-----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,
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 KnbgW+w9hD2Gf/gT3BEVGQ==

<SEC-DOCUMENT>0001145443-09-001176.txt : 20090508
<SEC-HEADER>0001145443-09-001176.hdr.sgml : 20090508
<ACCEPTANCE-DATETIME>20090508123304
ACCESSION NUMBER:		0001145443-09-001176
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20090508
DATE AS OF CHANGE:		20090508
EFFECTIVENESS DATE:		20090508

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:		09808843

	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>ecffidbondres09.htm
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     <TD align=left colSpan=3><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Chubb Group of Insurance Companies</FONT></B>&nbsp;</TD>
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     <TD align=left colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>DECLARATIONS</FONT></B></TD>
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     <TD align=left colSpan=6><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>FINANCIAL INSTITUTION INVESTMENT</FONT></B></TD>
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     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>15 Mountain View Road, Warren, New Jersey 07059</FONT>&nbsp;</TD>
     <TD align=left colSpan=6><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>COMPANY ASSET PROTECTION BOND</FONT></B></TD>
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     <TD align=left colSpan=6>&nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NAME OF ASSURED (including its </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Subsidiaries</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>):</FONT>&nbsp;</TD>
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     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bond Number: 82126582</FONT></TD>
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     <TD align=left colSpan=4>&nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BANCROFT FUND LTD.</FONT>&nbsp;</TD>
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     <TD align=left colSpan=6><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B></TD>
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     <TD align=left colSpan=5>&nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>65 MADISON AVENUE, SUITE 550</FONT>&nbsp;</TD>
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     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Incorporated under the laws of Indiana</FONT>&nbsp;</TD>
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     <TD align=left colSpan=4>&nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>MORRISTOWN, NJ 07960</FONT>&nbsp;</TD>
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     <TD align=left colSpan=6><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>a stock insurance company herein called the COMPANY</FONT></TD>
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     <TD align=left colSpan=6><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Capital Center, 251 North Illinois, Suite 1100</FONT></TD>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Indianapolis, IN 46204-1927</FONT></TD>
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     <TD align=left>&nbsp;<B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>ITEM 1.</FONT></B>&nbsp;</TD>
     <TD align=left colSpan=3>&nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>BOND PERIOD:</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>from</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12:01 a.m. on</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>May 1, 2009</FONT>&nbsp;</TD>
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     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12:01 a.m. on</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>May 1, 2010</FONT>&nbsp;</TD>
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     <TD align=left>&nbsp;<B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>ITEM 2.</FONT></B>&nbsp;</TD>
     <TD align=right colSpan=6><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:</FONT>&nbsp;</TD>
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     <TD align=right colSpan=12><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>If &#147;Not Covered&#148; is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE</FONT></TD>
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     <TD align=right colSpan=12><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and any other reference shall be deemed to be deleted. </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>There shall be no deductible applicable to any</FONT></B></TD>
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     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=8><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>loss under INSURING CLAUSE 1. sustained by any Investment Company.</FONT></B></TD>
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     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>DEDUCTIBLE</FONT></TD>
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<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>INSURING CLAUSE</FONT>&nbsp;</TD>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>LIMIT OF LIABILITY</FONT></TD>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AMOUNT</FONT></TD>
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<TR vAlign=bottom>
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     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Employee</FONT>&nbsp;</TD>
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     <TD align=left>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>850,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>- 0 -</FONT></TD>
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<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>On Premises</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>850,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>50,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>In Transit</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>850,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>50,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Forgery or Alteration</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>850,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>50,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Extended Forgery</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>850,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>50,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Counterfeit Money</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>850,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>50,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Threats to Person</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>850,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>50,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Computer System</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>850,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>50,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=4>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Voice Initiated Funds Transfer Instruction</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>850,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>50,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=3>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Uncollectible Items of Deposit</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>250,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Audit Expense</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>250,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5,000</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=14>&nbsp;</TD></TR>
<TR>
     <TD colSpan=14>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>ITEM 3.</FONT></B>&nbsp;</TD>
     <TD align=right colSpan=12><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING</FONT></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=7><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Endorsement Nos. 1 - 5</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=14>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=13><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>IN WITNESS WHEREOF, THE COMPANY </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>has caused this Bond to be signed by its authorized officers, but it shall not be</FONT></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=8><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>valid unless also signed by an authorized representative of the Company.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
<IMG src="p82126582-2009x1x1.jpg" border=0>
<BR>
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     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>ICAP Bond (5-98) - Federal</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Page 1 of 1</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD width="21%"></TD>
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<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=6><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The COMPANY, in consideration of payment of the required premium, and in reliance</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=6><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>on the APPLICATION and all other statements made and information furnished to the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=6><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=6><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>for:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Insuring Clauses</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Employee</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Loss resulting directly from </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Larceny </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Embezzlement </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>committed by any</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=7><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, alone or in collusion with others.</FONT></TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>On Premises</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Loss of </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>resulting directly from robbery, burglary, false pretenses,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>common law or statutory larceny, misplacement, mysterious unexplainable</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>disappearance, damage, destruction or removal, from the possession, custody or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>control of the ASSURED, while such </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>is lodged or deposited at premises</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>located anywhere.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>In Transit</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Loss of </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>resulting directly from common law or statutory larceny,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>misplacement, mysterious unexplainable disappearance, damage or destruction,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>while the </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>is in transit anywhere:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>in an armored motor vehicle, including loading and unloading thereof,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>in the custody of a natural person acting as a messenger of the ASSURED,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c.</FONT>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>in the custody of a </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Transportation Company </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and being transported in a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>conveyance other than an armored motor vehicle provided, however, that</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>covered </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>transported in such manner is limited to the following:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(1</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>written records,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(2</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>securities issued in registered form, which are not endorsed or are</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=7><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>restrictively endorsed, or</FONT></TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(3</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>negotiable instruments not payable to bearer, which are not endorsed</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or are restrictively endorsed.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Coverage under this INSURING CLAUSE begins immediately on the receipt of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>such </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>by the natural person or </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Transportation Company </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and ends</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>immediately on delivery to the premises of the addressee or to any representative</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of the addressee located anywhere.</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="55%"></TD>
     <TD width="44%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Page 1 of 19</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Insuring Clauses</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>(continued)</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Forgery Or Alteration</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Loss resulting directly from:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=right colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Forgery </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>on, or fraudulent material alteration of, any bills of exchange,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>checks, drafts, acceptances, certificates of deposits, promissory notes, due</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>bills, money orders, orders upon public treasuries, letters of credit, other</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>written promises, orders or directions to pay sums certain in money, or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>receipts for the withdrawal of </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, or</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>transferring, paying or delivering any funds or other </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, or establishing</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>any credit or giving any value in reliance on any written instructions, advices</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or applications directed to the ASSURED authorizing or acknowledging the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>transfer, payment, delivery or receipt of funds or other </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, which</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>instructions, advices or applications fraudulently purport to bear the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>handwritten signature of any customer of the ASSURED, or shareholder or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>subscriber to shares of an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Company</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, or of any financial</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>institution or </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>but which instructions, advices or applications either</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>bear a </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Forgery </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or have been fraudulently materially altered without the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>knowledge and consent of such customer, shareholder, subscriber, financial</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>institution or </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>excluding, however, under this INSURING CLAUSE any loss covered under</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CLAUSE 5. is provided for in the DECLARATIONS of this Bond.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>signature is treated the same as a handwritten signature.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Extended Forgery</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Loss resulting directly from the ASSURED having, in good faith, and in the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>capacity:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>acquired, accepted or received, accepted or received, sold or delivered, or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>given value, extended credit or assumed liability, in reliance on any original</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Securities, documents or other written instruments </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>which prove to:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(1)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>bear a </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Forgery </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or a fraudulently material alteration,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(2)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>have been lost or stolen, or</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(3)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>be </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Counterfeit</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, or</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>guaranteed in writing or witnessed any signatures on any transfer,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>assignment, bill of sale, power of attorney, guarantee, endorsement or other</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>obligation upon or in connection with any </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Securities, documents or other</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>written instruments</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Actual physical possession, and continued actual physical possession if taken as</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>collateral, of such </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Securities, documents or other written instruments </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>by an</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee, Custodian</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, or a Federal or State chartered deposit institution of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ASSURED is a condition precedent to the ASSURED having relied on such items.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Release or return of such collateral is an acknowledgment by the ASSURED that it</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>no longer relies on such collateral.</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="55%"></TD>
     <TD width="44%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Page 2 of 19</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD width="20%"></TD>
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     <TD width="57%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Insuring Clauses</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Extended Forgery</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>(continued)</FONT></I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>signature is treated the same as a handwritten signature.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Counterfeit Money</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Loss resulting directly from the receipt by the ASSURED in good faith of any</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=4><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Counterfeit </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>money.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Threats To Person</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Loss resulting directly from surrender of </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>away from an office of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ASSURED as a result of a threat communicated to the ASSURED to do bodily</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>harm to an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>as defined in Section 1.e. (1), (2) and (5), a </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Relative </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>invitee of such </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, or a resident of the household of such </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, who</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>is, or allegedly is, being held captive provided, however, that prior to the surrender</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of such </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>who receives the threat has made a reasonable effort to</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>notify an officer of the ASSURED who is not involved in such threat, and</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the ASSURED has made a reasonable effort to notify the Federal Bureau of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Investigation and local law enforcement authorities concerning such threat.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>It is agreed that for purposes of this INSURING CLAUSE, any </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ASSURED, as set forth in the preceding paragraph, shall be deemed to be an</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ASSURED hereunder, but only with respect to the surrender of money, securities</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and other tangible personal property in which such </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>has a legal or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>equitable interest.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Computer System</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Loss resulting directly from fraudulent:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>entries of data into, or</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>changes of data elements or programs within,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Computer System</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, provided the fraudulent entry or change causes:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(1</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>funds or other property to be transferred, paid or delivered,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(2</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>an account of the ASSURED or of its customer to be added, deleted,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=7><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>debited or credited, or</FONT></TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(3</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>an unauthorized account or a fictitious account to be debited or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>credited.</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="55%"></TD>
     <TD width="44%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Page 3 of 19</FONT>&nbsp;</TD></TR></TABLE><BR>
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<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="22%"></TD>
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     <TD width="64%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Insuring Clauses</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>(continued)</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Voice Initiated Funds</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Loss resulting directly from </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Voice Initiated Funds Transfer Instruction </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>directed</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Transfer Instruction</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>to the ASSURED authorizing the transfer of dividends or redemption proceeds of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Company </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>shares from a </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Customer's </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>account, provided such </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Voice</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Initiated Funds Transfer Instruction </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>was:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>received at the ASSURED'S offices by those </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employees </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of the ASSURED</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>specifically authorized to receive the </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Voice Initiated Funds Transfer</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Instruction</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>made by a person purporting to be a </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Customer</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, and</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>made by said person for the purpose of causing the ASSURED or </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Customer</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>to sustain a loss or making an improper personal financial gain for such</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>person or any other person.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>In order for coverage to apply under this INSURING CLAUSE, all </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Voice Initiated</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Funds Transfer Instructions </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>must be received and processed in accordance with</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the Designated Procedures outlined in the APPLICATION furnished to the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>COMPANY.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Uncollectible Items of</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Loss resulting directly from the ASSURED having credited an account of a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Deposit</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>customer, shareholder or subscriber on the faith of any </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Items of Deposit </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>which</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>prove to be uncollectible, provided that the crediting of such account causes:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>redemptions or withdrawals to be permitted,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>shares to be issued, or</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>dividends to be paid,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=5><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>from an account of an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Company</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>In order for coverage to apply under this INSURING CLAUSE, the ASSURED</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>must hold </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Items of Deposit </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>for the minimum number of days stated in the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>APPLICATION before permitting any redemptions or withdrawals, issuing any</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>shares or paying any dividends with respect to such </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Items of Deposit</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Items of Deposit </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>shall not be deemed uncollectible until the ASSURED'S</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>standard collection procedures have failed.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Audit Expense</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Expense incurred by the ASSURED for that part of the cost of audits or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>examinations required by any governmental regulatory authority or self-regulatory</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>organization to be conducted by such authority, organization or their appointee by</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>reason of the discovery of loss sustained by the ASSURED and covered by this</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bond.</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
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     <TD width="55%"></TD>
     <TD width="44%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Page 4 of 19</FONT>&nbsp;</TD></TR></TABLE><BR>
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<TR vAlign=bottom>
     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>General Agreements</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Additional Companies</FONT></I>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>A.</FONT>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>If more than one corporation, or </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Company</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, or any combination of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Included As Assured</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>them is included as the ASSURED herein:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(1</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The total liability of the COMPANY under this Bond for loss or losses</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>which the COMPANY would be liable under this Bond if all such loss were</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>sustained by any one of them.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(2</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>others for all purposes under this Bond, including but not limited to the giving</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>effecting or accepting any amendments to or termination of this Bond. The</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>COMPANY shall furnish each </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Company </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>with a copy of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bond and with any amendment thereto, together with a copy of each formal</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>filing of claim by any other named ASSURED and notification of the terms of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the settlement of each such claim prior to the execution of such settlement.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(3</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The COMPANY shall not be responsible for the proper application of any</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>payment made hereunder to the first named ASSURED.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(4</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Knowledge possessed or discovery made by any partner, director, trustee,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>officer or supervisory employee of any ASSURED shall constitute knowledge</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or discovery by all the ASSUREDS for the purposes of this Bond.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(5</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>If the first named ASSURED ceases for any reason to be covered under this</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bond, then the ASSURED next named on the APPLICATION shall thereafter</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>be considered as the first named ASSURED for the purposes of this Bond.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Representation Made By</FONT></I>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>B.</FONT>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The ASSURED represents that all information it has furnished in the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Assured</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>APPLICATION for this Bond or otherwise is complete, true and correct. Such</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>APPLICATION and other information constitute part of this Bond.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The ASSURED must promptly notify the COMPANY of any change in any fact or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>circumstance which materially affects the risk assumed by the COMPANY under</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>this Bond.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Any intentional misrepresentation, omission, concealment or incorrect statement of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a material fact, in the APPLICATION or otherwise, shall be grounds for recision of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>this Bond.</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="55%"></TD>
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<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Page 5 of 19</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>General Agreements</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>(continued)</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Additional Offices Or</FONT></I>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>C.</FONT>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>If the ASSURED, other than an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Company</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, while this Bond is in force,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Employees - Consolidation,</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>merges or consolidates with, or purchases or acquires assets or liabilities of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Merger Or Purchase Or</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>another institution, the ASSURED shall not have the coverage afforded under this</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Acquisition Of Assets Or</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bond for loss which has:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Liabilities - Notice To</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(1</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>occurred or will occur on premises, or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Company</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(2</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>been caused or will be caused by an employee, or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(3</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>arisen or will arise out of the assets or liabilities,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of such institution, unless the ASSURED:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>gives the COMPANY written notice of the proposed consolidation, merger or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>purchase or acquisition of assets or liabilities prior to the proposed effective</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>date of such action, and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>obtains the written consent of the COMPANY to extend some or all of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>coverage provided by this Bond to such additional exposure, and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c.</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>on obtaining such consent, pays to the COMPANY an additional premium.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Change Of Control -</FONT></I>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>D.</FONT>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>When the ASSURED learns of a change in control (other than in an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Notice To Company</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Company</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>), as set forth in Section 2(a) (9) of the Investment Company Act of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1940,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the ASSURED shall within sixty (60) days give written notice to the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>COMPANY setting forth:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(1</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the names of the transferors and transferees (or the names of the beneficial</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>owners if the voting securities are registered in another name),</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(2</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the total number of voting securities owned by the transferors and the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>transferees (or the beneficial owners), both immediately before and after the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>transfer, and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(3</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the total number of outstanding voting securities.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Failure to give the required notice shall result in termination of coverage for any</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>loss involving a transferee, to be effective on the date of such change in control.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Court Costs And</FONT></I>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>E.</FONT>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The COMPANY will indemnify the ASSURED for court costs and reasonable</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Attorneys&#146; Fees</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>attorneys' fees incurred and paid by the ASSURED in defense, whether or not</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>successful, whether or not fully litigated on the merits and whether or not settled,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of any claim, suit or legal proceeding with respect to which the ASSURED would</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>be entitled to recovery under this Bond. However, with respect to INSURING</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CLAUSE 1., this Section shall only apply in the event that:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(1</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>admits to being guilty of </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Larceny or Embezzlement</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(2</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>is adjudicated to be guilty of </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Larceny or Embezzlement</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, or</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="55%"></TD>
     <TD width="44%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Page 6 of 19</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>General Agreements</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Court Costs And</FONT></I>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(3)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Attorneys&#146; Fees</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>an agreed statement of facts between the COMPANY and the ASSURED,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>(continued)</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>that an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>would be found guilty of </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Larceny or Embezzlement </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>if</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>such </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>were prosecuted.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The ASSURED shall promptly give notice to the COMPANY of any such suit or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>legal proceeding and at the request of the COMPANY shall furnish copies of all</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>pleadings and pertinent papers to the COMPANY. The COMPANY may, at its</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The defense by the COMPANY shall be in the name of the ASSURED through</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>attorneys selected by the COMPANY. The ASSURED shall provide all reasonable</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>information and assistance as required by the COMPANY for such defense.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>If the COMPANY declines to defend the ASSURED, no settlement without the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>prior written consent of the COMPANY nor judgment against the ASSURED shall</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>determine the existence, extent or amount of coverage under this Bond.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>If the amount demanded in any such suit or legal proceeding is within the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>proceeding.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>proportion of such court costs and attorney's fees incurred that the LIMIT OF</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CLAUSE bears to the total of the amount demanded in such suit or legal</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>proceeding.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of the DECLARATIONS for the applicable INSURING CLAUSE, the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>court costs or attorney's fees that the amount demanded that would be payable</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>amount demanded.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Amounts paid by the COMPANY for court costs and attorneys' fees shall be in</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="55%"></TD>
     <TD width="44%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Page 7 of 19</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Conditions And</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
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     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Limitations</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
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<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
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     <TD colSpan=7>&nbsp;</TD></TR>
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     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Definitions</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>As used in this Bond:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=right colSpan=3><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Computer System </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>means a computer and all input, output, processing,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>storage, off-line media libraries, and communication facilities which are</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>connected to the computer and which are under the control and supervision</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of the operating system(s) or application(s) software used by the ASSURED.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=right colSpan=3><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Counterfeit </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>means an imitation of an actual valid original which is intended</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>to deceive and be taken as the original.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c.</FONT>&nbsp;</TD>
     <TD align=right colSpan=3><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Custodian </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>means the institution designated by an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Company </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>to</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>maintain possession and control of its assets.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d.</FONT>&nbsp;</TD>
     <TD align=right colSpan=3><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Customer </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>means an individual, corporate, partnership, trust customer,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>shareholder or subscriber of an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Company </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>which has a written</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>agreement with the ASSURED for </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Voice Initiated Funds Transfer</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=3><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Instruction</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>e.</FONT>&nbsp;</TD>
     <TD align=left colSpan=3><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>means:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(1</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>an officer of the ASSURED,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(2</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a natural person while in the regular service of the ASSURED at any of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the ASSURED'S premises and compensated directly by the ASSURED</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>through its payroll system and subject to the United States Internal</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Revenue Service Form W-2 or equivalent income reporting plans of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>other countries, and whom the ASSURED has the right to control and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>direct both as to the result to be accomplished and details and means</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>by which such result is accomplished in the performance of such</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>service,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(3</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a guest student pursuing studies or performing duties in any of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=7><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ASSURED'S premises,</FONT></TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(4</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>an attorney retained by the ASSURED and an employee of such</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>attorney while either is performing legal services for the ASSURED,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(5</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a natural person provided by an employment contractor to perform</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>employee duties for the ASSURED under the ASSURED'S supervision</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>at any of the ASSURED'S premises,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(6</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>an employee of an institution merged or consolidated with the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ASSURED prior to the effective date of this Bond,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(7</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a director or trustee of the ASSURED, but only while performing acts</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>within the scope of the customary and usual duties of any officer or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>other employee of the ASSURED or while acting as a member of any</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>committee duly elected or appointed to examine or audit or have</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>custody of or access to </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of the ASSURED, or</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="55%"></TD>
     <TD width="44%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Page 8 of 19</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Conditions And</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Limitations</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Definitions</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(8</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>each natural person, partnership or corporation authorized by written</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>(continued)</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>agreement with the ASSURED to perform services as electronic data</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>processor of checks or other accounting records related to such checks but</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>only while such person, partnership or corporation is actually performing</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>such services and not:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>creating, preparing, modifying or maintaining the ASSURED'S</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>computer software or programs, or</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>acting as transfer agent or in any other agency capacity in issuing</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>checks, drafts or securities for the ASSURED,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(9</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>any partner, officer or employee of an investment advisor, an underwriter</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(distributor), a transfer agent or shareholder accounting recordkeeper, or an</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>administrator, for an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Company </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>while performing acts coming</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>within the scope of the customary and usual duties of an officer or employee</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Company </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or acting as a member of any committee duly</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>elected or appointed to examine, audit or have custody of or access to</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>an Investment Company</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The term </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>shall not include any partner, officer or employee of a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>transfer agent, shareholder accounting recordkeeper or administrator:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>which is not an "affiliated person" (as defined in Section 2(a) of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Investment Company Act of 1940) of an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Company </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the investment advisor or underwriter (distributor) of such </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Company</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, or</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>which is a "bank" (as defined in Section 2(a) of the Investment</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=5><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Company Act of 1940).</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>This Bond does not afford coverage in favor of the employers of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the ASSURED by the COMPANY resulting directly from </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Larceny or</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Embezzlement </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>committed by any of the partners, officers or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>employees of such employers, whether acting alone or in collusion with</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>others, an assignment of such of the ASSURED'S rights and causes of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>action as it may have against such employers by reason of such acts</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>so committed shall, to the extent of such payment, be given by the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ASSURED to the COMPANY, and the ASSURED shall execute all</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>papers necessary to secure to the COMPANY the rights provided for</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>herein.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>partners, officers and other employees of such employers shall collectively</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>be deemed to be one person for all the purposes of this Bond; excepting,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>however, the fifth paragraph of Section 13.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Independent contractors not specified in e.(4), (5) or (8) above,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>intermediaries, agents, brokers or other representatives of the same general</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>character shall not be considered </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employees</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="55%"></TD>
     <TD width="44%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Page 9 of 19</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Conditions And</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Limitations</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Definitions</FONT></I>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>f.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Forgery </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>means the signing of the name of another natural person with the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>(continued)</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>purpose.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>g.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Company </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>means any investment company registered under the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Investment Company Act of 1940 and listed under the NAME OF ASSURED</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>on the DECLARATIONS.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>h.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Items of Deposit </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>means one or more checks or drafts drawn upon a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>financial institution in the United States of America.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>i.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Larceny or Embezzlement </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>means larceny or embezzlement as defined in</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Section 37 of the Investment Company Act of 1940.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>j.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>means money, revenue and other stamps; securities; including any</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>note, stock, treasury stock, bond, debenture, evidence of indebtedness,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>certificate of deposit, certificate of interest or participation in any profit-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>sharing agreement, collateral trust certificate, preorganization certificate or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>subscription, transferable share, investment contract, voting trust certificate,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>certificate of deposit for a security, fractional undivided interest in oil, gas, or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>other mineral rights, any interest or instruments commonly known as a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>security under the Investment Company Act of 1940, any other certificate of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>interest or participation in, temporary or interim certificate for, receipt for,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>guarantee of, or warrant or right to subscribe to or purchase any of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>foregoing; bills of exchange; acceptances; checks; withdrawal orders; money</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>orders; travelers' letters of credit; bills of lading; abstracts of title; insurance</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>policies, deeds, mortgages on real estate and/or upon chattels and interests</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>therein; assignments of such policies, deeds or mortgages; other valuable</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>papers, including books of accounts and other records used by the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ASSURED in the conduct of its business (but excluding all electronic data</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>processing records); and, all other instruments similar to or in the nature of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the foregoing in which the ASSURED acquired an interest at the time of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ASSURED'S consolidation or merger with, or purchase of the principal</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>assets of, a predecessor or which are held by the ASSURED for any</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>purpose or in any capacity and whether so held gratuitously or not and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>whether or not the ASSURED is liable therefor.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>k.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Relative </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>means the spouse of an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or partner of the ASSURED</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and any unmarried child supported wholly by, or living in the home of, such</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or partner and being related to them by blood, marriage or legal</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>guardianship.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>l.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Securities, documents or other written instruments </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>means original</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(including original counterparts) negotiable or non-negotiable instruments, or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>assignments thereof, which in and of themselves represent an equitable</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>interest, ownership, or debt and which are in the ordinary course of business</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>transferable by delivery of such instruments with any necessary</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>endorsements or assignments.</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
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     <TD width="54%"></TD>
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<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Page 10 of 19</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Conditions And</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Limitations</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
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<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
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     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Definitions</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>m.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Subsidiary </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>means any organization that, at the inception date of this Bond,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>(continued)</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>is named in the APPLICATION or is created during the BOND PERIOD and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of which more than fifty percent (50%) of the outstanding securities or voting</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>rights representing the present right to vote for election of directors is owned</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or controlled by the ASSURED either directly or through one or more of its</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>subsidiaries.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>n.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Transportation Company </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>means any organization which provides its own</FONT>&nbsp;</TD></TR>
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     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or its leased vehicles for transportation or which provides freight forwarding</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or air express services.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>o.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Voice Initiated Election </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>means any election concerning dividend options</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>available to </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Company </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>shareholders or subscribers which is</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>requested by voice over the telephone.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>p.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Voice Initiated Redemption </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>means any redemption of shares issued by an</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Company </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>which is requested by voice over the telephone.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>q.</FONT>&nbsp;</TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Voice Initiated Funds Transfer Instruction </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>means any </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Voice Initiated</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Redemption </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Voice Initiated Election</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>For the purposes of these definitions, the singular includes the plural and the</FONT>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>plural includes the singular, unless otherwise indicated.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
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     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>General Exclusions -</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>This bond does not directly or indirectly cover:</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Applicable to All Insuring</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>loss not reported to the COMPANY in writing within sixty (60) days after</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Clauses</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>termination of this Bond as an entirety;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>loss due to riot or civil commotion outside the United States of America and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Canada, or any loss due to military, naval or usurped power, war or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>insurrection. This Section 2.b., however, shall not apply to loss which occurs</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>in transit in the circumstances recited in INSURING CLAUSE 3., provided</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>that when such transit was initiated there was no knowledge on the part of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>any person acting for the ASSURED of such riot, civil commotion, military,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>naval or usurped power, war or insurrection;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>loss resulting from the effects of nuclear fission or fusion or radioactivity;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>loss of potential income including, but not limited to, interest and dividends</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>not realized by the ASSURED or by any customer of the ASSURED;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>e.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>damages of any type for which the ASSURED is legally liable, except</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>compensatory damages, but not multiples thereof, arising from a loss</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>covered under this Bond;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>f.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>costs, fees and expenses incurred by the ASSURED in establishing the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>existence of or amount of loss under this Bond, except to the extent covered</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>under INSURING CLAUSE 11.;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>g.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>loss resulting from indirect or consequential loss of any nature;</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD width="54%"></TD>
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     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Page 11 of 19</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Conditions And</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Limitations</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=8>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>General Exclusions -</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>h.</FONT>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>loss resulting from dishonest acts by any member of the Board of Directors</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Applicable to All Insuring</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or Board of Trustees of the ASSURED who is not an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, acting</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Clauses</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>alone or in collusion with others;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>(continued)</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>i.</FONT>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>loss, or that part of any loss, resulting solely from any violation by the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=8><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ASSURED or by any </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(1</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of any law regulating:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the issuance, purchase or sale of securities,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>securities transactions on security or commodity exchanges or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the over the counter market,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>investment companies,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>investment advisors, or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(2</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of any rule or regulation made pursuant to any such law; or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>j.</FONT>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>loss of confidential information, material or data;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>k.</FONT>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>loss resulting from voice requests or instructions received over the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>telephone, provided however, this Section 2.k. shall not apply to INSURING</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CLAUSE 7. or 9.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=8>&nbsp;</TD></TR>
<TR>
     <TD colSpan=8>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Specific Exclusions -</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=5><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>This Bond does not directly or indirectly cover:</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Applicable To All Insuring</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>loss caused by an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, provided, however, this Section 3.a. shall not</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Clauses Except Insuring</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>apply to loss covered under INSURING CLAUSE 2. or 3. which results</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Clause 1.</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>directly from misplacement, mysterious unexplainable disappearance, or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=8><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>damage or destruction of </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>loss through the surrender of property away from premises of the ASSURED</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>as a result of a threat:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(1</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>to do bodily harm to any natural person, except loss of </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>in</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>transit in the custody of any person acting as messenger of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ASSURED, provided that when such transit was initiated there was no</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>knowledge by the ASSURED of any such threat, and provided further</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>that this Section 3.b. shall not apply to INSURING CLAUSE 7., or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(2</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>)</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>to do damage to the premises or </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of the ASSURED;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c.</FONT>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>loss resulting from payments made or withdrawals from any account</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>involving erroneous credits to such account;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d.</FONT>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>loss involving </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Items of Deposit </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>which are not finally paid for any reason</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>provided however, that this Section 3.d. shall not apply to INSURING</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>CLAUSE 10.;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>e.</FONT>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>loss of property while in the mail;</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="54%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Page 12 of 19</FONT>&nbsp;</TD></TR></TABLE><BR>
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<TR>
     <TD width=24%></TD>
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     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
     <TD align=left> <B><I><FONT face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <B><I><FONT face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Specific Exclusions -</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">f.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from the failure for any reason of a financial or depository</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Applicable To All Insuring</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">institution, its receiver or other liquidator to pay or deliver funds or other</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clauses Except Insuring</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to the ASSURED provided further that this Section 3.f. shall not</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clause 1.</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">apply to loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">resulting directly from robbery, burglary,</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">misplacement, mysterious unexplainable disappearance, damage,</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">destruction or removal from the possession, custody or control of the</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">g.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">while in the custody of a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Transportation Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">,</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">provided however, that this Section 3.g. shall not apply to INSURING</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">CLAUSE 3.;</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">h.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from entries or changes made by a natural person with</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">authorized access to a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">who acts in good faith on</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">instructions, unless such instructions are given to that person by a software</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">contractor or its partner, officer, or employee authorized by the ASSURED to</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">design, develop, prepare, supply, service, write or implement programs for</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the ASSURED's </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">; or</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">i.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting directly or indirectly from the input of data into a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer</FONT></B>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">terminal, either on the premises of the customer of the ASSURED</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or under the control of such a customer, by a customer or other person who</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">had authorized access to the customer's authentication mechanism.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Specific Exclusions -</FONT></I>&nbsp;</TD>
     <TD align=right> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4</FONT></TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>&nbsp;</TD>
     <TD align=left colspan=2> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">This bond does not directly or indirectly cover:</FONT></B>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Applicable To All Insuring</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from the complete or partial non-payment of or default on any</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clauses Except Insuring</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loan whether such loan was procured in good faith or through trick, artifice,</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clauses 1., 4., And 5.</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">fraud or false pretenses; provided, however, this Section 4.a. shall not apply</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to INSURING CLAUSE 8.;</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from forgery or any alteration;</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss involving a counterfeit provided, however, this Section 4.c. shall not</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">apply to INSURING CLAUSE 5. or 6.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Limit Of Liability/Non-</FONT></I>&nbsp;</TD>
     <TD align=right> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">5</FONT></TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>&nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">At all times prior to termination of this Bond, this Bond shall continue in force for</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Reduction And Non-</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Accumulation Of Liability</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">notwithstanding any previous loss for which the COMPANY may have paid or be</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">liable to pay under this Bond provided, however, that the liability of the COMPANY</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">under this Bond with respect to all loss resulting from:</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any one act of burglary, robbery or hold-up, or attempt thereat, in which no</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">is concerned or implicated, or</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any one unintentional or negligent act on the part of any one person</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">resulting in damage to or destruction or misplacement of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">all acts, other than those specified in a. above, of any one person, or</FONT>&nbsp;</TD> </TR> </TABLE><BR>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
     <TD align=left> <FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 13 of 19</FONT>&nbsp;</TD> </TR> </TABLE><BR>
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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=24%></TD>
     <TD width=4%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
     <TD align=left> <B><I><FONT face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <B><I><FONT face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Limit Of Liability/Non-</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any one casualty or event other than those specified in a., b., or c. above,</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Reduction And Non-</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall be deemed to be one loss and shall be limited to the applicable LIMIT OF</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Accumulation Of Liability</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the total amount of such loss or losses and shall not be cumulative in amounts</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">from year to year or from period to period.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All acts, as specified in c. above, of any one person which</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">i.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">directly or indirectly aid in any way wrongful acts of any other person or</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">persons, or</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ii.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">permit the continuation of wrongful acts of any other person or persons</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">whether such acts are committed with or without the knowledge of the wrongful</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">acts of the person so aided, and whether such acts are committed with or without</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the intent to aid such other person, shall be deemed to be one loss with the</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left colspan=2 style="border-bottom:1px solid #000000;"> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">wrongful acts of all persons so aided.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Discovery</FONT></I>&nbsp;</TD>
     <TD align=right> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">6</FONT></TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>&nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Bond applies only to loss first discovered by an officer of the ASSURED</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">during the BOND PERIOD. Discovery occurs at the earlier of an officer of the</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED being aware of:</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">facts which may subsequently result in a loss of a type covered by this Bond,</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an actual or potential claim in which it is alleged that the ASSURED is liable</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to a third party,</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">regardless of when the act or acts causing or contributing to such loss occurred,</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">even though the amount of loss does not exceed the applicable DEDUCTIBLE</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left colspan=2 style="border-bottom:1px solid #000000;"> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">AMOUNT, or the exact amount or details of loss may not then be known.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Notice To Company -</FONT></I>&nbsp;</TD>
     <TD align=right> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">7</FONT></TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The ASSURED shall give the COMPANY notice thereof at the earliest</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Proof - Legal Proceedings</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">practicable moment, not to exceed sixty (60) days after discovery of loss, in</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Against Company</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an amount that is in excess of 50% of the applicable DEDUCTIBLE</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">AMOUNT, as stated in ITEM 2. of the DECLARATIONS.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">with full particulars within six (6) months after such discovery.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Securities listed in a proof of loss shall be identified by certificate or bond</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">numbers, if issued with them.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Legal proceedings for the recovery of any loss under this Bond shall not be</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">brought prior to the expiration of sixty (60) days after the proof of loss is filed</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">with the COMPANY or after the expiration of twenty-four (24) months from</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the discovery of such loss.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">e.</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Bond affords coverage only in favor of the ASSURED. No claim, suit,</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">action or legal proceedings shall be brought under this Bond by anyone</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">other than the ASSURED.</FONT>&nbsp;</TD> </TR> </TABLE><BR>
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     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
     <TD align=left> <FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 14 of 19</FONT>&nbsp;</TD> </TR> </TABLE><BR>
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     <TD width=24%></TD>
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     <TD width=64%></TD></TR>
<TR valign="bottom">
     <TD align=left> <B><I><FONT face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <B><I><FONT face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Notice To Company -</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">f.</FONT>&nbsp;</TD>
     <TD align=right> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Proof of loss involving </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Proof - Legal Proceedings</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=right> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">include electronic recordings of such instructions.</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Against Company</FONT></I>&nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left style="border-bottom:1px solid #000000;"> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I>&nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Deductible Amount</FONT></I>&nbsp;</TD>
     <TD align=right> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">8</FONT></TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>&nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The COMPANY shall not be liable under any INSURING CLAUSES of this Bond</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on account of loss unless the amount of such loss, after deducting the net amount</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of all reimbursement and/or recovery obtained or made by the ASSURED, other</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">than from any Bond or policy of insurance issued by an insurance company and</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">covering such loss, or by the COMPANY on account thereof prior to payment by</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">DECLARATIONS.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">There shall be no deductible applicable to any loss under INSURING CLAUSE 1.</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left style="border-bottom:1px solid #000000;"> &nbsp;</TD>
     <TD align=left colspan=2 style="border-bottom:1px solid #000000;"> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">sustained by any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Valuation</FONT></I>&nbsp;</TD>
     <TD align=right> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">9</FONT></TD>
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>&nbsp;</TD>
     <TD align=left colspan=2> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">BOOKS OF ACCOUNT OR OTHER RECORDS</FONT></B>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">consisting of books of account or other records</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">used by the ASSURED in the conduct of its business shall be the amount paid by</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the ASSURED for blank books, blank pages, or other materials which replace the</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">lost books of account or other records, plus the cost of labor paid by the</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED for the actual transcription or copying of data to reproduce such books</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of account or other records.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">other than books of account or other records</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">used by the ASSURED in the conduct of its business, for which a claim is made</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall be determined by the average market value of such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on the</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">business day immediately preceding discovery of such loss provided, however,</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">that the value of any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">replaced by the ASSURED with the consent of the</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY and prior to the settlement of any claim for such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall be the</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=center colspan=5> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">actual market value at the time of replacement.</FONT></TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In the case of a loss of interim certificates, warrants, rights or other securities, the</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">production of which is necessary to the exercise of subscription, conversion,</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">redemption or deposit privileges, the value of them shall be the market value of</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">such privileges immediately preceding their expiration if said loss is not discovered</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">until after their expiration. If no market price is quoted for such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or for</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">such privileges, the value shall be fixed by agreement between the parties.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">OTHER PROPERTY</FONT></B>&nbsp;</TD> </TR>
<TR>
     <TD colspan=5> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, other than as stated above, shall be the actual</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">cash value or the cost of repairing or replacing such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">with </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left> &nbsp;</TD>
     <TD align=left colspan=2> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">like quality and value, whichever is less.</FONT>&nbsp;</TD> </TR> </TABLE><BR>
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     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
     <TD align=left> <FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left> <FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 15 of 19</FONT>&nbsp;</TD> </TR> </TABLE><BR>
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     <TD width="64%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Conditions And</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Limitations</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>(continued)</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Securities Settlement</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>at its sole discretion, purchase replacement securities, tender the value of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>securities in money, or issue its indemnity to effect replacement securities.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The indemnity required from the ASSURED under the terms of this Section</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>against all loss, cost or expense arising from the replacement of securities by the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>COMPANY'S indemnity shall be:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>for securities having a value less than or equal to the applicable</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>DEDUCTIBLE AMOUNT - one hundred (100%) percent;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>for securities having a value in excess of the DEDUCTIBLE AMOUNT but</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>within the applicable LIMIT OF LIABILITY - the percentage that the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>DEDUCTIBLE AMOUNT bears to the value of the securities;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>for securities having a value greater than the applicable LIMIT OF LIABILITY</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>- the percentage that the DEDUCTIBLE AMOUNT and portion in excess of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the applicable LIMIT OF LIABILITY bears to the value of the securities.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Section 9, VALUATION, regardless of the value of such securities at the time the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>loss under the COMPANY'S indemnity is sustained.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>securities which is not covered by this Bond; however, the COMPANY may do so</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>as a courtesy to the ASSURED and at its sole discretion.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The ASSURED shall pay the proportion of the Company's premium charge for the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>LIMIT OF LIABILITY shall be used as payment of premium for any indemnity</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>purchased by the ASSURED to obtain replacement securities.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Subrogation - Assignment - </FONT></I><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11.</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Recovery</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of such payment. On request, the ASSURED shall deliver to the COMPANY an</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>assignment of the ASSURED'S rights, title and interest and causes of action</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>against any person or entity to the extent of such payment.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Recoveries, whether effected by the COMPANY or by the ASSURED, shall be</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>applied net of the expense of such recovery in the following order:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>first, to the satisfaction of the ASSURED'S loss which would otherwise have</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>LIABILITY,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>second, to the COMPANY in satisfaction of amounts paid in settlement of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the ASSURED'S claim,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AMOUNT, and</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="54%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Page 16 of 19</FONT>&nbsp;</TD></TR></TABLE><BR>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV> <!--$$/page=-->
<A name="page_18"></A>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="24%"></TD>
     <TD width="4%"></TD>
     <TD width="2%"></TD>
     <TD width="4%"></TD>
     <TD width="64%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Conditions And</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Limitations</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Subrogation - Assignment -</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>fourth, to the ASSURED in satisfaction of any loss suffered by the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Recovery</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ASSURED which was not covered under this Bond.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>(continued)</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>recovery under this section.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Cooperation Of Assured</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>At the COMPANY'S request and at reasonable times and places designated by</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the COMPANY, the ASSURED shall:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>submit to examination by the COMPANY and subscribe to the same under</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>oath,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>produce for the COMPANY'S examination all pertinent records, and</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>cooperate with the COMPANY in all matters pertaining to the loss.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The ASSURED shall execute all papers and render assistance to secure to the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>COMPANY the rights and causes of action provided for under this Bond. The</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ASSURED shall do nothing after loss to prejudice such rights or causes of action.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Termination</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>13</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Securities and Exchange Commission, Washington, D.C., not less than sixty (60)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>days prior to the effective date of such termination.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>COMPANY to all ASSURED </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Companies </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and to the Securities and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Exchange Commission, Washington, D.C., not less than sixty (60) days prior to</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the effective date of such termination.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>This Bond will terminate as to any one ASSURED, other than an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Company</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>immediately on the taking over of such ASSURED by a receiver or other</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>liquidator or by State or Federal officials, or</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>immediately on the filing of a petition under any State or Federal statute</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>relative to bankruptcy or reorganization of the ASSURED, or assignment for</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the benefit of creditors of the ASSURED, or</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>immediately upon such ASSURED ceasing to exist, whether through merger</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>into another entity, disposition of all of its assets or otherwise.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The COMPANY shall refund the unearned premium computed at short rates in</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>accordance with the standard short rate cancellation tables if terminated by the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ASSURED or pro rata if terminated for any other reason.</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="54%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Page 17 of 19</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Conditions And</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Limitations</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Termination</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>If any partner, director, trustee, or officer or supervisory employee of an</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>(continued)</FONT></I>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ASSURED not acting in collusion with an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>learns of any dishonest act</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>committed by such </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>at any time, whether in the employment of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bond, and whether against the ASSURED or any other person or entity, the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ASSURED:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>shall immediately remove such </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>from a position that would enable</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>such </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>to cause the ASSURED to suffer a loss covered by this</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bond; and</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>within forty-eight (48) hours of learning that an </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>has committed</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>any dishonest act, shall notify the COMPANY, of such action and provide full</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=5><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>particulars of such dishonest act.</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The COMPANY may terminate coverage as respects any </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>sixty (60)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>days after written notice is received by each ASSURED </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and the Securities and Exchange Commission, Washington, D.C. of its desire to</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>terminate this Bond as to such </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Employee</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Other Insurance</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>14</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Coverage under this Bond shall apply only as excess over any valid and collectible</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>insurance, indemnity or suretyship obtained by or on behalf of:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the ASSURED,</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Transportation Company</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, or</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>another entity on whose premises the loss occurred or which employed the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>person causing the loss or engaged the messenger conveying the </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Property</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>involved.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Conformity</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>15</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>construction, such limitation shall be deemed to be amended so as to equal the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>minimum period of limitation provided by such law.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Change or Modification</FONT></I>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>16</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>This Bond or any instrument amending or affecting this Bond may not be changed</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or modified orally. No change in or modification of this Bond shall be effective</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>except when made by written endorsement to this Bond signed by an authorized</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>representative of the COMPANY.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>If this Bond is for a sole ASSURED, no change or modification which would</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>days after written notice has been furnished to the Securities and Exchange</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Commission, Washington, D.C., by the acting party.</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="54%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Page 18 of 19</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
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<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="26%"></TD>
     <TD width="73%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Conditions And</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Limitations</FONT></I></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Change or Modification</FONT></I>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>If this Bond is for a joint ASSURED, no charge or modification which would</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>(continued)</FONT></I>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>days after written notice has been furnished to all insured </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Companies</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and to the Securities and Exchange Commission, Washington, D.C., by the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>COMPANY.</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="54%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>ICAP Bond (5-98)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Page 19 of 19</FONT>&nbsp;</TD></TR></TABLE><BR>
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<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="72%"></TD>
     <TD width="27%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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-BoldMT,Arial,Helvetica,sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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=ArialMT,Arial,Helvetica,sans-serif size=2>Endorsement No:</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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=ArialMT,Arial,Helvetica,sans-serif size=2>Bond Number:</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>82126582</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NAME OF ASSURED: BANCROFT FUND LTD.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>AMEND NAME OF ASSURED ENDORSEMENT</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,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 align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>following:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bancroft Fund Ltd.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ellsworth Fund Ltd.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>This Endorsement applies to loss discovered after 12:01 a.m. on May 1, 2009.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Date: April 20, 2009</FONT></P>
<P align=center>
<IMG src="p82126582-2009x21x1.jpg" border=0>
</P>
<BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="60%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ICAP Bond</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Form 17-02-6272 (Ed. 8-04)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Page 1</FONT>&nbsp;</TD></TR></TABLE><BR>
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<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="39%"></TD>
     <TD width="16%"></TD>
     <TD width="43%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Effective date of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>this endorsement: May 1, 2009</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Endorsement No.: 2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>To be attached to and form a part of Bond</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Number:</FONT>&nbsp;</TD>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>82126582</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Issued to: BANCROFT FUND LTD.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=3><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS RIDER</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT face=ArialMT,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 laws</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>or regulations prohibit the coverage provided by this insurance.</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 colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Date: April 20, 2009</FONT></P>
<P align=center>
<IMG src="p82126582-2009x21x1.jpg" border=0>
</P>
<BR>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Form 14-02-9228 (Ed. 4/2004)</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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<A name="page_23"></A>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="3%"></TD>
     <TD width="3%"></TD>
     <TD width="36%"></TD>
     <TD width="32%"></TD>
     <TD width="24%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>ENDORSEMENT/RIDER</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Effective date of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>this endorsement/rider: May 1, 2009</FONT>&nbsp;</TD>
     <TD align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Endorsement/Rider No.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>To be attached to and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>form a part of Bond No.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>82126582</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Issued to: BANCROFT FUND LTD.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=5><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ENDORSEMENT</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=right colSpan=5><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>with the following:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>furnished to all insured </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Companies </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and the Securities and Exchange Commission,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Washington, D.C., by the COMPANY.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right colSpan=5><FONT face=ArialMT,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</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>terms and conditions of coverage.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=center>
<IMG src="p82126582-2009x23x1.jpg" border=0>
</P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>17-02-2437 (12/2006) rev.</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Page 1</FONT></P>
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<A name="page_24"></A>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="3%"></TD>
     <TD width="3%"></TD>
     <TD width="5%"></TD>
     <TD width="3%"></TD>
     <TD width="61%"></TD>
     <TD width="23%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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-BoldMT,Arial,Helvetica,sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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=ArialMT,Arial,Helvetica,sans-serif size=2>Endorsement No:</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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=ArialMT,Arial,Helvetica,sans-serif size=2>Bond Number:</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>82126582</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=5><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>NAME OF ASSURED: BANCROFT FUND LTD.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=6><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>TERMINATION-NONRENEWAL-NOTICE ENDORSEMENT</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=5><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>It is agreed that this Bond is amended as follows:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>By adding to Section 13., Termination, the following:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>"Termination By The Company</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds In Effect For More Than Sixty (60) Days</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of termination for at least one of the following reasons:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Nonpayment of premium;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>claim thereunder;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>part of the ASSURED which substantially and materially increases any hazard insured against,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and which occurred subsequent to the inception of the current BOND PERIOD;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>change, or contemplated the risk when the contract was written;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Determination by the Commissioner that the continuation of the Bond would jeopardize a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>state;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>7</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Determination by the Commissioner that continuation of the present premium volume of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=6><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>COMPANY would jeopardize the COMPANY'S policyholders, creditors or the public;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Such other reasons that are approved by the Commissioner;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Determination by the Commissioner that the COMPANY no longer has adequate reinsurance to</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>meet the ASSUREDS needs;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Substantial breaches of contractual duties, conditions or warranties; or</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>11</FONT></TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Unfavorable underwriting facts, specific to the ASSURED, existing that were not present at the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>inception of the Bond.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="38%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ICAP Bond</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Form 17-02-1360 (Rev. 10-99)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Page 1</FONT>&nbsp;</TD></TR></TABLE><BR>
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<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="3%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bonds In Effect Sixty (60) Days Or Less</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>may terminate for any reason by providing written notice of termination at least sixty (60) days before</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the effective date of termination.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Notice Of Termination</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>DECLARATIONS of this Bond.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>before the effective date of cancellation. The cancellation notice shall contain information regarding the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>cancellation.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>All notice of cancellation shall state the reason(s) for cancellation.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>COMPANY, its authorized representatives, its employees, or any firm, person or corporation furnishing</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>to the COMPANY, information relating to the reasons for cancellation or nonrenewal, for any statement</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>information pertaining thereto, or for statements made or evidence submitted at any hearings conducted</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>in connection therewith, if such information was provided in good faith and without malice.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Notice Of Nonrenewal</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ASSURED'S agent or broker, if any.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Such notice shall contain all of the following:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>a.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Bond Number:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>b.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Date of Notice;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>c.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Reason for Cancellation;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>d.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Expiration Date of the Bond;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>e.</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Effective Date and Hour of Cancellation.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>agreed in writing to obtain replacement coverage, the ASSURED has requested or agreed to</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>nonrenewal, or the Bond is expressly designated as nonrenewable.</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="38%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ICAP Bond</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Form 17-02-1360 (Rev. 10-99)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Page 2</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Return Premium Calculations</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Any unearned premiums which have been paid by the ASSURED shall be refunded to the ASSURED on a pro rata basis if terminated by the COMPANY or the ASSURED. The unearned premiums shall be refunded to the ASSURED within forty-five (45) days of receipt of the request for cancellation or the effective date of cancellation, whichever is later.</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Conditional Renewal</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>If the COMPANY offers or purports to renew the Bond, but on less favorable terms or at higher rates, the new terms or higher premiums may take effect on the renewal date, if the COMPANY mails or delivers by certified mail, return receipt provided by the United States Postal Service, to the ASSURED, notice of the new terms or premiums at least sixty (60) days prior to the renewal date. If the COMPANY notifies the ASSURED within sixty (60) days prior to the renewal date, the new terms or premiums do not take effect until sixty (60) days after the notice is mailed or delivered, in which case, the ASSURED may elect to cancel the renewal Bond within the sixty (60) day period. If the COMPANY does not notify the ASSURED of the new terms or premiums, the COMPANY shall continue the Bond at the expiring terms and premiums until notice is given or until the effective date of replacement coverage is obtained by the ASSURED, whichever occurs first.&#148;<

/FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2. It is further understood and agreed that for the purposes of Section 13., Termination, any occurrence listed in this Section shall be considered to be a request by the ASSURED to immediately terminate this Bond.</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>This Endorsement applies to loss discovered after 12:01 a.m. on May 1, 2009.</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Date: April 20, 2009</FONT></P>
<P align=center>
<IMG src="p82126582-2009x21x1.jpg" border=0>
</P>
<BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="38%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ICAP Bond</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Form 17-02-1360 (Rev. 10-99)</FONT>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Page 3</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD width="3%"></TD>
     <TD width="36%"></TD>
     <TD width="29%"></TD>
     <TD width="30%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>ENDORSEMENT/RIDER</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Effective date of</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>this endorsement/rider: May 1, 2009</FONT>&nbsp;</TD>
     <TD align=left colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Endorsement/Rider No.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>To be attached to and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>form a part of Bond No.</FONT>&nbsp;</TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>82126582</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Issued to: BANCROFT FUND LTD.</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=4><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>AUTOMATIC INCREASE IN LIMITS ENDORSEMENT</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=4><FONT face=ArialMT,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 align=left colSpan=4><FONT face=ArialMT,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 align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Company, is amended by adding the following subsection:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Automatic Increase in Limits for Investment Companies</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=4><FONT face=ArialMT,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 align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(&#147;the Act&#148;), due to:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(i)</FONT>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>the creation of a new </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Company</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>, other than by consolidation or merger with, or purchase or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>acquisition of assets or liabilities of, another institution; or</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(ii)</FONT>&nbsp;</TD>
     <TD align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>an increase in asset size of current </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Investment Companies </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>covered under this Bond,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=4><FONT face=ArialMT,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 align=left colSpan=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>premium for the remainder of the BOND PERIOD.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=4><FONT face=ArialMT,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 align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and conditions of coverage.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=4><FONT face=ArialMT,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="p82126582-2009x23x1.jpg" border=0>
</P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>14-02-14098 (04/2008)</FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Page 1</FONT></P>
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     <TD align=center> <B><FONT size=5 face="Arial-BoldMT,Arial,Helvetica,sans-serif">POLICYHOLDER</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD align=center> <B><FONT size=5 face="Arial-BoldMT,Arial,Helvetica,sans-serif">DISCLOSURE NOTICE OF</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD align=center> <B><FONT size=5 face="Arial-BoldMT,Arial,Helvetica,sans-serif">TERRORISM INSURANCE COVERAGE</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD align=center> <B><FONT face="Arial-BoldMT,Arial,Helvetica,sans-serif">(for policies with no terrorism exclusion or sublimit)</FONT></B></TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT face="ArialMT,Arial,Helvetica,sans-serif">You are hereby notified that, under the Terrorism Risk Insurance Act (the &#147;Act&#148;), effective</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT face="ArialMT,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 align=left> <FONT face="ArialMT,Arial,Helvetica,sans-serif">certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of the</FONT>&nbsp;</TD> </TR>
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     <TD align=left> <FONT face="ArialMT,Arial,Helvetica,sans-serif">Treasury, in concurrence with the Secretary of State and the Attorney General of the</FONT>&nbsp;</TD> </TR>
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     <TD align=left> <FONT face="ArialMT,Arial,Helvetica,sans-serif">United States, to be an act of terrorism; to be a violent act or an act that is dangerous to</FONT>&nbsp;</TD> </TR>
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     <TD align=left> <FONT face="ArialMT,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 align=left> <FONT face="ArialMT,Arial,Helvetica,sans-serif">States, or outside the United States in the case of an air carrier or vessel or the premises</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT face="ArialMT,Arial,Helvetica,sans-serif">of a United States Mission; and to have been committed by an individual or individuals as</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT face="ArialMT,Arial,Helvetica,sans-serif">part of an effort to coerce the civilian population of the United States or to influence the</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT face="ArialMT,Arial,Helvetica,sans-serif">policy or affect the conduct of the United States Government by coercion.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT face="ArialMT,Arial,Helvetica,sans-serif">You should know that the insurance provided by your policy for losses caused by acts of</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT face="ArialMT,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 align=left> <FONT face="ArialMT,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 align=left> <FONT face="ArialMT,Arial,Helvetica,sans-serif">exceed the statutorily established deductible to be paid by the insurance company</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT face="ArialMT,Arial,Helvetica,sans-serif">providing the coverage.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT face="ArialMT,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 align=left> <FONT face="ArialMT,Arial,Helvetica,sans-serif">exceed &#36;100 billion in a Program Year (January 1 through December 31), the Treasury</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT face="ArialMT,Arial,Helvetica,sans-serif">shall not make any payment for any portion of the amount of such losses that exceeds</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT face="ArialMT,Arial,Helvetica,sans-serif">&#36;100 billion.</FONT>&nbsp;</TD> </TR> </TABLE><BR>
<P align="left"> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10-02-1281 (Ed. 1/2003)</FONT></P>
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     <TD width=100%></TD></TR>
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     <TD align=left> <FONT face="ArialMT,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> <FONT face="ArialMT,Arial,Helvetica,sans-serif">&#36;100 billion in a Program Year (January 1 through December 31) and we have met our</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT face="ArialMT,Arial,Helvetica,sans-serif">insurer deductible under the Act, we shall not be liable for the payment of any portion of</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT face="ArialMT,Arial,Helvetica,sans-serif">the amount of such losses that exceeds &#36;100 billion, and in such case insured losses up</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT face="ArialMT,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> <FONT face="ArialMT,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> <FONT face="ArialMT,Arial,Helvetica,sans-serif">The portion of your policy&#146;s annual premium that is attributable to insurance for such acts</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT face="ArialMT,Arial,Helvetica,sans-serif">of terrorism is: &#36; </FONT><B><FONT face="Arial-BoldMT,Arial,Helvetica,sans-serif">-0-.</FONT></B>&nbsp;</TD> </TR>
<TR>
     <TD> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT face="ArialMT,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="ArialMT,Arial,Helvetica,sans-serif">10-02-1281 (Ed. 1/2003)</FONT></P>
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     <TD align=center> <B><I><FONT size=2 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Important Notice:</FONT></I></B></TD> </TR>
<TR>
     <TD> &nbsp;</TD> </TR>
<TR>
     <TD> &nbsp;</TD> </TR>
<TR>
     <TD> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">The SEC Requires Proof of Your Fidelity Insurance Policy</FONT></B>&nbsp;</TD> </TR>
<TR>
     <TD> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Your company is now required to file an electronic copy of your fidelity insurance coverage</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(Chubb&#146;s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">rules adopted by the SEC on June 12, 2006.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Chubb is in the process of providing your agent/broker with an electronic copy of your insurance</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">policy as well as instructions on how to submit this proof of fidelity insurance coverage to the</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">SEC. You can expect to receive this information from your agent/broker shortly.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The electronic copy of your policy is provided by Chubb solely as a convenience and does not</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">affect the terms and conditions of coverage as set forth in the paper policy you receive by mail.</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The terms and conditions of the policy mailed to you, which are the same as those set forth in</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the electronic copy, constitute the entire agreement between your company and Chubb.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If you have any questions, please contact your agent or broker.</FONT>&nbsp;</TD> </TR> </TABLE><BR>
<P align="left"> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 14-02-12160 (ed. 7/2006)</FONT></P>
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<TR valign="bottom">
     <TD align=center> <B><FONT size=4 face="Arial-BoldMT,Arial,Helvetica,sans-serif">IMPORTANT NOTICE TO POLICYHOLDERS</FONT></B></TD> </TR>
<TR>
     <TD> &nbsp;</TD> </TR>
<TR>
     <TD> &nbsp;</TD> </TR>
<TR>
     <TD> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All of the members of the Chubb Group of Insurance companies doing business in the United</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">States (hereinafter &#147;Chubb&#148;) distribute their products through licensed insurance brokers and agents</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(&#147;producers&#148;). Detailed information regarding the types of compensation paid by Chubb to producers on</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">US insurance transactions is available under the Producer Compensation link located at the bottom of the</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from</FONT>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">your producer.</FONT>&nbsp;</TD> </TR>
<TR>
     <TD> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Thank you for choosing Chubb.</FONT>&nbsp;</TD> </TR> </TABLE><BR>
<P align="left"> <FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10-02-1295 (ed. 6/2007)</FONT></P>
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<DIV style="width:100%"><P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt" align=center><FONT SIZE="2">BANCROFT FUND LTD.<BR>
ELLSWORTH FUND LTD.</FONT></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt" align=center><FONT SIZE="2">RESOLUTIONS ADOPTED AT A MEETING</FONT></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt" align=center><FONT SIZE="2">OF THE BOARD OF TRUSTEES</FONT></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt" align=center><FONT SIZE="2">April 14, 2009</FONT></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt"><FONT SIZE="2">At a meeting of the Boards of Trustees, the following resolutions were adopted by unanimous vote, including the votes of all of the members of the Boards of Trustees who are not &#147;interested persons&#148; as defined in Section 2(a) (19) of the Investment Company Act of 1940:</FONT></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:72px; padding-right:48px; font-size:12pt" align=justify><FONT SIZE="2"><B>RESOLVED</B>, that having considered the value of the aggregate assets of the Funds, the aggregate assets of each of the investment companies named as insureds, and the provisions of Rule 17g-1 promulgated under the Investment Company Act of 1940, the Boards of Trustees, including all of those trustees who are not &#147;interested persons&#148; of the Funds within the meaning of the Investment Company Act of 1940, hereby authorize and approve joint fidelity bond coverage for the Funds with the Funds&#146; investment adviser, Dinsmore Capital Management Co., in the amount of $850,000 through Federal Insurance Company c/o Chubb Group, and find that the form, terms, amount of coverage and provisions of the joint fidelity bond are adequate in all material respects for the forthcoming year;</FONT></P>
<P style="line-height:14pt; margin:0px; padding-left:72px; padding-right:48px; font-size:12pt" align=justify><FONT SIZE="2"><B>FURTHER RESOLVED</B>, that having considered the nature of the business of Dinsmore Capital Management Co., the extent of its assets and the fact that the Funds&#146; officers have informed the Boards of Trustees that the Funds&#146; share amounts of the premium for the forthcoming year&#146;s coverage for the joint 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 &#147;interested persons&#148; of the Funds within the meaning of the Investment Company Act of 1940, hereby determine that the premium for the joint fidelity bond for the forthcoming year shall be allocated solely between the Funds on the basis of relative total assets;</FONT></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:72px; padding-right:48px; font-size:12pt" align=justify><FONT SIZE="2"><B>FURTHER RESOLVED</B>, that the Boards of Trustees hereby approve the portion of the premium for the joint fidelity bond to be paid by each Fund, based upon the ratio of the total assets of such Fund to the aggregate total assets of the Funds; and</FONT></P>
<P style="line-height:14pt; margin:0px; padding-left:72px; padding-right:48px; font-size:12pt" align=justify><FONT SIZE="2"><B>FURTHER RESOLVED</B>, that the Executive Vice-President of the Funds is hereby designated as the officer to give notice of any changes in the coverage or of other events which require notice under the provisions of Section 17(g) and Rule 17g-1 under the Investment Company Act of 1940.</FONT></P>


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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt"><FONT SIZE="2">I, Gary I. Levine, the duly elected Executive Vice President, Chief Financial Officer and Secretary of Bancroft Fund Ltd. and Ellsworth Fund Ltd., each 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, 2009, 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.</FONT></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; padding-right:48px; text-indent:-96px; font-size:12pt"><FONT SIZE="2">ATTEST:</FONT></P>
<P style="line-height:14pt; margin:0px; padding-left:96px; padding-right:48px; font-size:12pt"><FONT SIZE="2">/s/ Gary I. Levine<BR>
<BR>
Gary I. Levine</FONT></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; padding-left:48px; text-indent:48px; font-size:12pt"><FONT SIZE="2">Executive Vice President, Chief Financial Officer and Secretary</FONT></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:-18.667px; font-size:12pt"><FONT SIZE="2">&nbsp;</FONT></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:6.667px; text-indent:96px; font-size:12pt"><FONT SIZE="2">Morristown, New Jersey</FONT></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:96px; font-size:12pt"><FONT SIZE="2">May 8, 2009</FONT></P>
<P style="margin-top:6.667px; margin-bottom:6.667px; font-size:12pt"><FONT SIZE="2">&nbsp;</FONT></P>


<HR SIZE=5 COLOR=GRAY NOSHADE>
<page>


<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt"><FONT SIZE="2">JOINT INSURED BOND AGREEMENT</FONT></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt"><FONT SIZE="2">THIS AGREEMENT is dated as of May 1, 2009 by and among Bancroft Fund Ltd., Ellsworth Fund Ltd. and Dinsmore Capital Management Co. (the &#147;Adviser&#148;). &nbsp;Bancroft Fund Ltd. and Ellsworth Fund Ltd. are collectively referred to as the &#147;Funds.&#148;<BR>
<BR>
Pursuant to the provisions of Rule 17g-1(f) promulgated under 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 (&#147;Chubb&#148;) or any substitute or renewal such bond which names the Funds and the Adviser as insureds as a result of loss sustained by either of the Funds and one or more other named insureds, each Fund 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) promulgated 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>
Dinsmore Capital Management Co. <BR>
<BR>
By: /s/ Jane D. O'Keeffe<BR>
President</FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
