Proof of Your Fidelity Insurance Policy</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Your company is now required to file an electronic copy of your fidelity insurance coverage</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>(Chubb&#146;s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>rules adopted by the SEC on June 12, 2006.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Chubb is in the process of providing your agent/broker with an electronic copy of your</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>insurance policy as well as instructions on how to submit this proof of fidelity insurance</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>coverage to the SEC. You can expect to receive this information from your agent/broker</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>shortly.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>The electronic copy of your policy is provided by Chubb solely as a convenience and does not</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>affect the terms and conditions of coverage as set forth in the paper policy you receive by mail.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>The terms and conditions of the policy mailed to you, which are the same as those set forth in</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>the electronic copy, constitute the entire agreement between your company and Chubb.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%"><FONT face=Arial,Arial,Helvetica,sans-serif size=2>If you have any questions, please contact your agent or broker.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=Arial,Arial,Helvetica,sans-serif size=2>Form 14-02-12160 (ed. 7/2006)</FONT></P>
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<TABLE border=0 cellspacing=0 cellpadding=0>
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	<TD align=left width=99% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=4 face="Arial,Bold,Arial,Helvetica,sans-serif">IMPORTANT NOTICE TO POLICYHOLDERS</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">All of the members of the Chubb Group of Insurance companies doing business in the United</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">States (hereinafter &#147;Chubb&#148;) distribute their products through licensed insurance brokers and agents</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(&#147;producers&#148;). Detailed information regarding the types of compensation paid by Chubb to producers on</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">US insurance transactions is available under the Producer Compensation link located at the bottom of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available</FONT>&nbsp;
	</TD>
</TR>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ecffidbondres08.htm
<DESCRIPTION>CERTIFIED BOARD RESOLUTIONS
<TEXT>
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<p class="MsoNormal">EX-99 ecffidbondres08.htm</p>
<p class="MsoNormal">CERTIFIED BOARD RESOLUTIONS AND AGREEMENT</p>
<p>May 9, 2008</p>
<p>United States Securities and Exchange Commission <br>
100 F Street, NE<br>
Washington, DC 20549<br>
<br>
By: /s/ Gary I. Levine<br>
Gary I. Levine<br>
Executive Vice President, Chief Financial Officer and Secretary</p>
<p>RE: Registered Management Investment Company Bond </p>
<p>Dear Sir or Madam:</p>
<p>We are filing electronically herewith, pursuant to Rule 17g-1 under the
Investment Company Act of 1940, as amended (the &quot;1940 Act&quot;), the following items
with respect to the joint insured Investment Company Bond covering Ellsworth Fund
Ltd. (&quot;Ellsworth&quot; or the &quot;Fund&quot;),&nbsp; Bancroft Fund Ltd. (&quot;Bancroft&quot; and together
with Ellsworth, the &quot;Funds&quot;) and Davis-Dinsmore Management Company):</p>
<p style="margin-left: 1.0in">1. A certified copy of resolutions adopted by a
majority of the members of the Board of Trustees of Ellsworth Fund Ltd. who are
not interested persons at a meeting of the Board held on April 14, 2008; and</p>
<p style="margin-left: 1.0in">2. A copy of Investment Company Bond No. 82126582,
showing coverage of $1,050,000, effective May 1, 2008, which was received in
executed form by the Company on or about April 30, 2008.</p>
<p>Were it not to hold a joint insured bond with Bancroft Fund Ltd., Ellsworth
would be required to maintain a fidelity bond in the amount of $525,000.</p>
<p>The premium for this bond was paid on or about May 1, 2008.</p>
<p>The period for which premiums have been paid is May 1, 2008 through May 1,
2009.</p>
<p>A copy of the 2007 agreement entered into by Bancroft Fund Ltd., Ellsworth
Fund Ltd. and Davis-Dinsmore Management Company pursuant to Rule 17g-1(f) under
the 1940 Act is also attached.</p>
<p class="MsoNormal">Sincerely,</p>
<p class="MsoNormal">Ellsworth Fund Ltd.</p>
<p class="MsoNormal">By:&nbsp;&nbsp;&nbsp; /s/ Gary I. Levine<br>
Gary I. Levine</p>
<div style="mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 0in; padding-right: 0in; padding-top: 0in; padding-bottom: 1.0pt">
	<p class="MsoNormal" style="border: medium none; padding: 0in">Executive
	Vice President, Chief Financial Officer and Secretary<br>
	&nbsp;</div>
<p align="center" style="text-align: center">ELLSWORTH FUND LTD.</p>
<p align="center" style="text-align: center">RESOLUTIONS ADOPTED AT A MEETING</p>
<p align="center" style="text-align: center">OF THE BOARD OF TRUSTEES</p>
<p align="center" style="text-align: center">April 14, 2008</p>
<p>At a meeting of the Board of Trustees, the following resolutions were adopted
by unanimous vote, including the votes of a majority of the members of the Board
of Trustees who are not &quot;interested persons&quot; as defined in Section 2(a) (19) of
the Investment Company Act of 1940:</p>
<div align="center">
	<table class="MsoNormalTable" border="0" cellpadding="0" width="79%" style="width: 79.0%; margin-left: -41.4pt" id="table1">
		<tr>
			<td style="padding: 1.5pt">
			<p class="MsoNormal"><b>WHEREAS</b>, the Bancroft Fund Ltd. and
			Ellsworth Fund Ltd. (collectively the &quot;Funds&quot;) have arranged for
			Bond Policy Number 82126582 (the &quot;Fidelity Bond&quot;) to be issued to
			them by Federal Insurance Company (Chubb) in the amount of
			$1,050,000 without deductible under Insuring Clause 1, with a $5,000
			deductible under Insuring Clauses 10 and 11, and with a $50,000
			deductible under all other Insuring Clauses;<br>
			&nbsp;</td>
		</tr>
		<tr>
			<td style="padding: 1.5pt">
			<p class="MsoNormal"><b>WHEREAS</b>, the Trustees of the Funds have
			reviewed Rule 17g-1 promulgated under the Investment Company Act of
			1940 (the &quot;1940 Act&quot;);<br>
			&nbsp;</td>
		</tr>
		<tr>
			<td style="padding: 1.5pt">
			<p class="BlockInd5" style="margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: 12.0pt">
			<b>WHEREAS</b> Rule 17g-1(d) promulgated under the 1940 Act, in
			effect, requires the Funds' Board of Trustees, including a majority
			of the Trustees who are not &quot;interested persons&quot; as defined by
			Section 2(a)(19) of the 1940 Act, to determine at least annually
			that certain standards are met with respect to fidelity bonds;</td>
		</tr>
		<tr>
			<td style="padding: 1.5pt">
			<p class="MsoNormal" style="text-autospace: none"><b>WHEREAS</b>,
			the Funds' Board of Trustees, including such disinterested Trustees,
			have considered whether the purchase of the Fidelity Bond is in the
			best interests of the Funds and whether the Fidelity Bond is
			reasonable in form and amount, after taking into consideration all
			relevant factors including, but not limited to: (1) the value of the
			aggregate assets to which any officer or employee covered by the
			Fidelity Bond may have access; (2) the nature of the Funds' assets; and (3) the type and terms of the arrangements made
			for the custody and safekeeping of such assets; and</td>
		</tr>
		<tr>
			<td style="padding: 1.5pt">
			<p class="BlockInd5" style="margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: 12.0pt">
			<b>WHEREAS</b>, the Funds' Board of Trustees has determined that the
			Fidelity Bond is adequate to protect the Funds against larceny and
			embezzlement by any of its officers and employees who may singly, or
			jointly with others, have access to securities or other assets of
			the Funds, either directly or indirectly or through authority to
			draw upon such funds or direct the disposition of securities.</td>
		</tr>
		<tr>
			<td style="padding: 1.5pt">
			<p class="BlockInd5" style="margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: 12.0pt">
			<b>NOW THEREFORE BE IT RESOLVED</b>, that the Funds' Board of
			Trustees hereby approves and ratifies the purchase and issuance of
			the Fidelity Bond and the payment, on behalf of the Funds, of the
			premium for the Fidelity Bond, in the amount of Three Thousand
			Dollars ($3,000) for a period of one year from May 1, 2008 to April
			30, 2009; </td>
		</tr>
		<tr>
			<td style="padding: 1.5pt">
			<p class="BlockInd5" style="margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: 12.0pt">
			<b>FURTHER RESOLVED</b>, that having considered the extent of the
			Funds' assets and the fact that the Funds' officers have informed
			the Boards of Trustees that each Fund's respective share of the
			premium for the forthcoming year's coverage for the Fidelity Bond
			will not exceed the premium for a single fidelity bond in the same
			principal amount, the Boards of Trustees, including all of the
			trustees who are not &quot;interested persons&quot; of the Funds within the
			meaning of the 1940 Act, hereby determine that the premium for the
			Fidelity Bond for the forthcoming year shall be allocated among the
			insureds in proportion to their assets under management as of May 1,
			2008 which the Board finds is fair and reasonable:</td>
		</tr>
		<tr>
			<td style="padding: 1.5pt">
			<p class="BlockInd5" style="margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: 12.0pt">
			<b>FURTHER RESOLVED</b>, that the Funds' Board of Trustees
			designates the Funds' Executive Vice-President and Chief Financial
			Officer as the person to make, and hereby authorizes and directs him
			to make, the filings and to give the notices required by Rule 17g-1
			promulgated under the 1940 Act; and</td>
		</tr>
		<tr>
			<td style="padding: 1.5pt">
			<p class="BlockInd5" style="margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: 12.0pt">
			<b>FURTHER RESOLVED</b>, that the appropriate officers of the Funds,
			and each of them be and he or she hereby is authorized, empowered
			and directed to perform all acts which he or she believes are
			necessary or desirable to carry out the objectives of the foregoing
			resolutions.</td>
		</tr>
	</table>
</div>
<p class="MsoNormal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>
<p class="MsoNormal" style="margin-left: .75in; margin-right: .5in; margin-top: 0in; margin-bottom: .0001pt">
&nbsp;</p>
<p class="MsoNormal">&nbsp;&nbsp;I, Gary I. Levine, the duly elected Executive Vice
President, Chief Financial Officer and Secretary of Ellsworth Fund Ltd., a
Delaware statutory trust, hereby certify the foregoing to be a true copy of the
resolutions adopted at a meeting of the Board of Trustees of the Fund on April
14, 2008, at which meeting a quorum of the Board was present and voted on the
resolutions. I further certify that said resolutions continue in full force and
effect.</p>
<p class="MsoNormal" style="margin-left: .75in; margin-right: .5in; margin-top: 0in; margin-bottom: .0001pt">
&nbsp;</p>
<p class="MsoNormal">ATTEST:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Gary I. Levine<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gary I. Levine</p>
<p class="MsoNormal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive Vice President, Chief
Financial Officer and Secretary</p>
<p class="MsoNormal">&nbsp;</p>
<p class="MsoNormal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morristown, New Jersey</p>
<div style="mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 0in; padding-right: 0in; padding-top: 0in; padding-bottom: 1.0pt">
	<p style="border: medium none; padding: 0in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 9,
	2008</p>
	<p style="border: medium none; padding: 0in">&nbsp;</div>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGREEMENT dated as of May 3, 2007 between Bancroft Fund Ltd., Ellsworth
Fund Ltd. and Davis-Dinsmore Management Company.<br>
<br>
Pursuant to the provisions of Rule 17g-1 (f) of the Investment Company Act of
1940, the parties hereto agree that in the event recovery is received under the
joint surety bond issued by Federal Insurance Company c/o Chubb Group (&quot;Chubb&quot;)
as a result of loss sustained by the parties hereto, each of the parties to this
Agreement shall receive an equitable and proportionate share of the recovery, at
least equal to the amount it would have received had it provided and maintained
a single insured bond with the minimum coverage required by Rule 17g-1 (d) (1)
under the Investment Company Act of 1940.<br>
<br>
Bancroft Fund Ltd. <br>
<br>
By: /s/ Thomas H. Dinsmore<br>
Chairman of the Board and <br>
Chief Executive Officer<br>
<br>
<br>
Ellsworth Fund Ltd. <br>
<br>
By: /s/ Thomas H. Dinsmore<br>
Chairman of the Board and <br>
Chief Executive Officer<br>
<br>
<br>
Davis-Dinsmore Management Company <br>
<br>
By: /s/ Jane D. O'Keeffe<br>
President</p>

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