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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001010521-10-000473.txt : 20101217
<SEC-HEADER>0001010521-10-000473.hdr.sgml : 20101217
<ACCEPTANCE-DATETIME>20101217122532
ACCESSION NUMBER:		0001010521-10-000473
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20101217
DATE AS OF CHANGE:		20101217
EFFECTIVENESS DATE:		20101217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HANCOCK JOHN INCOME SECURITIES TRUST /MA
		CENTRAL INDEX KEY:			0000759866
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04186
		FILM NUMBER:		101259102

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>johnhancockpolicy.htm
<DESCRIPTION>JOHN HANCOCK FUNDS
<TEXT>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CHUBB PROTECTION BOND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0.7pt 2.4pt 0pt 0in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Chubb Group of Insurance Companies</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 7.45pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>15 Mountain View Road, Warren, New Jersey 07059</FONT></P>
<FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial><BR clear=all>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><B><FONT style="LINE-HEIGHT: 13.9pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>DECLARATIONS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 13.9pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>FINANCIAL INSTITUTION INVESTMENT</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 13.9pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>COMPANY ASSET PROTECTION BOND</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 8.9pt; FONT-SIZE: 8pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 23.05pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>NAME OF ASSURED (including its </FONT><B><FONT style="LINE-HEIGHT: 23.05pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Subsidiaries): </FONT></B><FONT style="LINE-HEIGHT: 23.05pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JOHN HANCOCK FUNDS</FONT></P>
<P style="MARGIN: 0in 1.4in 0pt 0in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 1.4in 0pt 0in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 2.65pt 1.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>601 CONGRESS STREET, BOSTON, MA 02210</FONT></P>
<P style="MARGIN: 10.1pt 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Bond Number: 81906724</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0.25pt 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>FEDERAL INSURANCE COMPANY</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 6.95pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Incorporated under the laws of Indiana</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>a stock insurance company herein called the COMPANY</FONT></P>
<P style="MARGIN: 6.5pt 0in 0pt"><FONT style="LINE-HEIGHT: 9.1pt; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Capital Center, 251 North Illinois, Suite 1100 Indianapolis, IN 46204-1927</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 11.3pt 0in 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>BOND PERIOD:&nbsp;&nbsp;&nbsp; from&nbsp;&nbsp;&nbsp; 12:01 a.m. on&nbsp;&nbsp; July 15, 2010</FONT></P>
<P style="MARGIN: 0in 0in 0pt 130.5pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>to&nbsp;&nbsp; &nbsp;12:01 a.m. on &nbsp;July 15, 2011</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 6.25pt 0in 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 6.25pt 0in 0pt" align=left>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 466.9pt; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 2pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="52%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>INSURING CLAUSE</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="30%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt 28.55pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 28.55pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>LIMIT OF LIABILITY</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face=Arial></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>DEDUCTIBLE</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>AMOUNT</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="52%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>1. Employee</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="MARGIN: 0in 0in 0pt 28.3pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="19%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>15,000,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial>0</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="52%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>2.&nbsp;&nbsp; On Premises</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="MARGIN: 0in 0in 0pt 28.3pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="19%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>15,000,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial>150,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="52%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>3.&nbsp;&nbsp; In Transit</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="MARGIN: 0in 0in 0pt 28.3pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="19%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>15,000,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial>150,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="52%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>4.&nbsp;&nbsp; Forgery or Alteration</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="MARGIN: 0in 0in 0pt 28.3pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="19%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>15,000,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial>150,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="52%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>5.&nbsp;&nbsp; Extended Forgery</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="MARGIN: 0in 0in 0pt 28.3pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="19%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>15,000,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial>150,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="52%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>6.&nbsp;&nbsp; Counterfeit Money</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="MARGIN: 0in 0in 0pt 28.3pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="19%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>15,000,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial>150,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="52%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>7.&nbsp;&nbsp; Threats to Person</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="MARGIN: 0in 0in 0pt 28.3pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="19%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>15,000,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial>150,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="52%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>8.&nbsp;&nbsp; Computer System</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="MARGIN: 0in 0in 0pt 28.3pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="19%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>15,000,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial>150,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="52%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>9.&nbsp;&nbsp; Voice Initiated Funds Transfer Instruction</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="MARGIN: 0in 0in 0pt 28.3pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="19%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>15,000,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial>150,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="52%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>10.&nbsp;&nbsp; Uncollectible Items of Deposit</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="MARGIN: 0in 0in 0pt 28.3pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="19%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>15,000,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial>150,000</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="52%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>11.&nbsp;&nbsp; Audit Expense</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="MARGIN: 0in 0in 0pt 28.3pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="19%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>&nbsp;&nbsp;&nbsp;&nbsp; 150,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=Arial>$</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2pt; PADDING-RIGHT: 2pt; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=Arial>0</FONT></P>
</TD></TR></TABLE><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial></FONT></DIV>
<P style="MARGIN: 5.75pt 0in 0pt 57.85pt"></P>
<DIV align=left>&nbsp;</DIV><FONT lang=EN-US><BR clear=all>
</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>If "Not Covered" is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and any other reference shall be deemed to be deleted. </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>There shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained by any Investment Company. </FONT></B>
<P style="TEXT-INDENT: -0.75in; MARGIN: 0in 0in 0pt 0.75in"><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 54.7pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.25pt 0in 0pt 54.7pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>1 - 12</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 11.75pt 0in 54.7pt"><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>IN WITNESS WHEREOF, THE COMPANY </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>has caused this Bond to be signed by its authorized officers, but it shall not be valid unless also signed by an authorized representative of the Company.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>/s/ W. Andrew Macan</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.65pt 0pt 0in"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Secretary</FONT></P>
<FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial><BR clear=all>
</FONT>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>/s/ John J. Degnan</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>President</FONT></P>
<P style="MARGIN: 24.25pt 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Countersigned by</FONT></P>
<FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial><BR clear=all>
</FONT>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>/s/ Paul Morrisette</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Authorized Representative</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05in 0in 0pt">&nbsp;</P>
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<DIV style="mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-height: 10.55pt; mso-element-frame-hspace: 1.9pt; mso-element-left: 421.25pt; mso-element-top: 9.15pt; mso-element-wrap: auto; mso-height-rule: exactly">
<DIV align=left>
<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.9pt; PADDING-RIGHT: 1.9pt; PADDING-TOP: 0in" height=14 vAlign=top align=left>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-height: 10.55pt; mso-element-frame-hspace: 1.9pt; mso-element-left: 421.25pt; mso-element-top: 9.15pt; mso-element-wrap: auto; mso-height-rule: exactly" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=Arial>Page 1 of 1</FONT></P>
</TD></TR></TABLE></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>ICAP Bond (5-98) - Federal</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Form 17-02-1421 (Ed. 5-98)</FONT></P>
</DIV></DIV>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader3"></a><DIV>





<p style="margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;"><font face=Arial lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:138.0pt;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">The COMPANY, in consideration
of payment of the required premium, and in reliance on the APPLICATION and all other
statements made and information furnished to the COMPANY by the ASSURED, and
subject to the DECLARATIONS made a part of this Bond and to all other terms and
conditions of this Bond, agrees to pay the ASSURED</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:138.25pt;text-align:left;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">for:</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-top:10.3pt;text-align:left;"><b><i><font color=black face=Arial lang=EN-US style="font-size:11.0pt;">Insuring Clauses</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.7pt;text-align:justify;"><i><font color=black face=Arial lang=EN-US style="font-size:10.0pt;">Employee&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font color=black face=Arial lang=EN-US style="font-size:9.0pt;">1.&#160;&#160;&#160; Loss resulting directly
from </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;">Larceny
</font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;">or </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;">Embezzlement </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;">committed by any</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:8.15pt;margin-top:.7pt;text-align:justify;"><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Employee,
</font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">alone or in
collusion with others.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:5.75pt;text-align:justify;"><i><font color=black face=Arial lang=EN-US style="font-size:10.0pt;line-height:11.5pt;">On Premises&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">2.&#160;&#160;&#160; Loss of </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Property </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">resulting directly from
robbery, burglary, false pretenses,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:163.45pt;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">common law or statutory larceny, misplacement,
mysterious unexplainable disappearance, damage, destruction or removal, from
the possession, custody or control of the ASSURED, while such </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Property </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">is lodged or deposited at
premises located anywhere.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.75pt;text-align:justify;"><i><font color=black face=Arial lang=EN-US style="font-size:10.0pt;line-height:11.3pt;">In Transit&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">3.&#160;&#160;&#160; Loss of </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">Property </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">resulting directly from common
law or statutory larceny,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:163.2pt;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">misplacement, mysterious
unexplainable disappearance, damage or destruction, while the </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">Property </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">is in transit anywhere:</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:163.7pt;margin-right:0in;margin-top:4.1pt;text-align:left;text-indent:0in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">a.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">in
an armored motor vehicle, including loading and unloading thereof,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:188.9pt;margin-right:0in;margin-top:4.8pt;text-align:justify;text-indent:-.35in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">b.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">in
the custody of a natural person acting as a messenger of the ASSURED, or</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:188.9pt;margin-right:0in;margin-top:5.75pt;text-align:justify;text-indent:-.35in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">c.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">in
the custody of a </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Transportation Company </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">and being transported in a conveyance other than an
armored motor vehicle provided, however, that covered </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Property </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">transported in such manner is
limited to the following:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial lang=EN-US style="font-size:1.0pt;">&nbsp;</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:188.4pt;margin-right:0in;margin-top:4.1pt;text-align:left;text-indent:0in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">(1)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">written
records,</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:213.6pt;margin-right:0in;margin-top:4.1pt;text-align:left;text-indent:-.35in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(2)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">securities
issued in registered form, which are not endorsed or are restrictively
endorsed, or</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:213.6pt;margin-right:0in;margin-top:4.3pt;text-align:left;text-indent:-.35in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">(3)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.3pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">negotiable
instruments not payable to bearer, which are not endorsed or are restrictively
endorsed.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:163.45pt;margin-right:0in;margin-top:4.1pt;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Coverage under this INSURING CLAUSE begins immediately
on the receipt of such </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Property </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">by the natural person or </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Transportation Company </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">and ends immediately on
delivery to the premises of the addressee or to any representative of the addressee
located anywhere.</font></p>









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<p style="margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;"><font color=black face=Arial lang=EN-US style="font-size:7.0pt;line-height:normal;">ICAP Bond (5-98)</font></p>



<p style="margin:0in;margin-bottom:.0001pt;margin-top:.95pt;mso-pagination:widow-orphan;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:7.0pt;line-height:normal;">Form 17-02-1421

(Ed. 5-98)</font></p>





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<p align=left style="margin:0in;margin-bottom:.0001pt;margin-top:.25pt;mso-pagination:widow-orphan;text-align:left;"><i><font color=black face=Arial lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>





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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><i><font color=black face=Arial lang=EN-US style="font-size:11.0pt;">Insuring Clauses</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font color=black face=Arial lang=EN-US style="font-size:10.0pt;">(continued)</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font color=black face=Arial lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font color=black face=Arial lang=EN-US style="font-size:10.0pt;">Forgery
Or Alteration&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font color=black face=Arial lang=EN-US style="font-size:9.0pt;">4.&#160;&#160;&#160; Loss resulting directly from:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:188.4pt;margin-right:0in;margin-top:5.5pt;text-align:justify;text-indent:-24.7pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">a.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Forgery
</font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">on, or
fraudulent material alteration of, any bills of exchange, checks, drafts,
acceptances, certificates of deposits, promissory notes, due bills, money
orders, orders upon public treasuries, letters of credit, other written
promises, orders or directions to pay sums certain in money, or receipts for
the withdrawal of </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Property, </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">or</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:188.4pt;margin-right:0in;margin-top:5.05pt;text-align:justify;text-indent:-24.7pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">b.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.3pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">transferring,
paying or delivering any funds or other </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">Property, </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">or establishing any credit or giving any value in
reliance on any written instructions, advices or applications directed to the
ASSURED authorizing or acknowledging the transfer, payment, delivery or receipt
of funds or other </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">Property, </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">which instructions, advices or applications fraudulently purport to bear
the handwritten signature of any customer of the ASSURED, or shareholder or
subscriber to shares of an </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">Investment Company, </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">or of any financial institution
or </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">Employee
</font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">but which
instructions, advices or applications either bear a </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">Forgery </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">or have been fraudulently
materially altered without the knowledge and consent of such customer,
shareholder, subscriber, financial institution or </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">Employee; </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">excluding, however, under this
INSURING CLAUSE any loss covered under INSURING CLAUSE 5. of this Bond, whether
or not coverage for INSURING CLAUSE 5. is provided for in the DECLARATIONS of
this Bond.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:189.0pt;margin-right:0in;margin-top:5.05pt;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">For the purpose of this INSURING CLAUSE, a mechanically
reproduced facsimile signature is treated the same as a handwritten signature.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:10.3pt;text-align:justify;"><i><font color=black face=Arial lang=EN-US style="font-size:10.0pt;">Extended Forgery&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font color=black face=Arial lang=EN-US style="font-size:9.0pt;">5.&#160;&#160;&#160; Loss resulting directly
from the ASSURED having, in good faith, and in the</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:163.7pt;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">ordinary course of business, for its own account or the
account of others in any capacity:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:188.4pt;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-24.7pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">a.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.3pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">acquired,
accepted or received, accepted or received, sold or delivered, or given value,
extended credit or assumed liability, in reliance on any original </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">Securities, documents or other
written instruments </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">which prove to:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:188.4pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:17.5pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160; bear a </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:17.5pt;">Forgery </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:17.5pt;">or a fraudulently material
alteration,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:189.0pt;margin-right:6.5pt;margin-top:0in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:17.5pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160; have been lost or
stolen, or</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:188.4pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:17.5pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160; be </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:17.5pt;">Counterfeit, </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:17.5pt;">or</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:188.4pt;margin-right:0in;margin-top:4.3pt;text-align:justify;text-indent:-24.7pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">b.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">guaranteed
in writing or witnessed any signatures on any transfer, assignment, bill of
sale, power of attorney, guarantee, endorsement or other obligation upon or in
connection with any </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Securities, documents or other written instruments.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:163.2pt;margin-right:0in;margin-top:.05in;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">Actual physical possession, and
continued actual physical possession if taken as collateral, of such </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">Securities, documents or other
written instruments </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">by an </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">Employee, Custodian, </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">or a Federal or State chartered
deposit institution of the ASSURED is a condition precedent to the ASSURED
having relied on such items. Release or return of such collateral is an
acknowledgment by the ASSURED that it no longer relies on such collateral.</font></p>









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<p style="margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;"><font color=black face=Arial lang=EN-US style="font-size:7.0pt;line-height:normal;">ICAP Bond (5-98)</font></p>



<p style="margin:0in;margin-bottom:.0001pt;margin-top:.95pt;mso-pagination:widow-orphan;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:7.0pt;line-height:normal;">Form 17-02-1421

(Ed. 5-98)</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;"><font face=Arial lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><i><font color=black face=Arial lang=EN-US style="font-size:11.0pt;">Insuring Clauses</font></i></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:1.2pt;text-align:justify;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:1.2pt;margin-top:4.55pt;text-align:justify;"><i><font color=black face=Arial lang=EN-US style="font-size:10.0pt;line-height:11.5pt;">Extended Forgery&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">For the purpose of this
INSURING CLAUSE, a mechanically reproduced facsimile</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font color=black face=Arial lang=EN-US style="font-size:10.0pt;line-height:11.5pt;">(continued)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">signature is treated the same
as a handwritten signature.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.5pt;text-align:justify;"><i><font color=black face=Arial lang=EN-US style="font-size:10.0pt;">Counterfeit Money&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font color=black face=Arial lang=EN-US style="font-size:9.0pt;">6.&#160;&#160;&#160; Loss resulting directly
from the receipt by the ASSURED in good faith of any</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:163.9pt;margin-right:0in;margin-top:.5pt;"><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;">Counterfeit </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;">money.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:10.55pt;text-align:justify;"><i><font color=black face=Arial lang=EN-US style="font-size:10.0pt;">Threats To Person&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font color=black face=Arial lang=EN-US style="font-size:9.0pt;">7.&#160;&#160;&#160; Loss resulting directly
from surrender of </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;">Property </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;">away from an office of the</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:163.9pt;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">ASSURED as a result of a threat communicated to the
ASSURED to do bodily harm to an </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Employee </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">as defined in Section 1.e. (1), (2) and (5), a </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Relative </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">or invitee of such </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Employee, </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">or a resident of the household
of such </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Employee,
</font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">who is, or
allegedly is, being held captive provided, however, that prior to the surrender
of such </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Property:</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:188.65pt;margin-right:0in;margin-top:3.85pt;text-indent:-24.7pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">a.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.3pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">the </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">Employee </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">who receives the threat has
made a reasonable effort to notify an officer of the ASSURED who is not
involved in such threat, and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:188.65pt;margin-right:0in;margin-top:4.1pt;text-indent:-24.7pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">b.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">the
ASSURED has made a reasonable effort to notify the Federal Bureau of
Investigation and local law enforcement authorities concerning such threat.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:163.45pt;margin-right:0in;margin-top:4.1pt;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">It is agreed that for purposes of this INSURING CLAUSE,
any </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Employee
</font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">of the
ASSURED, as set forth in the preceding paragraph, shall be deemed to be an
ASSURED hereunder, but only with respect to the surrender of money, securities
and other tangible personal property in which such </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Employee </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">has a legal or equitable
interest.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:5.75pt;"><i><font color=black face=Arial lang=EN-US style="font-size:10.0pt;line-height:17.5pt;">Computer System&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:17.5pt;">8.&#160;&#160;&#160; Loss resulting directly
from fraudulent:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:163.9pt;text-indent:0in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:17.5pt;">a.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:17.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:17.5pt;">entries
of data into, or</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:163.9pt;text-indent:0in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:17.5pt;">b.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:17.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:17.5pt;">changes
of data elements or programs within, a </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:17.5pt;">Computer System, </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:17.5pt;">provided the fraudulent entry or change causes:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial lang=EN-US style="font-size:1.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:189.35pt;text-indent:0in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:17.5pt;">(1)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:17.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:17.5pt;">funds
or other property to be transferred, paid or delivered,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:214.1pt;margin-right:0in;margin-top:4.8pt;text-indent:-24.7pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">(2)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.3pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.3pt;">an
account of the ASSURED or of its customer to be added, deleted, debited or
credited, or</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:214.1pt;margin-right:0in;margin-top:5.75pt;text-indent:-24.7pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">(3)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:11.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">an
unauthorized account or a fictitious account to be debited or credited.</font></p>









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<p style="margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;"><font color=black face=Arial lang=EN-US style="font-size:7.0pt;line-height:normal;">ICAP Bond (5-98)</font></p>



<p style="margin:0in;margin-bottom:.0001pt;margin-top:.95pt;mso-pagination:widow-orphan;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:7.0pt;line-height:normal;">Form 17-02-1421

(Ed. 5-98)</font></p>





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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>Insuring Clauses</FONT></I></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.25pt 0in 0pt" align=left><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>(continued)</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.7pt 0in 0pt"><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt" align=left><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Voice Initiated Funds </FONT></I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>9.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt" align=left><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Transfer Instruction</FONT></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial><BR clear=all>
</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Loss resulting directly from </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Voice Initiated Funds Transfer Instruction </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>directed to the ASSURED authorizing the transfer of dividends or redemption proceeds of </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>shares from a </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Customer's </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>account, provided such </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial
>Voice Initiated Funds Transfer Instruction </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>was:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.7pt; MARGIN: 5.05pt 0in 0pt 24.7pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>received at the ASSURED'S offices by those </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employees </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>of the ASSURED specifically authorized to receive the </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Voice Initiated Funds Transfer Instruction,</FONT></B></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 6.7pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>made by a person purporting to be a </FONT><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Customer, </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.7pt; MARGIN: 6pt 0in 0pt 24.7pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>made by said person for the purpose of causing the ASSURED or </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Customer </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>to sustain a loss or making an improper personal financial gain for such person or any other person.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.05pt 0.95pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>In order for coverage to apply under this INSURING CLAUSE, all </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Voice Initiated Funds Transfer Instructions </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>must be received and processed in accordance with the Designated Procedures outlined in the APPLICATION furnished to the COMPANY.</FONT></P>
<P style="MARGIN: 10.3pt 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Uncollectible Items of Deposit</FONT></I></P>
<I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial><BR clear=all>
</FONT></I>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.7pt; MARGIN: 0.5pt 0.25pt 0pt 24.7pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>10. Loss resulting directly from the ASSURED having credited an account of a customer, shareholder or subscriber on the faith of any </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Items of Deposit </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>which prove to be uncollectible, provided that the crediting of such account causes:</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0.95pt 0in 0pt 24.5pt" align=left><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>redemptions or withdrawals to be permitted,</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 24.5pt" align=left><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>shares to be issued, or</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 154.55pt 0pt 24.5pt"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c.</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>dividends to be paid, from an account of an </FONT><B><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company.</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 3.85pt 0in 0pt 24.25pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>In order for coverage to apply under this INSURING CLAUSE, the ASSURED must hold </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Items of Deposit </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>for the minimum number of days stated in the APPLICATION before permitting any redemptions or withdrawals, issuing any shares or paying any dividends with respect to such </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Items of Deposit.</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05in 0in 0pt 24.5pt"><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Items of Deposit </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>shall not be deemed uncollectible until the ASSURED'S standard collection procedures have failed.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.25pt 0pt 0in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 10.3pt 0.25pt 0pt 0in"><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Audit Expense&nbsp;&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></I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>11.&nbsp;&nbsp; Expense incurred by the ASSURED for that part of the cost of audits or</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 163.9pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>examinations required by any governmental regulatory authority or self-regulatory organization to be conducted by such authority, organization or their appointee by reason of the discovery of loss sustained by the ASSURED and covered by this Bond.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>ICAP Bond (5-98)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Form 17-02-1421 (Ed. 5-98)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>General Agreements</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Additional Companies </FONT></I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If more than one corporation, or </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company, </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or any combination of<BR>
</FONT><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Included As Assured&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>them is included as the ASSURED herein:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.5pt; MARGIN: 5.75pt 0in 0pt 188.65pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(1)</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The total liability of the COMPANY under this Bond for loss or losses sustained by any one or more or all of them shall not exceed the limit for which the COMPANY would be liable under this Bond if all such loss were sustained by any one of them.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.5pt; MARGIN: 5.5pt 0in 0pt 188.65pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(2)</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Only the first named ASSURED shall be deemed to be the sole agent of the others for all purposes under this Bond, including but not limited to the giving or receiving of any notice or proof required to be given and for the purpose of effecting or accepting any amendments to or termination of this Bond. The COMPANY shall furnish each </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>with a copy of the Bond and with any amendment thereto, together 
with a copy of each formal filing of claim by any other named ASSURED and notification of the terms of the settlement of each such claim prior to the execution of such settlement.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.5pt; MARGIN: 5.75pt 0in 0pt 188.65pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(3)</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The COMPANY shall not be responsible for the proper application of any payment made hereunder to the first named ASSURED.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.5pt; MARGIN: 5.05pt 0in 0pt 188.65pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(4)</FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Knowledge possessed or discovery made by any partner, director, trustee, officer or supervisory employee of any ASSURED shall constitute knowledge or discovery by all the ASSUREDS for the purposes of this Bond.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.5pt; MARGIN: 5.75pt 0in 0pt 188.65pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(5)</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>If the first named ASSURED ceases for any reason to be covered under this Bond, then the ASSURED next named on the APPLICATION shall thereafter be considered as the first named ASSURED for the purposes of this Bond.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.95pt 0pt 0in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 10.3pt 0.95pt 0pt 0in"><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Representation Made By&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>B. The ASSURED represents that all information it has furnished in the<BR>
</FONT><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Assured&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APPLICATION for this Bond or otherwise is complete, true and correct. Such</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 163.45pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APPLICATION and other information constitute part of this Bond.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.75pt 0in 0pt 163.45pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The ASSURED must promptly notify the COMPANY of any change in any fact or circumstance which materially affects the risk assumed by the COMPANY under this Bond.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 163.45pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Any intentional misrepresentation, omission, concealment or incorrect statement of a material fact, in the APPLICATION or otherwise, shall be grounds for recision of this Bond.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>ICAP Bond (5-98)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Form 17-02-1421 (Ed. 5-98)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>General Agreements</FONT></I></B></P>
<P style="MARGIN: 0in 0in 16.55pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>(continued)</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Additional Offices Or Employees - Consolidation, Merger Or Purchase Or Acquisition Of Assets Or Liabilities - Notice To Company</FONT></I></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 0.25pt 0in 0pt 0.35in"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>C. If the ASSURED, other than an </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company, </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>while this Bond is in force, merges or consolidates with, or purchases or acquires assets or liabilities of another institution, the ASSURED shall not have the coverage afforded under this Bond for loss which has:</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0.95pt 0in 0pt 0.35in"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(1)</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>occurred or will occur on premises, or</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 0.35in"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(2)</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>been caused or will be caused by an employee, or</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 110.4pt 0pt 0.35in"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(3)</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>arisen or will arise out of the assets or liabilities, of such institution, unless the ASSURED:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 4.55pt 0in 0pt 50.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>gives the COMPANY written notice of the proposed consolidation, merger or purchase or acquisition of assets or liabilities prior to the proposed effective date of such action, and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 5.75pt 0in 0pt 50.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>obtains the written consent of the COMPANY to extend some or all of the coverage provided by this Bond to such additional exposure, and</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 6.5pt 0in 0pt 0.35in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>on obtaining such consent, pays to the COMPANY an additional premium.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.25pt 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Change Of Control -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>D.&nbsp;&nbsp;&nbsp; When the ASSURED learns of a change in control (other than in an </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Notice To Company&nbsp;&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></I><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Company), </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>as set forth in Section 2(a) (9) of the Investment Company Act of</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.25pt 0pt 166.5pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>1940, the ASSURED shall within sixty (60) days give written notice to the</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 166.5pt" align=left><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>COMPANY setting forth:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.5pt; MARGIN: 5.75pt 0in 0pt 188.65pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(1)</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>the names of the transferors and transferees (or the names of the beneficial owners if the voting securities are registered in another name),</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.5pt; MARGIN: 5.75pt 0in 0pt 188.65pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(2)</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>the total number of voting securities owned by the transferors and the transferees (or the beneficial owners), both immediately before and after the transfer, and</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 6.7pt 0in 0pt 164.15pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(3)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>the total number of outstanding voting securities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.3pt 0in 0pt 164.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Failure to give the required notice shall result in termination of coverage for any loss involving a transferee, to be effective on the date of such change in control.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 11.75pt 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Court Costs And&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>E.&nbsp;&nbsp;&nbsp; The COMPANY will indemnify the ASSURED for court costs and reasonable</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.25pt 0.7pt 0pt 0in"><I><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Attorneys' Fees&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></I><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>attorneys' fees incurred and paid by the ASSURED in defense, whether or not</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 163.9pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>successful, whether or not fully litigated on the merits and whether or not settled, of any claim, suit or legal proceeding with respect to which the ASSURED would be entitled to recovery under this Bond. However, with respect to INSURING CLAUSE 1., this Section shall only apply in the event that:</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 6.7pt 0in 0pt 164.15pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>an </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee </FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>admits to being guilty of </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Larceny or Embezzlement,</FONT></B></P>
<P style="TEXT-INDENT: 0in; MARGIN: 5.3pt 0in 0pt 164.15pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>an </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee </FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>is adjudicated to be guilty of </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Larceny or Embezzlement, </FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>ICAP Bond (5-98)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Form 17-02-1421 (Ed. 5-98)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>General Agreements</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Court Costs And&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(3)&nbsp;&nbsp; in the absence of 1 or 2 above, an arbitration panel agrees, after a review of</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Attorneys' Fees&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>an agreed statement of facts between the COMPANY and the ASSURED,</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial><FONT style="FONT-SIZE: 8pt">(continued)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>that an </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>would be found guilty of </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Larceny or Embezzlement </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>if</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.65pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>were prosecuted.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 163.7pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The ASSURED shall promptly give notice to the COMPANY of any such suit or legal proceeding and at the request of the COMPANY shall furnish copies of all pleadings and pertinent papers to the COMPANY. The COMPANY may, at its sole option, elect to conduct the defense of all or part of such legal proceeding. The defense by the COMPANY shall be in the name of the ASSURED through attorneys selected by the COMPANY. The ASSURED shall provide all reasonable information and assistance as required by the COMPANY for such defense.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.75pt 0in 0pt 163.7pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>If the COMPANY declines to defend the ASSURED, no settlement without the prior written consent of the COMPANY nor judgment against the ASSURED shall determine the existence, extent or amount of coverage under this Bond.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6.7pt 0in 0pt 2.25in"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>If the amount demanded in any such suit or legal proceeding is within the DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court costs and attorney's fees incurred in defending all or part of such suit or legal proceeding.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.75pt 0in 0pt 163.9pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>If the amount demanded in any such suit or legal proceeding is in excess of the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees incurred in defending all or part of such suit or legal proceedings is limited to the proportion of such court costs and attorney's fees incurred that the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING CLAUSE bears to the total of the amount demanded in such suit or legal proceeding.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 163.7pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>If the amount demanded is any such suit or legal proceeding is in excess of the DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees incurred in defending all or part of such suit or legal proceedings shall be limited to the proportion of such court costs or attorney's fees that the amount demanded that would be payable under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total amount demanded.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.75pt 0in 0pt 163.9pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Amounts paid by the COMPANY for court costs and attorneys' fees shall be in addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>ICAP Bond (5-98)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Form 17-02-1421 (Ed. 5-98)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 439.7pt 0pt 0in"><B><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>Conditions And</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 439.7pt 0pt 0in"><B><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>Limitations</FONT></I></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 6.95pt 0in 0pt" align=left><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Definitions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>1.&nbsp;&nbsp;&nbsp; As used in this Bond:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 163.45pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 0in 0in 0pt 188.4pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Computer System </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means a computer and all input, output, processing, storage, off-line media libraries, and communication facilities which are connected to the computer and which are under the control and supervision of the operating system(s) or application(s) software used by the ASSURED.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.5pt; MARGIN: 5.05pt 0in 0pt 188.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Counterfeit </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means an imitation of an actual valid original which is intended to deceive and be taken as the original.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -25.45pt; MARGIN: 4.1pt 0in 0pt 188.9pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Custodian </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means the institution designated by an </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>to maintain possession and control of its assets.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 5.05pt 0in 0pt 188.4pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>d.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Customer </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means an individual, corporate, partnership, trust customer, shareholder or subscriber of an </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>which has a written agreement with the ASSURED for </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Voice Initiated Funds Transfer Instruc
tion.</FONT></B></P>
<P style="TEXT-INDENT: 0in; MARGIN: 5.3pt 0in 0pt 163.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>e.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee </FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means:</FONT></P>
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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 6.95pt 0in 0pt 188.9pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(1)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>an officer of the ASSURED,</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.5pt; MARGIN: 6pt 0in 0pt 213.35pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(2)</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a natural person while in the regular service of the ASSURED at any of the ASSURED'S premises and compensated directly by the ASSURED through its payroll system and subject to the United States Internal Revenue Service Form W-2 or equivalent income reporting plans of other countries, and whom the ASSURED has the right to control and direct both as to the result to be accomplished and details and means by which such result is accomplished in the performance of such service,</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.5pt; MARGIN: 6pt 0in 0pt 213.35pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(3)</FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a guest student pursuing studies or performing duties in any of the ASSURED'S premises,</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 5.75pt 0in 0pt 213.85pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(4)</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>an attorney retained by the ASSURED and an employee of such attorney while either is performing legal services for the ASSURED,</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 5.75pt 0in 0pt 213.85pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(5)</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a natural person provided by an employment contractor to perform employee duties for the ASSURED under the ASSURED'S supervision at any of the ASSURED'S premises,</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.5pt; MARGIN: 5.75pt 0in 0pt 213.35pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(6)</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>an employee of an institution merged or consolidated with the ASSURED prior to the effective date of this Bond,</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.5pt; MARGIN: 5.05pt 0in 0pt 213.35pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(7)</FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a director or trustee of the ASSURED, but only while performing acts within the scope of the customary and usual duties of any officer or other employee of the ASSURED or while acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>of the ASSURED, or</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>ICAP Bond (5-98)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Form 17-02-1421 (Ed. 5-98)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 439.7pt 0pt 0in"><B><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>Conditions And</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 439.7pt 0pt 0in"><B><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>Limitations</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Definitions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(8)&nbsp;&nbsp; each natural person, partnership or corporation authorized by written</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>(continued)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>agreement with the ASSURED to perform services as electronic data</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 188.4pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>processor of checks or other accounting records related to such checks but only while such person, partnership or corporation is actually performing such services and not:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 6pt 0in 0pt 213.85pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>creating, preparing, modifying or maintaining the ASSURED'S computer software or programs, or</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 5.75pt 0in 0pt 213.85pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>acting as transfer agent or in any other agency capacity in issuing checks, drafts or securities for the ASSURED,</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 4.8pt 0in 0pt 188.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(9) any partner, officer or employee of an investment advisor, an underwriter (distributor), a transfer agent or shareholder accounting recordkeeper, or an administrator, for an </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>while performing acts coming within the scope of the customary and usual duties of an officer or employee of an </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or acting as a member of any committee duly elected or appointed to examine, audit or have custody of or access to </FONT><B><FONT style="LINE-HEIGH
T: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>of </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>an Investment Company.</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 0in 0pt 188.15pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The term </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>shall not include any partner, officer or employee of a transfer agent, shareholder accounting recordkeeper or administrator:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.7pt; MARGIN: 4.1pt 0in 0pt 213.35pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>which is not an "affiliated person" (as defined in Section 2(a) of the Investment Company Act of 1940) of an </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or of the investment advisor or underwriter (distributor) of such </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company, </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial
>or</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.7pt; MARGIN: 0.05in 0in 0pt 213.35pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>which is a "bank" (as defined in Section 2(a) of the Investment Company Act of 1940).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 213.35pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>This Bond does not afford coverage in favor of the employers of persons as set forth in e. (4), (5) and (8) above, and upon payment to the ASSURED by the COMPANY resulting directly from </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Larceny or Embezzlement </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>committed by any of the partners, officers or employees of such employers, whether acting alone or in collusion with others, an assignment of such of the ASSURED'S rights and causes of action as it may have against such employers by reason of such acts so committed shall, to the extent of such payment, be given by the </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ASSURED to the COMPANY, and the ASSURED shall execute all</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 214.1pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>papers necessary to secure to the COMPANY the rights provided for herein.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.05pt 0in 0pt 188.9pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Each employer of persons as set forth in e.(4), (5) and (8) above and the partners, officers and other employees of such employers shall collectively be deemed to be one person for all the purposes of this Bond; excepting, however, the fifth paragraph of Section 13.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.05pt 0in 0pt 188.65pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Independent contractors not specified in e.(4), (5) or (8) above, intermediaries, agents, brokers or other representatives of the same general character shall not be considered </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employees.</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>ICAP Bond (5-98)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Form 17-02-1421 (Ed. 5-98)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0.7pt 0pt 0pt 0in"><B><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Conditions And</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.7pt 0pt 0pt 0in"><B><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Limitations</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.7pt 0in 0pt"><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Definitions (continued)</FONT></I></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 0in 0in 0pt 24.95pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>f.</FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Forgery </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means the signing of the name of another natural person with the intent to deceive but does not mean a signature which consists in whole or in part of one's own name, with or without authority, in any capacity for any purpose.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 5.05pt 0in 0pt 24.95pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>g.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means any investment company registered under the Investment Company Act of 1940 and listed under the NAME OF ASSURED</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt 26.15pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>on the DECLARATIONS.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 5.3pt 0in 0pt 24.95pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>h.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Items of Deposit </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means one or more checks or drafts drawn upon a financial institution in the United States of America.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 5.05pt 0in 0pt 24.95pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Larceny or Embezzlement </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means larceny or embezzlement as defined in<BR>
Section 37 of the Investment Company Act of 1940.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -25.7pt; MARGIN: 5.05pt 0in 0pt 25.7pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>j. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means money, revenue and other stamps; securities; including any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of deposit, certificate of interest or participation in any profit-sharing agreement, collateral trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any interest or instruments commonly known as a security under the Investment Company Act of 1940, any other certificate of int
erest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing; bills of exchange; acceptances; checks; withdrawal orders; money orders; travelers' letters of credit; bills of lading; abstracts of title; insurance policies, deeds, mortgages on real estate and/or upon chattels and interests therein; assignments of such policies, deeds or mortgages; other valuable papers, including books of accounts and other records used by the ASSURED in the conduct of its business (but excluding all electronic data processing records); and, all other instruments similar to or in the nature of the foregoing in which the ASSURED acquired an interest at the time of the ASSURED'S consolidation or merger with, or purchase of the principal assets of, a predecessor or which are held by the ASSURED for any purpose or in any capacity and whether so held gratuitously or not and whether or not the ASSURED is liable therefor.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 5.05pt 0in 0pt 24.95pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>k. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Relative </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means the spouse of an </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or partner of the ASSURED and any unmarried child supported wholly by, or living in the home of, such </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or partner and being related to them by blood, marriage or legal guardianship.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 5.05pt 0in 0pt 0.35in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>l. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Securities, documents or other written instruments </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means original (including original counterparts) negotiable or non-negotiable instruments, or assignments thereof, which in and of themselves represent an equitable interest, ownership, or debt and which are in the ordinary course of business transferable by delivery of such instruments with any necessary endorsements or assignments.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>ICAP Bond (5-98)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Form 17-02-1421 (Ed. 5-98)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 439.45pt 0pt 0in"><B><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>Conditions And</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 439.45pt 0pt 0in"><B><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>Limitations</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Definitions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>m.&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Subsidiary </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means any organization that, at the inception date of this Bond,</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>(continued)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>is named in the APPLICATION or is created during the BOND PERIOD and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 188.9pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>of which more than fifty percent (50%) of the outstanding securities or voting rights representing the present right to vote for election of directors is owned or controlled by the ASSURED either directly or through one or more of its subsidiaries.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 4.8pt 0in 0pt 189.1pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>n. </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Transportation Company </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means any organization which provides its own or its leased vehicles for transportation or which provides freight forwarding or air express services.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 5.05pt 0in 0pt 189.1pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>o. </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Voice Initiated Election </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means any election concerning dividend options available to </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>shareholders or subscribers which is requested by voice over the telephone.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.5pt; MARGIN: 4.1pt 0in 0pt 188.65pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>p. </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Voice Initiated Redemption </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means any redemption of shares issued by an </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>which is requested by voice over the telephone.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 4.3pt 0in 0pt 188.65pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>q. </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Voice Initiated Funds Transfer Instruction </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means any </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Voice Initiated Redemption </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Voice Initiated Election.</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 0in 23.05pt 164.15pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>For the purposes of these definitions, the singular includes the plural and the plural includes the singular, unless otherwise indicated.</FONT></P>
<P style="MARGIN: 0.7pt 0in 0pt"><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>General Exclusions -Applicable to All Insuring Clauses</FONT></I></P>
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</FONT></I>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>2.&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>This bond does not directly or indirectly cover:</FONT></B></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; MARGIN: 5.3pt 0in 0pt 27pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a. loss not reported to the COMPANY in writing within sixty (60) days after termination of this Bond as an entirety;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 5.75pt 0in 0pt 27pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.loss due to riot or civil commotion outside the United States of America and Canada, or any loss due to military, naval or usurped power, war or insurrection. This Section 2.b., however, shall not apply to loss which occurs in transit in the circumstances recited in INSURING CLAUSE 3., provided that when such transit was initiated there was no knowledge on the part of any person acting for the ASSURED of such riot, civil commotion, military, naval or usurped power, war or insurrection;</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 6.7pt 0in 0pt 17.75pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c. loss resulting from the effects of nuclear fission or fusion or radioactivity;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 6.25pt 0in 0pt 27pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>d. loss of potential income including, but not limited to, interest and dividends not realized by the ASSURED or by any customer of the ASSURED;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 5.75pt 0in 0pt 27pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>e. damages of any type for which the ASSURED is legally liable, except compensatory damages, but not multiples thereof, arising from a loss covered under this Bond;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 5.75pt 0in 0pt 27pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>f. costs, fees and expenses incurred by the ASSURED in establishing the existence of or amount of loss under this Bond, except to the extent covered under INSURING CLAUSE 11.;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 5.75pt 0in 0pt 27pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>g. loss resulting from indirect or consequential loss of any nature;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>ICAP Bond (5-98)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Form 17-02-1421 (Ed. 5-98)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Conditions And</FONT></I></B></P>
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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>General Exclusions -Applicable to All Insuring Clauses (continued)</FONT></I></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>h. </FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss resulting from dishonest acts by any member of the Board of Directors or Board of Trustees of the ASSURED who is not an </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee, </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>acting alone or in collusion with others; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss, or that part of any loss, resulting solely from any violation by the ASSURED or by any </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee:</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6.7pt 0in 2.15pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(1) </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>of any law regulating:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6.95pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a. </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>the issuance, purchase or sale of securities,</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b. securities transactions on security or commodity exchanges or the over the counter market,</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 6.7pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c. investment companies,</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 6.95pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>d. investment advisors, or</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(2)&nbsp;&nbsp; of any rule or regulation made pursuant to any such law; or loss of confidential</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>j. information, material or data;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.3pt 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>k. loss resulting from voice requests or instructions received over the telephone, provided however, this Section 2.k. shall not apply to INSURING</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>CLAUSE 7. or 9.</FONT></P>
<P style="MARGIN: 11.05pt 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0.95pt 0in 0pt"><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Specific Exclusions -Applicable To All Insuring Clauses Except Insuring Clause 1.</FONT></I></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>3.&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>This Bond does not directly or indirectly cover:</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 4.3pt 0in 0pt 50.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss caused by an </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee, </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>provided, however, this Section 3.a. shall not apply to loss covered under INSURING CLAUSE 2. or 3. which results directly from misplacement, mysterious unexplainable disappearance, or damage or destruction of </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property;</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 5.75pt 0in 0pt 50.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss through the surrender of property away from premises of the ASSURED as a result of a threat:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.5pt; MARGIN: 6pt 0in 0pt 75.1pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(1)</FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>to do bodily harm to any natural person, except loss of </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>in transit in the custody of any person acting as messenger of the ASSURED, provided that when such transit was initiated there was no knowledge by the ASSURED of any such threat, and provided further that this Section 3.b. shall not apply to INSURING CLAUSE 7., or</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 6.7pt 0in 0pt 50.65pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(2)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>to do damage to the premises or </FONT><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>of the ASSURED;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 6pt 0in 0pt 50.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss resulting from payments made or withdrawals from any account involving erroneous credits to such account;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 5.05pt 0in 0pt 50.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>d.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss involving </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Items of Deposit </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>which are not finally paid for any reason provided however, that this Section 3.d. shall not apply to INSURING</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt 0.7in" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>CLAUSE 10.;</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt 0.7in" align=left><FONT face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6.95pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss of property while in the mail;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6.95pt 0in 0pt">&nbsp;</P>
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<P style="MARGIN: 0in 0pt 0pt 0in; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>ICAP Bond (5-98)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0pt 0pt 0in; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Form 17-02-1421 (Ed. 5-98)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 6.1in 0pt 0in; mso-line-height-rule: exactly; mso-pagination: widow-orphan"><B><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>Conditions And Limitations</FONT></I></B></P>
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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Specific Exclusions -Applicable To All Insuring Clauses Except Insuring Clause 1. (continued)</FONT></I></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 0in 0in 0pt 24.95pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>f.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss resulting from the failure for any reason of a financial or depository institution, its receiver or other liquidator to pay or deliver funds or other </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>to the ASSURED provided further that this Section 3.f. shall not apply to loss of </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.5pt
; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>resulting directly from robbery, burglary, misplacement, mysterious unexplainable disappearance, damage, destruction or removal from the possession, custody or control of the</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.5pt 0in 0pt 24.95pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ASSURED.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 5.3pt 0.95pt 0pt 24.95pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>g.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss of </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>while in the custody of a </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Transportation Company, </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>provided however, that this Section 3.g. shall not apply to INSURING</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt 25.45pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>CLAUSE 3.;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 6pt 0in 0pt 24.95pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>h.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss resulting from entries or changes made by a natural person with authorized access to a </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Computer System </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>who acts in good faith on instructions, unless such instructions are given to that person by a software contractor or its partner, officer, or employee authorized by the ASSURED to design, develop, prepare, supply, service, write or implement programs for the ASSURED's </FONT><B><FONT style="LIN
E-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Computer System; </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 3.85pt 0.25pt 0pt 24.95pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; loss resulting directly or indirectly from the input of data into a </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Computer<BR>
System </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>terminal, either on the premises of the customer of the ASSURED<BR>
or under the control of such a customer, by a customer or other person who<BR>
had authorized access to the customer's authentication mechanism.</FONT></P>
<P style="MARGIN: 9.35pt 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0.95pt 0in 0pt"><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Specific Exclusions - </FONT></I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>4. </FONT><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Applicable To All Insuring Clauses Except Insuring Clauses 1., 4., And 5.</FONT></I></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>This bond does not directly or indirectly cover:</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 0.05in 0.25pt 0pt 24.95pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss resulting from the complete or partial non-payment of or default on any loan whether such loan was procured in good faith or through trick, artifice, fraud or false pretenses; provided, however, this Section 4.a. shall not apply</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 24.7pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>to INSURING CLAUSE 8.;</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 5.75pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss resulting from forgery or any alteration;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 6pt 0in 0pt 24.95pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss involving a counterfeit provided, however, this Section 4.c. shall not apply to INSURING CLAUSE 5. or 6.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 11.5pt 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Limit Of Liability/Non-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>5. At all times prior to termination of this Bond, this Bond shall continue in force for<BR>
</FONT><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Reduction And Non-&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></I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Accumulation Of Liability&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>notwithstanding any previous loss for which the COMPANY may have paid or be</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 164.15pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>liable to pay under this Bond provided, however, that the liability of the COMPANY under this Bond with respect to all loss resulting from:</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -0.35in; MARGIN: 5.05pt 0in 0pt 189.1pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>any one act of burglary, robbery or hold-up, or attempt thereat, in which no </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>is concerned or implicated, or</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -0.35in; MARGIN: 5.75pt 0in 0pt 189.1pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>any one unintentional or negligent act on the part of any one person resulting in damage to or destruction or misplacement of </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property, </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 6.7pt 0in 0pt 163.9pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c.</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>all acts, other than those specified in a. above, of any one person, or</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>ICAP Bond (5-98)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Form 17-02-1421 (Ed. 5-98)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 6.1in 0pt 0in; mso-line-height-rule: exactly; mso-pagination: widow-orphan"><B><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>Conditions And Limitations</FONT></I></B></P>
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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Limit Of Liability/Non-Reduction And Non-Accumulation Of Liability (continued)</FONT></I></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0.95pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>d.&nbsp;&nbsp;&nbsp; any one casualty or event other than those specified in a., b., or c. above,</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.75pt 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>shall be deemed to be one loss and shall be limited to the applicable LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of the total amount of such loss or losses and shall not be cumulative in amounts from year to year or from period to period.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 6.7pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>All acts, as specified in c. above, of any one person which</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -24.7pt; MARGIN: 6pt 0in 0pt 24.7pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>i.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>directly or indirectly aid in any way wrongful acts of any other person or persons, or</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 6.7pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ii.</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>permit the continuation of wrongful acts of any other person or persons</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.3pt 0.25pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>whether such acts are committed with or without the knowledge of the wrongful acts of the person so aided, and whether such acts are committed with or without the intent to aid such other person, shall be deemed to be one loss with the wrongful acts of all persons so aided.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0.5pt 0in 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Discovery&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>6.&nbsp;&nbsp;&nbsp; This Bond applies only to loss first discovered by an officer of the ASSURED</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 163.45pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>during the BOND PERIOD. Discovery occurs at the earlier of an officer of the ASSURED being aware of:</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -24.7pt; MARGIN: 4.8pt 0in 0pt 188.65pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>facts which may subsequently result in a loss of a type covered by this Bond, or</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -24.7pt; MARGIN: 5.75pt 0in 0pt 188.65pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>an actual or potential claim in which it is alleged that the ASSURED is liable to a third party,</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.75pt 0in 20.65pt 163.45pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>regardless of when the act or acts causing or contributing to such loss occurred, even though the amount of loss does not exceed the applicable DEDUCTIBLE AMOUNT, or the exact amount or details of loss may not then be known.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Notice To Company - </FONT></I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>7. </FONT><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Proof - Legal Proceedings Against Company</FONT></I></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 0in 0in 0pt 24.95pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The ASSURED shall give the COMPANY notice thereof at the earliest practicable moment, not to exceed sixty (60) days after discovery of loss, in an amount that is in excess of 50% of the applicable DEDUCTIBLE AMOUNT, as stated in ITEM 2. of the DECLARATIONS.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 6pt 0.7pt 0pt 24.95pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to, with full particulars within six (6) months after such discovery.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 4.8pt 0.7pt 0pt 24.95pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Securities listed in a proof of loss shall be identified by certificate or bond numbers, if issued with them.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 5.75pt 0.5pt 0pt 24.95pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>d.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Legal proceedings for the recovery of any loss under this Bond shall not be brought prior to the expiration of sixty (60) days after the proof of loss is filed with the COMPANY or after the expiration of twenty-four (24) months from the discovery of such loss.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 5.75pt 0.5pt 0pt 24.95pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>e.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>This Bond affords coverage only in favor of the ASSURED. No claim, suit, action or legal proceedings shall be brought under this Bond by anyone</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt 25.45pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>other than the ASSURED.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>ICAP Bond (5-98)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Form 17-02-1421 (Ed. 5-98)</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 414.7pt 0pt 0in; mso-line-height-rule: exactly; mso-pagination: widow-orphan" align=left><B><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>Conditions And Limitations</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Notice To Company -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>f.&nbsp;&nbsp;&nbsp;&nbsp; Proof of loss involving </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Voice Initiated Funds Transfer Instruction </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>shall</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Proof - Legal Proceedings&nbsp;&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></I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>include electronic recordings of such instructions.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.25pt 6in 0pt 0in" align=left><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Against Company (continued)</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Deductible Amount&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>8.&nbsp;&nbsp; The COMPANY shall not be liable under any INSURING CLAUSES of this Bond</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 163.45pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>on account of loss unless the amount of such loss, after deducting the net amount of all reimbursement and/or recovery obtained or made by the ASSURED, other than from any Bond or policy of insurance issued by an insurance company and covering such loss, or by the COMPANY on account thereof prior to payment by the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt 164.15pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>DECLARATIONS.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.3pt 0in 0pt 163.7pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>There shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained by any </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 11.05pt 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Valuation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></I><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>9.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>BOOKS OF ACCOUNT OR OTHER RECORDS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.3pt 0in 0pt 163.45pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The value of any loss of </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>consisting of books of account or other records used by the ASSURED in the conduct of its business shall be the amount paid by the ASSURED for blank books, blank pages, or other materials which replace the lost books of account or other records, plus the cost of labor paid by the ASSURED for the actual transcription or copying of data to reproduce such books of account or other records.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.05pt 0in 0pt 163.45pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The value of any loss of </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>other than books of account or other records used by the ASSURED in the conduct of its business, for which a claim is made shall be determined by the average market value of such </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>on the business day immediately preceding discovery of such loss provided, however, that the value of any </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=
EN-US color=black face=Arial>replaced by the ASSURED with the consent of the COMPANY and prior to the settlement of any claim for such </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>shall be the actual market value at the time of replacement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.75pt 0in 0pt 163.7pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>In the case of a loss of interim certificates, warrants, rights or other securities, the production of which is necessary to the exercise of subscription, conversion, redemption or deposit privileges, the value of them shall be the market value of such privileges immediately preceding their expiration if said loss is not discovered until after their expiration. If no market price is quoted for such </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or for such privileges, the value shall be fixed by agreement between the parties.</FONT></P>
<P style="MARGIN: 5.05pt 0in 0pt 163.9pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>OTHER PROPERTY</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.1pt 0in 0pt 163.9pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The value of any loss of </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property, </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>other than as stated above, shall be the actual cash value or the cost of repairing or replacing such </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>with </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>of like quality and value, whichever is less.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>ICAP Bond (5-98)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Form 17-02-1421 (Ed. 5-98)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 439.45pt 0pt 0in"><B><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>Conditions And</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 439.45pt 0pt 0in"><B><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>Limitations</FONT></I></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>(continued)</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6.95pt 0in 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Securities Settlement&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>10.&nbsp;&nbsp; In the event of a loss of securities covered under this Bond, the COMPANY may,</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 163.2pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>at its sole discretion, purchase replacement securities, tender the value of the securities in money, or issue its indemnity to effect replacement securities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.75pt 0in 0pt 163.45pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The indemnity required from the ASSURED under the terms of this Section against all loss, cost or expense arising from the replacement of securities by the COMPANY'S indemnity shall be:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.7pt; MARGIN: 4.8pt 0in 0pt 188.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>for securities having a value less than or equal to the applicable DEDUCTIBLE AMOUNT - one hundred (100%) percent;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.7pt; MARGIN: 5.75pt 0in 0pt 188.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>for securities having a value in excess of the DEDUCTIBLE AMOUNT but within the applicable LIMIT OF LIABILITY - the percentage that the DEDUCTIBLE AMOUNT bears to the value of the securities;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.7pt; MARGIN: 6pt 0in 0pt 188.15pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c.</FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>for securities having a value greater than the applicable LIMIT OF LIABILITY - the percentage that the DEDUCTIBLE AMOUNT and portion in excess of the applicable LIMIT OF LIABILITY bears to the value of the securities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.75pt 0in 0pt 163.45pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The value referred to in Section 10.a., b., and c. is the value in accordance with Section 9, VALUATION, regardless of the value of such securities at the time the loss under the COMPANY'S indemnity is sustained.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 0in 0pt 163.2pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The COMPANY is not required to issue its indemnity for any portion of a loss of securities which is not covered by this Bond; however, the COMPANY may do so as a courtesy to the ASSURED and at its sole discretion.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.05pt 0in 23.5pt 163.45pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The ASSURED shall pay the proportion of the Company's premium charge for the Company's indemnity as set forth in Section 10.a., b., and c. No portion of the LIMIT OF LIABILITY shall be used as payment of premium for any indemnity purchased by the ASSURED to obtain replacement securities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Subrogation - Assignment - </FONT></I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>11. </FONT><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Recovery</FONT></I></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0.25pt 0.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>In the event of a payment under this Bond, the COMPANY shall be subrogated to all of the ASSURED'S rights of recovery against any person or entity to the extent of such payment. On request, the ASSURED shall deliver to the COMPANY an assignment of the ASSURED'S rights, title and interest and causes of action against any person or entity to the extent of such payment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.75pt 0.95pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Recoveries, whether effected by the COMPANY or by the ASSURED, shall be applied net of the expense of such recovery in the following order:</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -24.7pt; MARGIN: 5.75pt 0in 0pt 24.7pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>first, to the satisfaction of the ASSURED'S loss which would otherwise have been paid but for the fact that it is in excess of the applicable LIMIT OF</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt 25.45pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIABILITY,</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6.95pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>second, to the COMPANY in satisfaction of amounts paid in settlement of</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.95pt 0in 0pt 24.7pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>the ASSURED'S claim,</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -24.7pt; MARGIN: 6pt 0in 0pt 24.7pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE AMOUNT, and</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>ICAP Bond (5-98)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Form 17-02-1421 (Ed. 5-98)</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 413.95pt 0pt 0in; mso-line-height-rule: exactly; mso-pagination: widow-orphan" align=left><B><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>Conditions And Limitations</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Subrogation - Assignment -</FONT></I></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Recovery</FONT></I></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>(continued)</FONT></I></P>
<I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial><BR clear=all>
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<P style="TEXT-ALIGN: left; TEXT-INDENT: -24.95pt; MARGIN: 0in 0in 0pt 24.95pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>d.&nbsp;&nbsp;&nbsp; fourth, to the ASSURED in satisfaction of any loss suffered by the ASSURED which was not covered under this Bond.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.75pt 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a recovery under this section.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0.5pt 0in 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Cooperation Of Assured&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>12.&nbsp;&nbsp; At the COMPANY'S request and at reasonable times and places designated by</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt 162.95pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>the COMPANY, the ASSURED shall:</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -24.95pt; MARGIN: 6.25pt 0in 0pt 188.4pt" align=left><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>submit to examination by the COMPANY and subscribe to the same under oath,</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 6.7pt 0in 0pt 163.45pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>produce for the COMPANY'S examination all pertinent records, and</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 6.95pt 0in 0pt 163.45pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c.</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>cooperate with the COMPANY in all matters pertaining to the loss.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 162.95pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The ASSURED shall execute all papers and render assistance to secure to the COMPANY the rights and causes of action provided for under this Bond. The ASSURED shall do nothing after loss to prejudice such rights or causes of action.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.5pt 0in 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Termination&nbsp;&nbsp;&nbsp;&nbsp;&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></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>13.&nbsp;&nbsp; If the Bond is for a sole ASSURED, it shall not be terminated unless written notice</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 163.2pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>shall have been given by the acting party to the affected party and to the Securities and Exchange Commission, Washington, D.C., not less than sixty (60) days prior to the effective date of such termination.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 162.95pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>If the Bond is for a joint ASSURED, it shall not be terminated unless written notice shall have been given by the acting party to the affected party, and by the COMPANY to all ASSURED </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Companies </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>and to the Securities and Exchange Commission, Washington, D.C., not less than sixty (60) days prior to the effective date of such termination.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.05pt 0in 0pt 163.45pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>This Bond will terminate as to any one ASSURED, other than an </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company:</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.7pt; MARGIN: 4.3pt 0in 0pt 188.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>immediately on the taking over of such ASSURED by a receiver or other liquidator or by State or Federal officials, or</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.7pt; MARGIN: 5.75pt 0in 0pt 188.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>immediately on the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the ASSURED, or assignment for the benefit of creditors of the ASSURED, or</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.7pt; MARGIN: 5.75pt 0in 0pt 188.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>immediately upon such ASSURED ceasing to exist, whether through merger into another entity, disposition of all of its assets or otherwise.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 162.95pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The COMPANY shall refund the unearned premium computed at short rates in accordance with the standard short rate cancellation tables if terminated by the ASSURED or pro rata if terminated for any other reason.</FONT></P>
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<P style="MARGIN: 0in 0pt 0pt 0in; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>ICAP Bond (5-98)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0pt 0pt 0in; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Form 17-02-1421 (Ed. 5-98)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 438.7pt 0pt 0in; mso-line-height-rule: exactly; mso-pagination: widow-orphan"><B><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>Conditions And Limitations</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Termination&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></I><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>If any partner, director, trustee, or officer or supervisory employee of an</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>(continued)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></I><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ASSURED not acting in collusion with an </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>learns of any dishonest act</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 162.95pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>committed by such </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>at any time, whether in the employment of the ASSURED or otherwise, whether or not such act is of the type covered under this Bond, and whether against the ASSURED or any other person or entity, the</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt 162.95pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ASSURED:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.7pt; MARGIN: 5.3pt 0in 0pt 188.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>shall immediately remove such </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>from a position that would enable such </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>to cause the ASSURED to suffer a loss covered by this Bond; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.7pt; MARGIN: 5.05pt 0in 0pt 188.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>within forty-eight (48) hours of learning that an </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>has committed any dishonest act, shall notify the COMPANY, of such action and provide full particulars of such dishonest act.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.05pt 0in 0pt 162.95pt"><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The COMPANY may terminate coverage as respects any </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>sixty (60) days after written notice is received by each ASSURED </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company </FONT></B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>and the Securities and Exchange Commission, Washington, D.C. of its desire to terminate this Bond as to such </FONT><B><FONT style="LINE-HEIGHT: 11.3pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee.</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 11.05pt 0in 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Other Insurance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>14.&nbsp;&nbsp; Coverage under this Bond shall apply only as excess over any valid and collectible</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 163.7pt" align=left><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>insurance, indemnity or suretyship obtained by or on behalf of:</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 163.45pt" align=left><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>the ASSURED,</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 163.45pt"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a </FONT><B><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Transportation Company, </FONT></B><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.7pt; MARGIN: 4.3pt 0in 0pt 188.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>another entity on whose premises the loss occurred or which employed the person causing the loss or engaged the messenger conveying the </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>involved.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 11.5pt 0in 0pt"><I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Conformity&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></I><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>15.&nbsp;&nbsp; If any limitation within this Bond is prohibited by any law controlling this Bond's</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 163.7pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>construction, such limitation shall be deemed to be amended so as to equal the minimum period of limitation provided by such law.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.5pt 0in 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial>Change or Modification&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>16.&nbsp;&nbsp; This Bond or any instrument amending or affecting this Bond may not be changed</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 163.45pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or modified orally. No change in or modification of this Bond shall be effective except when made by written endorsement to this Bond signed by an authorized representative of the COMPANY.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.5pt 0in 0pt 163.2pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>If this Bond is for a sole ASSURED, no change or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to the Securities and Exchange Commission, Washington, D.C., by the acting party.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>ICAP Bond (5-98)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Form 17-02-1421 (Ed. 5-98)</FONT></P>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><i><font color=black face=Arial lang=EN-US style="font-size:10.0pt;line-height:11.5pt;">Change or Modification&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">If this Bond is for a joint
ASSURED, no charge or modification which would</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><i><font color=black face=Arial lang=EN-US style="font-size:10.0pt;line-height:11.5pt;">(continued)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">adversely affect the rights of
the ASSURED shall be effective prior to sixty (60)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:163.45pt;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">days after written notice has been furnished to all
insured </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Investment
Companies </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">and
to the Securities and Exchange Commission, Washington, D.C., by the</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:163.45pt;text-align:left;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">COMPANY.</font></p>









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<p style="margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;"><font color=black face=Arial lang=EN-US style="font-size:7.0pt;line-height:normal;">ICAP Bond (5-98)</font></p>



<p style="margin:0in;margin-bottom:.0001pt;margin-top:.95pt;mso-pagination:widow-orphan;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:7.0pt;line-height:normal;">Form 17-02-1421

(Ed. 5-98)</font></p>





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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Effective date of</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 24pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>this endorsement/rider: July 15, 2010&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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><B><FONT style="LINE-HEIGHT: 24pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>FEDERAL INSURANCE COMPANY</FONT></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 234.7pt" align=left><FONT style="LINE-HEIGHT: 24pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Endorsement/Rider No. 1</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 3.25in" align=left><FONT style="LINE-HEIGHT: 24pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>To be attached to and</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 234.25pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>form a part of Bond No. 81906724</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 1.45pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Issued to: JOHN HANCOCK FUNDS</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0.25pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0.25pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0.25pt 0pt 0in" align=center><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 1.45pt 0.25pt 0pt 0in" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other similar laws or regulations prohibit the coverage provided by this insurance.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 15.1pt 0pt 0in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 15.1pt 0pt 0in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 15.1pt 0pt 0in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 15.1pt 0pt 0in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 15.1pt 0pt 0in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 15.1pt 0pt 0in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 15.1pt 0pt 0in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.1in 15.1pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0.25pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 318.95pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 318.95pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial>/s/ Paul Morrisette</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 7.9pt 0in 228.95pt 318.95pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Authorized Representative</FONT></P>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">14-02-9228 (02/2010)</font></p>

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<p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:38.9pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan;text-align:right;"><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:24.0pt;">FEDERAL INSURANCE COMPANY</font></b></p>





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<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:3.75in;text-align:left;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:24.0pt;">Endorsement No: 2</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:3.75in;text-align:left;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:24.0pt;">Bond
Number: 81906724</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:24.0pt;">NAME OF ASSURED: JOHN HANCOCK
FUNDS</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:.25pt;text-align:center;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:.25pt;text-align:center;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.25pt;margin-top:.15in;text-align:center;"><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;">TERMINATION-NONRENEWAL-NOTICE
ENDORSEMENT</font></b></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-top:7.45pt;text-align:left;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">It is agreed that
this Bond is amended as follows:</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">1.&#160;&#160;&#160; By adding to Section 13.,
Termination, the following:</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:24.5pt;text-align:left;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">&quot;Termination
By The Company</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:.35in;text-align:left;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">Bonds
In Effect For More Than Sixty (60) Days</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:24.95pt;margin-right:0in;margin-top:4.8pt;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">If this Bond has been in effect
for more than sixty (60) days, or, if this Bond is a renewal, the COMPANY may
terminate by providing written notice of cancellation at least sixty (60) days
before the effective date of termination for at least one of the following
reasons:</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:24.7pt;margin-right:0in;margin-top:5.5pt;text-align:left;text-indent:0in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">Nonpayment
of premium;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:49.2pt;margin-right:0in;margin-top:4.55pt;text-align:justify;text-indent:-24.5pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Discovery
of fraud or material misrepresentation in obtaining this Bond or in the
presentation of a claim thereunder;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:49.2pt;margin-right:0in;margin-top:4.55pt;text-align:justify;text-indent:-24.5pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Discovery
of willful or reckless acts or omissions or violation of any provision of this
Bond on the part of the ASSURED which substantially and materially increases
any hazard insured against, and which occurred subsequent to the inception of
the current BOND PERIOD;</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:24.7pt;margin-right:0in;margin-top:.1in;text-align:left;text-indent:0in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">Conviction
of the ASSURED of a crime arising out of acts increasing the hazard insured
against;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:49.2pt;margin-right:0in;margin-top:6.25pt;text-align:justify;text-indent:-24.5pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Material
change in the risk which increases the risk of loss after insurance coverage
has been issued or renewed, except to the extent that the COMPANY should
reasonably have foreseen the change, or contemplated the risk when the contract
was written;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:49.2pt;margin-right:0in;margin-top:5.5pt;text-align:justify;text-indent:-24.5pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Determination
by the Commissioner that the continuation of the Bond would jeopardize a
COMPANY'S solvency or would place the COMPANY in violation of the insurance
laws of any state;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:49.2pt;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-24.5pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Determination
by the Commissioner that continuation of the present premium volume of the
COMPANY would jeopardize the COMPANY'S policyholders, creditors or the public;</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:24.7pt;margin-right:0in;margin-top:.1in;text-align:left;text-indent:0in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">8.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">Such
other reasons that are approved by the Commissioner;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:49.2pt;margin-right:0in;margin-top:6.25pt;text-align:justify;text-indent:-24.5pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Determination
by the Commissioner that the COMPANY no longer has adequate reinsurance to meet
the ASSUREDS needs;</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:24.7pt;margin-right:0in;margin-top:.1in;text-align:left;text-indent:0in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">10.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">Substantial
breaches of contractual duties, conditions or warranties; or</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:49.2pt;margin-right:0in;margin-top:6.25pt;text-align:justify;text-indent:-24.5pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">11.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Unfavorable
underwriting facts, specific to the ASSURED, existing that were not present at
the inception of the Bond.</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-top:5.5pt;text-align:left;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">ICAP Bond</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">Form 17-02-1360 (Rev. 10-99)</font></p>









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<p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:6.7pt;mso-pagination:widow-orphan;text-align:right;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">Page 1</font></p>





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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 25.9pt; mso-pagination: widow-orphan" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Bonds In Effect Sixty (60) Days Or Less</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 24.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>If this Bond has been in effect for sixty (60) days or less, and it is not a renewal Bond, the COMPANY may terminate for any reason by providing written notice of termination at least sixty (60) days before the effective date of termination.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.1in 0in 0pt 0.35in" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Notice Of Termination</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6.25pt 0in 0pt 24.95pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Notice of termination under this Section shall be mailed or delivered, by certified mail, return receipt provided by the United States Postal Service, to the ASSURED and to the authorized agent or broker, if any, at least sixty (60) days prior to the effective date of cancellation at the address shown on the DECLARATIONS of this Bond.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 24.95pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>If this Bond is cancelled for nonpayment of premium, the COMPANY will mail or deliver, by certified mail, return receipt provided by the United States Postal Service, a written notice at least thirty (30) days before the effective date of cancellation. The cancellation notice shall contain information regarding the amount of premium due and the due date, and shall state the effect of nonpayment by the due date. Cancellation shall not be effective if payment of the amount due is made prior to the effective date of cancellation.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.1in 0in 0pt 24.5pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>All notice of cancellation shall state the reason(s) for cancellation.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6.25pt 0in 0pt 24.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>There is no liability on the part of, and no cause of action of any nature shall arise against, the COMPANY, its authorized representatives, its employees, or any firm, person or corporation furnishing to the COMPANY, information relating to the reasons for cancellation or nonrenewal, for any statement made by them in complying or enabling the COMPANY to comply with this Section, for the provision of information pertaining thereto, or for statements made or evidence submitted at any hearings conducted in connection therewith, if such information was provided in good faith and without malice.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.1in 0in 0pt 0.35in" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Notice Of Nonrenewal</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6.25pt 0in 0pt 24.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>If the COMPANY elects not to renew this Bond, the COMPANY shall mail or deliver written notice, by certified mail, return receipt, provided by the United States Postal Service, to the ASSURED, at his last known address, at least sixty (60) days before the expiration date or before the anniversary date, if this Bond has been written for a term of more than one (1) year. Such notice shall also be mailed to the ASSURED'S agent or broker, if any.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 1.2pt 0in 0pt 24.95pt" align=left><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Such notice shall contain all of the following:</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 24.7pt"><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Bond Number:</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 24.7pt"><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Date of Notice;</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 24.7pt"><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c.</FONT><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Reason for Cancellation;</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 24.7pt"><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>d.</FONT><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Expiration Date of the Bond;</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 24.7pt"><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>e.</FONT><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Effective Date and Hour of Cancellation.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 0in 0pt 24.7pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Notice of nonrenewal shall not be required if the COMPANY or a COMPANY within the same insurance group has offered to issue a renewal Bond, the ASSURED has obtained replacement coverage or has agreed in writing to obtain replacement coverage, the ASSURED has requested or agreed to nonrenewal, or the Bond is expressly designated as nonrenewable.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 4.1pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ICAP Bond</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Form 17-02-1360 (Rev. 10-99)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 5.75pt 0pt 0in; mso-pagination: widow-orphan" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Page 2</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 25.9pt; mso-pagination: widow-orphan" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Return Premium Calculations</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 25.9pt; mso-pagination: widow-orphan" align=left><FONT face=Arial></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 25.7pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>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 style="TEXT-ALIGN: left; MARGIN: 0.1in 0in 0pt 25.7pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Conditional Renewal</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6.25pt 0in 0pt 0.35in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>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 re
placement coverage is obtained by the ASSURED, whichever occurs first."</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -25.7pt; MARGIN: 6pt 0in 0pt 25.7pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>2.&nbsp;&nbsp;&nbsp; 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</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 1.2pt 0in 0pt 25.9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Bond.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 7.45pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>This Endorsement applies to loss discovered after 12:01 a.m. on July 15, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 7.45pt 0in 38.4pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED</FONT><FONT lang=EN-US><BR clear=all>
</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 7.45pt 0in 38.4pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Date: December 9, 2010</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial><BR clear=all>
</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 1.7pt 0in 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>By&nbsp;&nbsp;/s/ Paul&nbsp;Morrisette&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 1.7pt 0in 0pt 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial>Authorized Representative</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 1.7pt 0in 0pt 0pt">&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-height: 10.55pt; mso-element-frame-hspace: 1.9pt; mso-element-left: 435.15pt; mso-element-top: 10.35pt; mso-element-wrap: auto; mso-height-rule: exactly" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial>Page 3</FONT></P>
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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ICAP Bond</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Form 17-02-1360 (Rev. 10-99)</FONT></P>
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<p align=right style="margin:0in;margin-bottom:.0001pt;margin-right:39.1pt;mso-line-height-rule:exactly;mso-pagination:widow-orphan;text-align:right;"><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:24.0pt;">FEDERAL INSURANCE COMPANY</font></b></p>





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<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:270.5pt;text-align:left;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:24.0pt;">Endorsement No.: 3</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:270.5pt;text-align:left;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:24.0pt;">Bond
Number: 81906724</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-top:4.8pt;text-align:left;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">NAME OF ASSURED:
JOHN HANCOCK FUNDS</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:1.45pt;text-align:center;"><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;">UNAUTHORIZED SIGNATURE
ENDORSEMENT</font></b></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-top:7.45pt;text-align:left;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">It is agreed that
this Bond is amended as follows:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:18.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">By
adding the following INSURING CLAUSE:</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:25.9pt;text-align:left;text-indent:0in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:18.0pt;">12.&#160;&#160; Unauthorized Signature</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:50.15pt;margin-right:0in;margin-top:4.3pt;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Loss resulting directly from
the ASSURED having accepted, paid or cashed any check or </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Withdrawal Order </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">made or drawn on or against the
account of the ASSURED'S customer which bears the signature or endorsement of
one other than a person whose name and signature is on file with the ASSURED as
a signatory on such account.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:50.65pt;margin-right:0in;margin-top:6.0pt;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">It shall be a condition
precedent to the ASSURED'S right of recovery under this INSURING CLAUSE that
the ASSURED shall have on file signatures of all the persons who are
signatories on such account.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.95pt;text-indent:0in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;">By
adding to Section 1., Definitions, the following:</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:50.15pt;margin-right:0in;margin-top:6.0pt;text-align:left;text-indent:-24.7pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">aa.&#160;&#160; </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Instruction </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">means a written order to the
issuer of an </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Uncertificated
Security </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">requesting
that the transfer, pledge or release from pledge of the specified </font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">Uncertificated Security </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">be registered.</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:50.65pt;margin-right:0in;margin-top:6.25pt;text-align:left;text-indent:-24.95pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">bb.&#160;&#160;
</font><b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">Uncertificated
Security </font></b><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:11.5pt;">means
a share, participation or other interest in property of or an enterprise of the
issuer or an obligation of the issuer, which is:</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:75.85pt;margin-right:0in;margin-top:5.75pt;text-align:left;text-indent:-24.95pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">(1)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">not
represented by an instrument and the transfer of which is registered on books
maintained for that purpose by or on behalf of the issuer, and</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:50.9pt;margin-right:0in;margin-top:.1in;text-align:left;text-indent:0in;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">(2)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">of a
type commonly dealt in on securities exchanges or markets, and</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:75.85pt;margin-right:0in;margin-top:6.25pt;text-align:left;text-indent:-24.95pt;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">(3)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:12.0pt;">either
one of a class or series or by its terms divisible into a class or series of
shares, participations, interests or obligations.</font></p>









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<p align=left style="margin:0in;margin-bottom:.0001pt;mso-pagination:widow-orphan;text-align:left;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">ICAP Bond</font></p>



<p style="margin:0in;margin-bottom:.0001pt;margin-top:.95pt;mso-pagination:widow-orphan;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">Form 17-02-5602 (Ed. 10-03)</font></p>





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<A name="page_28"></A>
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<a name="_bclHeader28"></a><P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
</DIV>
<a name="_bclPageBorder28"></a><P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 0in 0in 0pt 50.9pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>cc. </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Withdrawal Order </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means a non-negotiable instrument, other than an </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Instruction, </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>signed by a customer of the ASSURED authorizing the ASSURED to debit the customer's account in the amount of funds stated therein.</FONT></P>
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<a name="_bclPageBorder28"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
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<a name="_bclPageBorder28"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<a name="_bclPageBorder28"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<a name="_bclPageBorder28"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<a name="_bclPageBorder28"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<a name="_bclPageBorder28"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<a name="_bclPageBorder28"></a><P style="TEXT-ALIGN: justify; MARGIN: 4.3pt 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>This Endorsement applies to loss discovered after 12:01 a.m. on July 15, 2010.</FONT></P>
<a name="_bclPageBorder28"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<a name="_bclPageBorder28"></a><P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<a name="_bclPageBorder28"></a><P style="TEXT-ALIGN: justify; MARGIN: 7.45pt 0in 35.75pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
<FONT lang=EN-US>
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&nbsp;</DIV></FONT>
<a name="_bclPageBorder28"></a><P style="TEXT-ALIGN: justify; MARGIN: 7.9pt 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Date: December 9, 2010</FONT></P>
<a name="_bclPageBorder28"></a><P style="TEXT-ALIGN: justify; MARGIN: 7.9pt 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 9pt" face=Arial>By&nbsp; /s/ Paul Morrisette</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-height: 10.55pt; mso-element-frame-hspace: 1.9pt; mso-element-left: 427.95pt; mso-element-top: 10.35pt; mso-element-wrap: auto; mso-height-rule: exactly" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Arial>Page 2</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ICAP Bond</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Form 17-02-5602 (Ed. 10-03)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 1.45pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 270.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Endorsement No.: 4</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 3.75in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Bond Number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>81906724</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 1.45pt 0in 0pt 91.45pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>AUTOMATED TELEPHONE TRANSACTION ENDORSEMENT</FONT></B></P>
<P style="MARGIN: 6.95pt 220.8pt 0pt 0in"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>It is agreed that this Bond is amended as follows: </FONT></P>
<P style="MARGIN: 6.95pt 220.8pt 0pt 0in"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>1.&nbsp;&nbsp;&nbsp;&nbsp; By adding the following INSURING CLAUSE: </FONT></P>
<P style="MARGIN: 6.95pt 220.8pt 0pt 0in"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>13.&nbsp;&nbsp; Automated Telephone System Transaction</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 3.85pt 0in 6.7pt 50.15pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Loss resulting directly from the ASSURED having transferred funds on the faith of any </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Automated Phone System (APS) Transaction, </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>where the request for such </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Transaction </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>is unauthorized or fraudulent and is made with the intent to deceive. In order for coverage to apply under this INSURING CLAUSE the ASSURED shall maintain and follow all </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Designated Procedures. </FONT></B><FONT style="LINE-HEIGH
T: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>A single failure of the ASSURED to maintain and follow a particular </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Designated Procedure </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>in a particular </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Transaction </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>will not preclude coverage under this INSURING CLAUSE.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>2.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>By adding to Section 1., Definitions, the following:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.1in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>dd.&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Designated Procedures </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means all of the following procedures:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 5.5pt 0in 0pt 75.35pt"><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(1)</FONT><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>No </FONT><B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Transaction </FONT></B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>shall be executed unless the shareholder or unitholder to whose account such an </FONT><B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Transaction </FONT></B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>relates has previously elected to </FONT><B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-
US color=black face=Arial>APS Transactions. </FONT></B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(Election in Application)</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 4.55pt 0in 0pt 75.35pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(2)</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>All </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Transactions </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>shall be logged or otherwise recorded and the records shall be retained for at least six (6) months. (Logging)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.05pt 0in 0pt 75.35pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Information contained in the records shall be capable of being retrieved and produced within a reasonable time after retrieval of specific information is requested, at a success rate of no less than 85 percent.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 5.3pt 0in 0pt 75.35pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(3)</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The caller in any request for an </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Transaction, </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>before executing that </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Transaction </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>must enter a personal identification number (PIN), social security number and account number. (Identity Test)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.3pt 0in 0pt 75.85pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>If the caller fails to enter a correct PIN within three (3) attempts, the caller must not be allowed additional attempts during the same telephone call to enter the PIN. The caller may either be instructed to redial a customer service representative or may be immediately connected to such a representative. (Limited attempts to Enter PIN)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ICAP Bond</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Form 17-02-2345 (Ed. 10-00)</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 0in 0in 0pt 75.1pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(4)</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>A written confirmation of any </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Transaction </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or change of address shall be mailed to the shareholder or unitholder to whose account such transaction relates, at the record address, by the end of the insured's next regular processing cycle, but in no event later than five (5) business days following such </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Transaction. 
</FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(Written Confirmation)</FONT></P>
<P style="TEXT-INDENT: -0.35in; MARGIN: 4.55pt 0in 0pt 75.1pt"><FONT style="LINE-HEIGHT: 12.25pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(5)</FONT><FONT style="LINE-HEIGHT: 12.25pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12.25pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Access to the equipment which permits the entity receiving the </FONT><B><FONT style="LINE-HEIGHT: 12.25pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Transaction </FONT></B><FONT style="LINE-HEIGHT: 12.25pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>request to process and effect the transaction shall be limited in the following manner: </FONT><FONT style="LINE-HEIGHT: 12.25pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>(Access to APS Equipment)</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 5.5pt 0in 0pt 49.9pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ee. </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Election </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means any election concerning various account features available to the shareholder or unitholder which is made through the </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Automated Phone System </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>by means of information transmitted by an individual caller through use of a </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Automated Phone System. </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>These features include 
account statements, auto exchange, auto asset builder, automatic withdrawal, dividend/capital gain options, dividend sweep, telephone balance consent and change of address.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -25.7pt; MARGIN: 5.3pt 0in 0pt 49.9pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>&nbsp; ff.&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Exchange </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means any exchange of shares or units in a registered account of one fund into shares or units in an account with the same tax identification number and same ownership-type code of another fund in the same complex pursuant to exchange privileges of the two funds, which exchange is requested through the </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Automated Phone System </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>by means of information transmitted by an individual caller through use of an </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; 
FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Automated Phone System.</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 5.3pt 0in 0pt 49.9pt"><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>gg. </FONT><B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Purchase </FONT></B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means any purchase of shares or units issued by an </FONT><B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company </FONT></B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>which is requested through an </FONT><B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Automated Phone System.</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 5.3pt 0in 0pt 0.7in"><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>hh. </FONT><B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Redemption </FONT></B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means any redemption of shares or units issued by an </FONT><B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Company </FONT></B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>which it requested through the telephone by means of information transmitted by an individual caller through use of a </FONT><B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Automated Phone System.</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 5.3pt 0in 0pt 50.65pt"><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>&nbsp;&nbsp; ii. </FONT><B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Transaction </FONT></B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means any </FONT><B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Purchase, APS Redemption, APS Election </FONT></B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or </FONT><B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>APS Exchange.</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -25.7pt; MARGIN: 3.85pt 0in 0pt 0.7in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>&nbsp; jj. </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Automated Phone System </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means an automated system which receives and converts to executable instructions transmissions through the </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Automated Phone System </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>through use of a touch-tone keypad or other tone system; and always excluding transmissions from a computer system or part thereof.</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -0.35in; MARGIN: 5.75pt 0in 0pt 0.35in" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>3.&nbsp;&nbsp;&nbsp; By adding the following Section after Section 4., Specific Exclusions-Applicable To All Insuring Clauses Except 1., 4., 5.:</FONT></P>
<P style="MARGIN: 0.95pt 88.3pt 0pt 0.35in"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Section 4.A.. Specific Exclusion-Applicable to Insuring Clause 13 </FONT><B><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>This Bond does not directly or indirectly cover under Insuring Clause 13:</FONT></B></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 25.45pt" align=left><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Loss resulting from:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.7pt; MARGIN: 4.55pt 0in 0pt 49.9pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>the redemption of shares or units, where the proceeds of such redemption are made payable to other than:</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0.95pt 0in 0pt 49.9pt" align=left><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(1)</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>the shares or units of record,</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 49.9pt" align=left><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(2)</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a person designated to receive redemption proceeds, or</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 49.9pt" align=left><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(3)</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a bank account designated to receive redemption proceeds, or</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.7pt; MARGIN: 3.85pt 0in 0pt 49.9pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>the redemption of shares or units, where the proceeds of such redemption are paid by check mailed to any address, unless such address has either been designated the shareholder or unitholder by voice through an </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Automated Phone System </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or in writing, at least thirty (30) days prior to such redemption, or</FONT></P>
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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ICAP Bond</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Form 17-02-2345 (Ed. 10-00)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; TEXT-INDENT: -24.95pt; MARGIN: 0in 0in 0pt 50.65pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c.&nbsp;&nbsp;&nbsp; the redemption of shares or units, where shareholder or unitholder of the ASSURED designated bank account of record.</FONT></P>
<P style="MARGIN: 0in 88.3pt 0pt 0in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
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<P style="MARGIN: 3.85pt 88.3pt 0pt 0in"><FONT style="LINE-HEIGHT: 35.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>This Endorsement applies to loss discovered after 12:01 a.m. on July 15, 2010. ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
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<P style="MARGIN: 2.4pt 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Date: December 9, 2010&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></P>
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<P style="MARGIN: 2.4pt 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>By&nbsp; /s/ Paul Morrisette</FONT></P>
<P style="MARGIN: 2.4pt 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>Authorized Representative</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ICAP Bond</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Form 17-02-2345 (Ed. 10-00)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 38.9pt 0pt 0in; mso-line-height-rule: exactly; mso-pagination: widow-orphan" align=right><B><FONT style="LINE-HEIGHT: 24pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>FEDERAL INSURANCE COMPANY</FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 270.5pt" align=left><FONT style="LINE-HEIGHT: 24pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Endorsement No.: 5</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 270.5pt" align=left><FONT style="LINE-HEIGHT: 24pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Bond Number: 81906724</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 24pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>NAME OF ASSURED:&nbsp;&nbsp; JOHN HANCOCK FUNDS</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: 23.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT</FONT></B></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 23.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>It is agreed that this Bond is amended as follows:</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 23.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By adding the following INSURING CLAUSE:</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 36.7pt" align=left><FONT style="LINE-HEIGHT: 23.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telefacsimile Instruction</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 8.9pt 0in 0pt 71.75pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Loss resulting directly from the ASSURED having transferred, paid or delivered any funds or other </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or established any credit, debited any account or given any value on the faith of any fraudulent instructions sent by a </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Customer, </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>financial institution or another office of the ASSURED by </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Telefacsimile </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>d
irectly to the ASSURED authorizing or acknowledging the transfer, payment or delivery of funds or </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Property </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or the establishment of a credit or the debiting of an account or the giving of value by the ASSURED where such </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Telefacsimile </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>instructions:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.5pt; MARGIN: 9.6pt 0in 0pt 107.75pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>bear a valid test key exchanged between the ASSURED and a </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Customer </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or another financial institution with authority to use such test key for </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Telefacsimile </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>instructions in t
he ordinary course of business, but which test key has been wrongfully obtained by a person who was not authorized to initiate, make, validate or authenticate a test key arrangement, and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.5pt; MARGIN: 10.1pt 0in 0pt 107.75pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>fraudulently purport to have been sent by such </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Customer </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or financial institution when such </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Telefacsimile </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>instructions were transmitted without the knowledge or consent of
 such </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Customer </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or financial institution by a person other than such </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Customer </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or financial institution and which bear a </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Forgery </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>of a signature, provided that the </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Telefacsimile </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>instruction was verified by a direct call back to an employee of the financial institution, 
or a person thought by the ASSURED to be the </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Customer, </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or an employee of another financial institution.</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -35.75pt; MARGIN: 11.5pt 0in 0pt 35.75pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By deleting from Section 1., Definitions, the definition of </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Customer </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>in its entirety, and substituting the following:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 11.5pt 0in 0pt 1in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>d. </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Customer </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means an individual, corporate, partnership, trust customer, shareholder or subscriber of an Investment Company which has a written agreement with the ASSURED for </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Voice Initiated Funds Transfer Instruction </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Telefacsimile </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Instruction.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Form 17-02-2367 (Rev. 10-03)</FONT></P>
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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>32.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By adding to Section 1., Definitions, the following:</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36.5pt; MARGIN: 0in 0in 0pt 72.5pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>&nbsp;kk. </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Telefacsimile </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means a system of transmitting written documents by electronic signals over telephone lines to equipment maintained by the ASSURED for the purpose of reproducing a copy of said document. </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Telefacsimile </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>does not mean electronic communication sent by Telex or similar means of communication, or through an electronic communication system or through an automated clearing house.</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -36.25pt; MARGIN: 11.3pt 0in 0pt 36.25pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By adding to Section 3., Specific Exclusions Applicable to All Insuring Clauses Except Insuring<BR>
Clause 1. the following:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36.25pt; MARGIN: 12pt 0in 0pt 72.5pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>d. loss resulting directly or indirectly from </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Telefacsimile </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>instructions provided, however, this exclusion shall not apply to this INSURING CLAUSE.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 1.2pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>This Endorsement applies to loss discovered after 12:01 a.m. on July 15, 2010.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 1.45pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 7.7pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Date: December 9, 2010&nbsp;&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 7.7pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>By /s/ Paul Morrisette</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 7.7pt 0in 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=Arial>Authorized Representative</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 7.7pt 0in 0pt" align=left>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ICAP Bond</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Form 17-02-2367 (Rev. 10-32)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; mso-line-height-rule: exactly"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; mso-line-height-rule: exactly"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 1.45pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Endorsement No.: 6</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Bond Number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>81906724</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 1.45pt 0in 0pt 66.5pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT</FONT></B></P>
<P style="MARGIN: 7.45pt 242.9pt 0pt 0in"><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>It is agreed that this Bond is amended as follows: </FONT></P>
<P style="MARGIN: 7.45pt 242.9pt 0pt 0in"><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>1.&nbsp;&nbsp;&nbsp;&nbsp; By adding the following INSURING CLAUSE:</FONT></P>
<P style="MARGIN: 7.45pt 242.9pt 0pt 0in"><FONT face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black>15. Stop Payment Order or Refusal to Pay Check</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 51.1pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Loss resulting directly from the ASSURED being legally liable to pay compensatory damages</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 1.45pt 0in 0pt 50.65pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>for:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 6.25pt 0in 0pt 75.85pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>complying or failing to comply with notice from any customer of the ASSURED or any authorized representative of such customer, to stop payment on any check or draft made or drawn upon or against the ASSURED by such customer or by any authorized representative of such customer, or</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 6pt 0in 0pt 75.85pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>refusing to pay any check or draft made or drawn upon or against the ASSURED by any customer of the ASSURED or by any authorized representative of such customer."</FONT></P>
<P style="MARGIN: 1.2pt 0in 0pt"><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>2.&nbsp;&nbsp;&nbsp; By adding the following Specific Exclusion:</FONT></P>
<P style="MARGIN: 0in 126.7pt 0pt 25.7pt"><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Section 4.A. Specific Exclusions - Applicable to INSURING CLAUSE 15 </FONT><B><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>This Bond does not directly or indirectly cover:</FONT></B></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -25.45pt; MARGIN: 4.8pt 0in 0pt 51.1pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>liability assumed by the ASSURED by agreement under any contract, unless such liability would have attached to the ASSURED even in the absence of such agreement,</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0.1in 0in 0pt 25.7pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss arising out of:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 1pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -24.7pt; MARGIN: 6.25pt 0in 0pt 75.85pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(1)</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment, malicious prosecution, assault or battery,</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -24.7pt; MARGIN: 6pt 0in 0pt 75.85pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(2)</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death of any person, or</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0.1in 0in 0pt 51.1pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(3)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>discrimination."</FONT></P>
<P style="MARGIN: 7.45pt 105.6pt 16.1pt 0in"><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>This Endorsement applies to loss discovered after 12:01 a.m. on July 15, 2010. ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 8.15pt 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Date: December 9, 2010</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 8.15pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>By&nbsp; /s/ Paul Morrisette</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 8.15pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial>Authorized Representative</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 8.15pt 0in 0pt">&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ICAP Bond</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Form 17-02-2365 (Ed. 10-33)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 1.45pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 1.45pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Endorsement No.: 7</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Bond Number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>81906724</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 1.45pt 0in 0pt 114.5pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>EXTENDED COMPUTER SYSTEMS ENDORSEMENT</FONT></B></P>
<P style="MARGIN: 7.45pt 242.9pt 0pt 0in"><FONT style="LINE-HEIGHT: 17.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>It is agreed that this Bond is amended as follows: </FONT></P>
<P style="MARGIN: 7.45pt 242.9pt 0pt 0in"><FONT style="LINE-HEIGHT: 17.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>1.&nbsp;&nbsp;&nbsp;&nbsp; By adding the following INSURING CLAUSE: </FONT></P>
<P style="MARGIN: 7.45pt 242.9pt 0pt 0in"><FONT style="LINE-HEIGHT: 17.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.&nbsp;&nbsp; Extended Computer Systems</FONT></P>
<P style="TEXT-INDENT: -25.9pt; MARGIN: 0in 154.55pt 0pt 1.05in"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>A.&nbsp;&nbsp;&nbsp; Electronic Data, Electronic Media, Electronic Instruction </FONT></P>
<P style="TEXT-INDENT: -25.9pt; MARGIN: 0in 154.55pt 0pt 1.05in"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss resulting directly from:</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 1.05in"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(1)</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>the fraudulent modification of </FONT><B><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Data, Electronic Media </FONT></B><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or </FONT><B><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic I</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>nstruction </FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>being stored within or being run within any system covered</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 1.05in"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;under this </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INSURING CLAUSE,</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.5pt; MARGIN: 6pt 0in 0pt 100.1pt"><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(2)</FONT><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>robbery, burglary, larceny or theft of </FONT><B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Data, Electronic Media </FONT></B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or </FONT><B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Instructions,</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.5pt; MARGIN: 5.75pt 0in 0pt 100.1pt"><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(3)</FONT><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>the acts of a hacker causing damage or destruction of </FONT><B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Data, Electronic Media </FONT></B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or </FONT><B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Instruction </FONT></B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>owned by the ASSURED or for which the ASSURED is legally liable, while stored within a </FONT><B><FONT style=
"LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Computer System </FONT></B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>covered</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 1.4in" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>under this INSURING CLAUSE, or</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 6.25pt 0in 0pt" align=right><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the damage or destruction of </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Data, Electronic Media </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 100.1pt"><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Instruction </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>owned by the ASSURED or for which the ASSURED is legally liable while stored within a </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Computer System </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>covered under INSURING CLAUSE 8, provided such damage or destruction was caused by a computer program or similar instruction which was written or altered to intentionally incorporate a hidden instruction designed to damage or destroy </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Data, Electronic Media, </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or </FONT><B><FONT s
tyle="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Instruction </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>in the </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Computer System </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>in which the computer program or instruction so written or so altered is used.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.7in; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>B.</FONT><FONT style="mso-spacerun: yes"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Communication</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 74.9pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Loss resulting directly from the ASSURED having transferred, paid or delivered any funds or property, established any credit, debited any account or given any value on the faith of any electronic communications directed to the ASSURED, which were transmitted or appear to have been transmitted through:</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0.5pt 0in 0pt 1.05in"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(1)</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>an </FONT><B><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Communication System,</FONT></B></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 1.05in"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(2)</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>an automated clearing house or custodian, or</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 1.05in"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(3)</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a Telex, TWX, or similar means of communication,</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.1pt 0in 0pt 75.1pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>directly into the ASSURED'S </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Computer System </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Communication Terminal, </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>and fraudulently purport to have been sent by a customer, automated clearing house, custodian, or financial institution, but which communications were either not sent by said customer, automated clearing house, custodian, or financial institution, or were fraudulently modified during physical transit of </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Media </FONT></B><F
ONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>to the ASSURED or during electronic transmission to the ASSURED'S </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Computer System </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Communication Terminal.</FONT></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 3.85pt 0in 0pt 50.15pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>C.&nbsp;&nbsp;&nbsp; Electronic Transmission</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.05pt 0in 0pt 75.35pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Loss resulting directly from a customer of the ASSURED, any automated clearing house, custodian, or financial institution having transferred, paid or delivered any funds or property, established any credit, debited any account or given any value on the faith of any electronic communications, purporting to have been directed by the ASSURED to such customer, automated clearing house, custodian, or financial institution initiating, authorizing, or acknowledging, the transfer, payment, delivery or receipt of funds or property, which communications were transmitted through:</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 1.2pt 0in 0pt 1.05in"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(1)</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>an </FONT><B><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Communication System,</FONT></B></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 1.05in"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(2)</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>an automated clearing house or custodian, or</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 1.05in"><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(3)</FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 17.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a Telex, TWX, or similar means of communication,</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.1pt 0in 0pt 75.35pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>directly into a </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Computer System </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Communication Terminal </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>of said customer, automated clearing house, custodian, or financial institution, and fraudulently purport to have been directed by the ASSURED, but which communications were either not sent by the ASSURED, or were fraudulently modified during physical transit of </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Media </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=E
N-US color=black face=Arial>from the ASSURED or during electronic transmission from the ASSURED'S </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Computer System </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Communication Terminal, </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>and for which loss the ASSURED is held to be legally liable.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Form 17-02-2976 (Ed. 1-34)</FONT></P>
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<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By adding to Section 1., Definitions, the following:</FONT></P>
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<P style="TEXT-ALIGN: left; LINE-HEIGHT: 11.5pt; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 0.4in; mso-pagination: widow-orphan" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ll. </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Communication Terminal </FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means a teletype, teleprinter or video display terminal, or similar device capable of sending or receiving information electronically. </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Communication Terminal </FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>does not mean a telephone.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 4.3pt 0in 0pt 50.9pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>mm. </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Communication System </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means electronic communication operations by Fedwire, Clearing House Interbank Payment System (CHIPS), Society of Worldwide International Financial Telecommunication (SWIFT), similar automated interbank communication systems, and Internet access facilities.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.7pt; MARGIN: 5.3pt 0in 0pt 50.65pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>nn. </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Data </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means facts or information converted to a form usable in </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Computer Systems </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>and which is stored on </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Media </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>for use by computer programs.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24.95pt; MARGIN: 3.85pt 0in 0pt 50.65pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>oo. </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Instruction </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means computer programs converted to a form usable in a </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Computer System </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>to act upon </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Data.</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -25.9pt; MARGIN: 4.1pt 0in 0pt 51.1pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>pp. </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Media </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>means the magnetic tape, magnetic disk, optical disk, or any other bulk media on which data is recorded.</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -25.45pt; MARGIN: 5.3pt 0in 0pt 25.45pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By adding the following Section after Section 4., Specific Exclusions-Applicable to All INSURING<BR>
CLAUSES except 1., 4., and 5.:</FONT></P>
<P style="MARGIN: 1.2pt 132.5pt 0pt 25.7pt"><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Section 4.A. Specific Exclusions-Applicable to INSURING CLAUSE 16 </FONT><B><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>This Bond does not directly or indirectly cover:</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 4.1pt 0in 0pt 50.65pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>a.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss resulting directly or indirectly from </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Forged, </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>altered or fraudulent negotiable instruments, securities, documents or written instruments used as source documentation in the preparation of </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Data;</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 4.55pt 0in 0pt 50.65pt"><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>b.</FONT><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss of negotiable instruments, securities, documents or written instruments except as converted to </FONT><B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Data </FONT></B><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>and then only in that converted form;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 4.8pt 0in 0pt 50.65pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>c.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss resulting from mechanical failure, faulty construction, error in design, latent defect, wear or tear, gradual deterioration, electrical disturbance, </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Media </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>failure or breakdown or any malfunction or error in programming or error or omission in processing;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 4.3pt 0in 0pt 50.65pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>d.</FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss resulting directly or indirectly from the input of </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Data </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>at an authorized electronic terminal of an </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Funds Transfer System </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or a </FONT><B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" l
ang=EN-US color=black face=Arial>Customer Communication System </FONT></B><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>by a person who had authorized access from a customer to that customer's authentication mechanism; or</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 4.8pt 0in 0pt 50.65pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>e.</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>liability assumed by the ASSURED by agreement under any contract, unless such liability would have attached to the ASSURED even in the absence of such agreement; or</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 1.2pt 0in 0pt 25.45pt" align=left><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>f.</FONT><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>loss resulting directly or indirectly from:</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 51.1pt"><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(1)</FONT><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>written instruction unless covered under this INSURING CLAUSE; or</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 51.1pt"><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>(2)</FONT><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>instruction by voice over the telephone, unless covered under this INSURING CLAUSE.</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>37.</FONT><FONT style="mso-spacerun: yes"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>By adding to Section 9., Valuation, the following:</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 25.9pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Data, Electronic Media, Or Electronic Instruction</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6.25pt 0in 0pt 0.35in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>In case of loss of, or damage to, </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Data, Electronic Media </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Instruction </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>used by the ASSURED in its business, the COMPANY shall be liable under this Bond only if such items are actually reproduced form other </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Data, Electronic Media </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" 
lang=EN-US color=black face=Arial>Electronic Instruction </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>of the same kind or quality and then for not more than the cost of the blank media and/or the cost of labor for the actual transcription or copying of data which shall have been furnished by the ASSURED in order to reproduce such </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Data, Electronic Media </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Instruction </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>subject to the applicable SINGLE LOSS LIMIT OF LIABILITY.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 25.45pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>However, if such </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Data </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>can not be reproduced and said </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Electronic Data </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>represents </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Securities </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>or financial instruments having a value, then the loss will be valued as indicated in the SECURITIES and OTHER PROPERTY paragraphs of this Section.</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0.1in 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>This Endorsement applies to loss discovered after 12:01 a.m. on July 15, 2010.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 1.45pt 0in 35.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 8.15pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>By&nbsp; /s/ Paul Morrisette</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 8.15pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Date: December 9, 2010</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ENDORSEMENT/RIDER</FONT></B></P>
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<P style="MARGIN: 1.45pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Effective date of</FONT></P>
<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; mso-line-height-rule: exactly"><FONT style="LINE-HEIGHT: 24pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>this endorsement/rider: July 15, 2010&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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><B><FONT style="LINE-HEIGHT: 24pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>FEDERAL INSURANCE COMPANY</FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 235.7pt" align=left><FONT style="LINE-HEIGHT: 24pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Endorsement/Rider No. 8</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 234.95pt" align=left><FONT style="LINE-HEIGHT: 24pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>To be attached to and</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 235.2pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>form a part of Bond No. 81906724</FONT></P>
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<P style="MARGIN: 1.45pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Issued to: JOHN HANCOCK FUNDS</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 2.9pt 0in 0pt 1.7in"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>AUTOMATIC INCREASE IN LIMITS ENDORSEMENT</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0.25pt 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>In consideration of the premium charged, it is agreed that General Agreements, Section C., Additional Offices or Employees-Consolidation, Merger or Purchase or Acquisition of Assets or Liabilities-Notice to Company, is amended by adding the following:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.05pt 0in 0pt 0.35in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>If the ASSURED, while this Bond is in force, establish new funds other than by consolidation or merger with, purchase or acquisition of assets or liabilities of, another institution, such funds shall automatically be covered hereunder from the date of establishment.</FONT></P>
<P style="MARGIN: 6pt 0in 0pt 25.45pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>If the ASSURED, while this Bond is in force, require an increase in limits to comply with SEC Reg. 17g-1, due to an increase in assets, such increase shall automatically be covered hereunder from the date of such increase, but only as excess coverage. Such excess coverage shall not exceed five million dollars ($5,000,000) in additional limits and shall be excess of this Bond and of the following excess Bond:</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 1.2pt 0in 0pt 50.9pt" align=left><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Carrier:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICI Mutual Insurance Company</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 51.1pt" align=left><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Bond Number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87142108B</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 51.1pt" align=left><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Limits of Liability: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15,000,000</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 51.1pt" align=left><FONT style="LINE-HEIGHT: 18pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Bond Period:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; July 15, 2010 to July 15, 2011</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 7.9pt 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</FONT></P>
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<P style="MARGIN: 6.95pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 292.55pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial>/s/ Paul Morrisette</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 11.5pt 0in 92.9pt 292.55pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Authorized Representative</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Q07-1972(08/2007)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ENDORSEMENT/RIDER</FONT></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; mso-line-height-rule: exactly" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 1.45pt 0in 0pt; mso-pagination: widow-orphan" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Effective date of</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 1.45pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>this endorsement/rider: July 15, 2010&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>FEDERAL INSURANCE COMPANY</FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 234.7pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Endorsement/Rider No. 9</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 11.75pt 88.3pt 0pt 234.25pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>To be attached to and form a part of Bond No. 81906724</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 1.2pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Issued to: JOHN HANCOCK FUNDS</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 117.6pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 117.6pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 2.9pt 0in 0pt 117.6pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>AMEND DEFINITION OF EMPLOYEE ENDORSEMENT</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 6.25pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>In consideration of the premium charged, it is agreed that Section 1., Definitions, the term </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Employee </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>is amended to include the following:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.05pt 0in 0pt 50.65pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Any natural person while in the service of the ASSURED solely while performing sub-advisory services for the ASSURED pursuant to a written contract.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 6.95pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 292.55pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial>/s/ Paul Morrisette</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 11.75pt 0in 221.75pt 292.55pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Authorized Representative</FONT></P>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">Q07-1957 (08/2007)</font></p>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; mso-line-height-rule: exactly" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 1.45pt 0in 0pt; mso-pagination: widow-orphan" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Effective date of</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 1.45pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>this endorsement/rider: July 15, 2010</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 11.75pt 234.7pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>FEDERAL INSURANCE COMPANY</FONT></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 32%"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Endorsement/Rider No. </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>10</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 32%"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>To be attached to and form a part of Bond No. </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>81906724</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.15in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Issued to: JOHN HANCOCK FUNDS</FONT></P>
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<P style="MARGIN: 1.45pt 0in 0pt 28.1pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 1.45pt 0in 0pt 15.6pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ENDORSEMENT</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 1.45pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>In consideration of the premium charged, it is agreed that this Bond is amended as follows:</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 5.75pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>1.</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -24.95pt; MARGIN: 4.55pt 0in 0pt 24.95pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>2.</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced with the following:</FONT></P>
<P style="MARGIN: 6pt 0in 0pt 25.45pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>If this Bond is for a joint ASSURED, no change or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to all insured </FONT><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Investment Companies </FONT></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>and the Securities and Exchange Commission, Washington, D.C., by the COMPANY.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 1.2pt 0in 38.4pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></P>
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     <TD><FONT style="FONT-SIZE: 9pt" face=Arial>/s/ Paul Morrisette</FONT></TD></TR>
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<P style="TEXT-ALIGN: justify; MARGIN: 0.7pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>17-02-2437 (12/2006) rev.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Endorsement No:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>11</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Bond Number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>81906724</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 1.45pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>NAME OF ASSURED:&nbsp;&nbsp; JOHN HANCOCK FUNDS</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 147.85pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 147.85pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 147.85pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 1.45pt 0in 0pt 147.85pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>NAME OF ASSURED ENDORSEMENT</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 1.45pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 298.3pt 0pt 0in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 11.75pt 298.3pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JOHN HANCOCK FUNDS</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.5pt; MARGIN: 0pt 298.3pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JOHN HANCOCK TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>500 INDEX</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.95pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>500 INDEX TRUST B</FONT></P>
<P style="MARGIN: 0in 3.6in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ABSOLUTE RETURN TRUST</FONT></P>
<P style="MARGIN: 0in 3.6in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ACTIVE BOND TRUST</FONT></P>
<P style="MARGIN: 0in 3.6in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ALL CAP CORE TRUST</FONT></P>
<P style="MARGIN: 0in 3.6in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ALL CAP GROWTH TRUST</FONT></P>
<P style="MARGIN: 0in 3.6in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ALL CAP VALUE TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>AMERICAN ASSET ALLOCATION TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.95pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>AMERICAN BLUE CHIP INCOME AND GROWTH TRUST</FONT></P>
<P style="MARGIN: 0in 2.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>AMERICAN BOND TRUST</FONT></P>
<P style="MARGIN: 0in 2.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>AMERICAN GLOBAL GROWTH TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>AMERICAN GLOBAL SMALL CAPITALIZATION TRUST</FONT></P>
<P style="MARGIN: 0in 2.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>AMERICAN GROWTH TRUST</FONT></P>
<P style="MARGIN: 0in 2.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>AMERICAN GROWTH-INCOME TRUST</FONT></P>
<P style="MARGIN: 0in 2.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>AMERICAN HIGH-INCOME BOND TRUST</FONT></P>
<P style="MARGIN: 0in 2.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>AMERICAN INTERNATIONAL TRUST</FONT></P>
<P style="MARGIN: 0in 2.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>AMERICAN NEW WORLD TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>BLUE CHIP GROWTH TRUST</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 306.95pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>BOND INDEX TRUST A</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 306.95pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>BOND INDEX TRUST B</FONT></P>
<P style="MARGIN: 0in 3.6in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>CAPITAL APPRECIATION TRUST</FONT></P>
<P style="MARGIN: 0in 3.6in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>CLASSIC VALUE TRUST</FONT></P>
<P style="MARGIN: 0in 3.6in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>CORE BOND TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>CORE EQUITY TRUST</FONT></P>
<P style="MARGIN: 0in 2.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>DYNAMIC GROWTH TRUST</FONT></P>
<P style="MARGIN: 0in 2.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>EMERGING GROWTH TRUST</FONT></P>
<P style="MARGIN: 0in 2.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>EMERGING MARKETS VALUE TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>EMERGING SMALL COMPANY TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>EQUITY-INCOME TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>FINANCIAL SERVICES TRUST</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>FRANKLIN TEMPLETON FOUNDING ALLOCATION TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>FUNDAMENTAL VALUE TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>GLOBAL ALLOCATION TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>GLOBAL BOND TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>GLOBAL REAL ESTATE TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>GLOBAL TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>GROWTH &amp; INCOME TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Form 17-02-0949 (Rev. 1-97)</FONT></P>
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<P style="MARGIN: 0in 0.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>GROWTH OPPORTUNITIES TRUST</FONT></P>
<P style="MARGIN: 0in 0.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>GROWTH TRUST</FONT></P>
<P style="MARGIN: 0in 0.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>HEALTH SCIENCES TRUST</FONT></P>
<P style="MARGIN: 0in 0.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>HIGH INCOME TRUST</FONT></P>
<P style="MARGIN: 0.7pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>HIGH YIELD TRUST</FONT></P>
<P style="MARGIN: 0in 0.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INCOME &amp; VALUE TRUST</FONT></P>
<P style="MARGIN: 0in 0.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INCOME TRUST</FONT></P>
<P style="MARGIN: 0.7pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INDEX ALLOCATION TRUST</FONT></P>
<P style="MARGIN: 0.95pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INTERNATIONAL CORE TRUST</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INTERNATIONAL EQUITY INDEX TRUST A</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INTERNATIONAL EQUITY INDEX TRUST B</FONT></P>
<P style="MARGIN: 0.7pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INTERNATIONAL GROWTH TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INTERNATIONAL OPPORTUNITIES TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INTERNATIONAL SMALL CAP TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INTERNATIONAL SMALL COMPANY TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INTERNATIONAL VALUE TRUST</FONT></P>
<P style="MARGIN: 0.7pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INTRINSIC VALUE TRUST</FONT></P>
<P style="MARGIN: 0.95pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INVESTMENT QUALITY BOND TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0.8in 0pt 0in" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LARGE CAP TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0.8in 0pt 0in" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LARGE CAP VALUE TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFESTYLE AGGRESSIVE TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFESTYLE BALANCED TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFESTYLE CONSERVATIVE TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFESTYLE GROWTH TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFESTYLE MODERATE TRUST</FONT></P>
<P style="MARGIN: 0.7pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MANAGED TRUST</FONT></P>
<P style="MARGIN: 0.95pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MID CAP INDEX TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MID CAP INTERSECTION TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MID CAP STOCK TRUST</FONT></P>
<P style="MARGIN: 0.7pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MID CAP VALUE EQUITY TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 1.2in 0pt 0in" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MID CAP VALUE TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 1.2in 0pt 0in" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MID VALUE TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0.8in 0pt 0in" align=left><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MONEY MARKET TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0.8in 0pt 0in" align=left><FONT style="LINE-HEIGHT: 11.75pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MONEY MARKET TRUST B</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MUTUAL SHARES TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>NATURAL RESOURCES TRUST</FONT></P>
<P style="MARGIN: 0.7pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>OVERSEAS EQUITY TRUST</FONT></P>
<P style="MARGIN: 0in 0.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>PACIFIC RIM TRUST</FONT></P>
<P style="MARGIN: 0in 0.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>QUANTITATIVE ALL CAP TRUST</FONT></P>
<P style="MARGIN: 0in 0.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>QUANTITATIVE MID CAP TRUST</FONT></P>
<P style="MARGIN: 0in 0.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>QUANTITATIVE VALUE TRUST</FONT></P>
<P style="MARGIN: 0.7pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>REAL ESTATE EQUITY TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>REAL ESTATE SECURITIES TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>REAL RETURN BOND TRUST</FONT></P>
<P style="MARGIN: 0.7pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SCIENCE &amp; TECHNOLOGY TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0.8in 0pt 0in" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SHORT-TERM BOND TRUST</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0.8in 0pt 0in" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SMALL CAP GROWTH TRUST</FONT></P>
<P style="MARGIN: 0.7pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SMALL CAP INDEX TRUST</FONT></P>
<P style="MARGIN: 0.95pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SMALL CAP INTRINSIC VALUE TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SMALL CAP OPPORTUNITIES TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SMALL CAP TRUST SMALL CAP VALUE TRUST</FONT></P>
<P style="MARGIN: 0in 0.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SMALL COMPANY GROWTH TRUST</FONT></P>
<P style="MARGIN: 0in 0.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SMALL COMPANY TRUST</FONT></P>
<P style="MARGIN: 0in 0.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SMALL COMPANY VALUE TRUST</FONT></P>
<P style="MARGIN: 0.7pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SPECIAL VALUE TRUST</FONT></P>
<P style="MARGIN: 0.7pt 0in 0pt">&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ICAP Bond</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Form 17-02-0949 (Ed. 1-97)</FONT></P>
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<P style="MARGIN: 0in 0.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SPECTRUM INCOME TRUST</FONT></P>
<P style="MARGIN: 0in 0.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>STRATEGIC BOND TRUST</FONT></P>
<P style="MARGIN: 0in 0.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>STRATEGIC INCOME TRUST</FONT></P>
<P style="MARGIN: 0in 0.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>TOTAL RETURN TRUST</FONT></P>
<P style="MARGIN: 0.7pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>TOTAL STOCK MARKET INDEX TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>U.S. CORE TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>U.S. GLOBAL LEADERS GROWTH TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>U.S. GOVERNMENT SECURITIES TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>U.S. HIGH YIELD BOND TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>U.S. LARGE CAP TRUST</FONT></P>
<P style="MARGIN: 0in 0.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>U.S. MULTI SECTOR TRUST</FONT></P>
<P style="MARGIN: 0in 0.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>UTILITIES TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>VALUE &amp; RESTRUCTURING TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>VALUE OPPORTUNITIES TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>VALUE TRUST</FONT></P>
<P style="MARGIN: 0.95pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>VISTA TRUST</FONT></P>
<P style="MARGIN: 0.25pt 0.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JOHN HANCOCK FUNDS II</FONT></P>
<P style="MARGIN: 0.25pt 0.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ABSOLUTE RETURN PORTFOLIO</FONT></P>
<P style="MARGIN: 0.25pt 0.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ACTIVE BOND FUND</FONT></P>
<P style="MARGIN: 0.25pt 0.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ALL CAP CORE FUND</FONT></P>
<P style="MARGIN: 0.25pt 0.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ALL CAP GROWTH FUND</FONT></P>
<P style="MARGIN: 0.25pt 0.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ALL CAP VALUE FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>BLUE CHIP GROWTH FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>CAPITAL APPRECIATION FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>CLASSIC VALUE FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>CORE BOND FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>CORE EQUITY FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>DYNAMIC GROWTH FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>EMERGING GROWTH FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>EMERGING MARKETS VALUE FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>EMERGING SMALL COMPANY FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>EQUITY-INCOME FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>FINANCIAL SERVICES FUND</FONT></P>
<P style="MARGIN: 0in 0.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>FUNDAMENTAL VALUE FUND</FONT></P>
<P style="MARGIN: 0in 0.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>GLOBAL ALLOCATION FUND</FONT></P>
<P style="MARGIN: 0in 0.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>GLOBAL BOND FUND</FONT></P>
<P style="MARGIN: 0in 0.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>GLOBAL FUND</FONT></P>
<P style="MARGIN: 0in 0.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>GLOBAL REAL ESTATE FUND</FONT></P>
<P style="MARGIN: 0in 0.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>GROWTH &amp; INCOME FUND</FONT></P>
<P style="MARGIN: 0in 0.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>GROWTH FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>GROWTH OPPORTUNITIES FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>HEALTH SCIENCES FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>HIGH INCOME FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>HIGH YIELD FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INCOME FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INDEX 500 FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INTERNATIONAL EQUITY INDEX FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INTERNATIONAL GROWTH FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INTERNATIONAL OPPORTUNITIES FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INTERNATIONAL SMALL CAP FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INTERNATIONAL SMALL COMPANY FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INTERNATIONAL VALUE FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INTRINSIC VALUE FUND</FONT></P>
<P style="MARGIN: 0.7pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INVESTMENT QUALITY BOND FUND</FONT></P>
<P style="MARGIN: 0in 0.8in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LARGE CAP FUND LARGE CAP VALUE FUND</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ICAP Bond</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Form 17-02-0949 (Ed. 1-97)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 54.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFECYCLE 2010 PORTFOLIO</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 54.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFECYCLE 2015 PORTFOLIO</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 54.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFECYCLE 2020 PORTFOLIO</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 54.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFECYCLE 2025 PORTFOLIO</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 54.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFECYCLE 2030 PORTFOLIO</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 54.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFECYCLE 2035 PORTFOLIO</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 54.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFECYCLE 2040 PORTFOLIO</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 54.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFECYCLE 2045 PORTFOLIO</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 54.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFECYCLE 2050 PORTFOLIO</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFECYCLE RETIREMENT PORTFOLIO</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFESTYLE AGGRESSIVE PORTFOLIO</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFESTYLE BALANCED PORTFOLIO</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFESTYLE CONSERVATIVE PORTFOLIO</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFESTYLE GROWTH PORTFOLIO</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>LIFESTYLE MODERATE PORTFOLIO</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MANAGED FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MID CAP INDEX FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MID CAP STOCK FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MID CAP INTERSECTION FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MID CAP VALUE EQUITY FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MID CAP VALUE FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MONEY MARKET FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>MUTUAL SHARES FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>NATURAL RESOURCES FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>PACIFIC RIM FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>QUANTITATIVE ALL CAP FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>QUANTITATIVE MID CAP FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>QUANTITATIVE VALUE FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>REAL ESTATE EQUITY FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>REAL ESTATE SECURITIES FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>REAL RETURN BOND FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SCIENCE &amp; TECHNOLOGY FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SHORT-TERM BOND FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SMALL CAP FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SMALL CAP GROWTH FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SMALL CAP INDEX FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SMALL CAP OPPORTUNITIES FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SMALL CAP VALUE FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SMALL COMPANY FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SMALL COMPANY GROWTH FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SMALL COMPANY VALUE FUND</FONT></P>
<P style="MARGIN: 0in 60.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SPECIAL VALUE FUND</FONT></P>
<P style="MARGIN: 0in 60.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>SPECTRUM INCOME FUND</FONT></P>
<P style="MARGIN: 0in 60.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>STRATEGIC BOND FUND</FONT></P>
<P style="MARGIN: 0in 60.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>STRATEGIC INCOME FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>TOTAL BOND MARKET FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.95pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>TOTAL RETURN FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>TOTAL STOCK MARKET INDEX FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>U.S. GLOBAL LEADERS GROWTH FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>U.S. GOVERNMENT SECURITIES FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>U.S. HIGH YIELD BOND FUND</FONT></P>
<P style="MARGIN: 0in 60.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>U.S. MULTI SECTOR FUND UTILITIES FUND</FONT></P>
<P style="MARGIN: 0in 20.15pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>VALUE &amp; RESTRUCTURING FUND VALUE FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>VALUE OPPORTUNITIES FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ICAP Bond</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Form 17-02-0949 (Ed. 1-97)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>VISTA FUND</FONT></P>
<P style="MARGIN: 0in 60.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JOHN HANCOCK CASH INVESTMENT TRUST</FONT></P>
<P style="MARGIN: 0in 60.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH GOVERNMENT INCOME FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH HIGH YIELD BOND FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH INVESTMENT GRADE BOND FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH MONEY MARKET FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH U.S. GOVERNMENT CASH RESERVE FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH BALANCED FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH LARGE CAP EQUITY FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH SOVEREIGN INVESTORS FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH SMALL CAP INTRINSIC VALUE FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH LARGE CAP INTRINSIC VALUE FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INVESTORS TRUST</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH REAL ESTATE FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH SMALL CAP GROWTH FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH TECHNOLOGY FUND</FONT></P>
<P style="MARGIN: 0in 161.3pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH FOCUSED EQUITY FUND</FONT></P>
<P style="MARGIN: 0in 161.3pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH MULTI CAP GROWTH</FONT></P>
<P style="MARGIN: 0in 161.3pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH MID CAP EQUITY</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>TAX-ADVANTAGED DIVIDEND INCOME FUND</FONT></P>
<P style="MARGIN: 0.7pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>CALIFORNIA TAX-FREE INCOME FUND</FONT></P>
<P style="MARGIN: 0in 161.3pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH GROWTH TRENDS FUND</FONT></P>
<P style="MARGIN: 0in 161.3pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH SMALL CAP FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH TECHNOLOGY LEADERS FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH REAL FINANCIAL INDUSTRIES FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH REGIONAL BANK FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH SMALL CAP EQUITY FUND</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH HIGH INDEPENDENCE DIVERSIFIED CORE EQUITY FUND II</FONT></P>
<P style="MARGIN: 0in 60.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH HEALTH BOND FUND</FONT></P>
<P style="MARGIN: 0in 60.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH MASSACHUSETTS TAX-FREE INCOME FUND</FONT></P>
<P style="MARGIN: 0in 60.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH NEW YORK TAX-FREE INCOME FUND</FONT></P>
<P style="MARGIN: 0in 60.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH CORE EQUITY</FONT></P>
<P style="MARGIN: 0.7pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH INT'L CLASSIC VALUE</FONT></P>
<P style="MARGIN: 0in 161.3pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH LARGE CAP SELECT</FONT></P>
<P style="MARGIN: 0in 161.3pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH U.S. GLOBAL LEADERS</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH CLASSIC VALUE</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH ALLOCATION CORE</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH CLASSIC VALUE II</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH ALLOCATION GROWTH</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>INCOME SECURITIES TRUST</FONT></P>
<P style="MARGIN: 0in 60.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH GREATER CHINA OPPORTUNITIES FUND</FONT></P>
<P style="MARGIN: 0in 60.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH INTERNATIONAL FUND</FONT></P>
<P style="MARGIN: 0in 60.5pt 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH MID CAP GROWTH FUND</FONT></P>
<P style="MARGIN: 0in 1.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH HIGH YIELD MUNICIPAL BOND FUND</FONT></P>
<P style="MARGIN: 0in 1.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH TAX-FREE BOND FUND</FONT></P>
<P style="MARGIN: 0in 1.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH STRATEGIC INCOME FUND</FONT></P>
<P style="MARGIN: 0in 1.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH HEALTH SCIENCES FUND</FONT></P>
<P style="MARGIN: 0in 1.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH BANK &amp; THRIFT OPPORTUNITY</FONT></P>
<P style="MARGIN: 0in 1.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH PATRIOT SELECT DIVIDEND FUND</FONT></P>
<P style="MARGIN: 0in 1.4in 0pt 0in"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH PATRIOT GLOBAL DIVIDEND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH PREFERRED INCOME FUND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH PATRIOT PREFERRED DIVIDEND</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH PREFERRED INCOME FUND II</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH PATRIOT PREMIUM DIVIDEND FUND I</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH PREFERRED INCOME FUND II</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH PATRIOT PREMIUM DIVIDEND FUND II</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ICAP Bond</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Form 17-02-0949 (Ed. 1-97)</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 2.8in 0pt 0in" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JOHN HANCOCK FUNDS III</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 2.8in 0pt 0in" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH ACTIVE VALUE FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH CLASSIC VALUE MEGA CAP FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH GLOBAL FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH GLOBAL SHAREHOLDER YIELD FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH GROWTH FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH GROWTH OPPORTUNITIES FUND</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH INTERNATIONAL ALLOCATION PORTFOLIO</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 2.4in 0pt 0in" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH INTERNATIONAL CORE FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 2.4in 0pt 0in" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH INTERNATIONAL GROWTH FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 2.8in 0pt 0in" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH INTRINSIC VALUE FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 2.8in 0pt 0in" align=left><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH U.S. CORE FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.7pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH U.S. QUALITY EQUITY FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0.95pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>JH VALUE OPPORTUNITIES FUND</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 10.3pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>This Endorsement applies to loss discovered after 12:01 a.m. on July 15, 2010.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 1.45pt 0in 23.5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 8.15pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>By /s/ Paul Morrisette</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 8.15pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Date: December 9, 2010</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ICAP Bond</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Form 17-02-0949 (Ed. 1-97)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>ENDORSEMENT/RIDER</FONT></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; mso-line-height-rule: exactly" align=left><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 1.45pt 0in 0pt; mso-pagination: widow-orphan" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Effective date of</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan; mso-line-height-rule: exactly" align=left><FONT style="LINE-HEIGHT: 24pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>this endorsement/rider: July 15, 2010&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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><B><FONT style="LINE-HEIGHT: 24pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>FEDERAL INSURANCE COMPANY</FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 235.7pt" align=left><FONT style="LINE-HEIGHT: 24pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Endorsement/Rider No. 12</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 234.95pt" align=left><FONT style="LINE-HEIGHT: 24pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>To be attached to and</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 235.2pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>form a part of Policy No. 81906724</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 1.45pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Issued to: JOHN HANCOCK FUNDS</FONT></P>
<P style="TEXT-INDENT: 109.45pt; MARGIN: 0in 1.4in 0pt 0in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-INDENT: 109.45pt; MARGIN: 0in 1.4in 0pt 0in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-INDENT: 109.45pt; MARGIN: 4.1pt 1.4in 0pt 0in"><FONT style="LINE-HEIGHT: 23.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>AMEND NAME OF ASSURED (NEW FUNDS) ENDORSEMENT In consideration of the premium charged, is agreed that:</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 4.3pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The NAME OF ASSURED, as set forth on the DECLARATIONS of this Bond, shall include any newly</FONT></P>
<P style="MARGIN: 0in 0in 0pt 36.5pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>created, merged, consolidated or terminated registered investment company sponsored by an ASSURED or any newly created portfolio of an ASSURED. Provided, however, that this provision shall not apply to a registered investment company that is created as a result of a merger, consolidation or acquisition with any other registered investment company.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 5.75pt 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6.95pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>All other terms, conditions and limitations of this Policy shall remain unchanged.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 292.55pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial>/s/ Paul Morrisette</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 11.5pt 0in 238.55pt 292.55pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Authorized Representative</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Q09-1831 (11/2009)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">12/9/2010</FONT></P>
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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 0pt; MARGIN: 0pt 358.55pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">JOHN HANCOCK FUNDS</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 6pt 358.55pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">601 CONGRESS STREET</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 12pt; MARGIN: 0pt 358.55pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">BOSTON, MA 02210</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 1.2pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">Re: Financial Strength</FONT></P>
<P style="MARGIN: 0.95pt 0in 0pt 18.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">Insuring Company: FEDERAL INSURANCE COMPANY</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 1.7pt 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">Dear JOHN HANCOCK FUNDS</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0.95pt 0in 0pt"><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">Chubb continues to deliver strong financial performance. Our financial strength, as reflected in our published reports and our ratings, should give you peace of mind that Chubb will be there for you when you need us most.</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 6.95pt 0in 0pt 18.95pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">&#9632;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">Chubb's financial results during 2010 stand out in the industry.</FONT></P>
<P style="TEXT-INDENT: -17.05pt; MARGIN: 5.75pt 0in 0pt 0.5in"><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">&#9632;</FONT><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">Chubb's balance sheet is backed with investments that we believe emphasize quality, safety, and liquidity, with total invested assets of $43 billion as of September 30, 2010.</FONT></P>
<P style="TEXT-INDENT: -17.05pt; MARGIN: 6pt 0in 0pt 0.5in"><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">&#9632;</FONT><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">With 128 years in the business, Chubb is here for the long term, which is why we vigorously guard our financial strength and take what we believe is a prudent approach to assuming risk&#151;on both the asset and liability sides of our balance sheet.</FONT></P>
<P style="TEXT-INDENT: -17.05pt; MARGIN: 5.5pt 0in 0pt 0.5in"><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">&#9632;</FONT><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">Chubb is one of the most highly rated property and casualty companies in the industry, which is a reflection of our overall quality, strong financial condition, and strong capital position.</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 0pt 72.5pt"><B><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>o&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">Chubb's financial strength rating is "A++" from A.M. Best Company, "AA" from Fitch, "Aa2" from Moody's, and "AA" from Standard &amp; Poor's - the leading independent evaluators of the insurance industry.</FONT></P>
<P style="TEXT-INDENT: -17.75pt; MARGIN: 5.5pt 0in 0pt 72.5pt"><B><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>o&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">A.M. Best, Fitch, and Moody's recently affirmed all of Chubb's ratings with a "stable" outlook. (For reference, A.M. Best reaffirmed us on 3/17/10, Fitch on 2/13/09, and Moody's on 2/4/09.)</FONT></P>
<P style="TEXT-INDENT: -17.5pt; MARGIN: 5.5pt 0in 0pt 72.25pt"><B><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>o&nbsp;&nbsp; </FONT></B><I><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">Forbes </FONT></I><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">named Chubb one of the "100 Most Trustworthy Companies" in 2010, based on Chubb's "transparent and conservative accounting practices and prudent management."</FONT></P>
<P style="TEXT-INDENT: -17.75pt; MARGIN: 6pt 0in 0pt 72.5pt"><B><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>o&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">For more than 50 years, Chubb has remained part of an elite group of insurers that have maintained A.M. Best's highest ratings.</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 6.95pt 0in 0pt 18.95pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">&#9632;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">Fitch ranked Chubb #1 for five- and 10-year financial performance in a 6/10/10 report.</FONT></P>
<P style="TEXT-INDENT: -17.05pt; MARGIN: 5.75pt 0in 0pt 0.5in"><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">&#9632;</FONT><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12.7pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">On the 2010 Fortune 500 list, Chubb ranks #176 in revenue, #85 in assets, #80 in 1999-2009 annual growth rate, #64 in profits, and #39 in profit as a percentage of revenue.</FONT></P>
<P style="TEXT-INDENT: -17.05pt; MARGIN: 6pt 0in 0pt 0.5in"><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">&#9632;</FONT><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">Chubb was named to Standard &amp; Poor's list of S&amp;P 500 Dividend Aristocrats, one of 52 companies in the S&amp;P 500 index that have increased dividends every year for at least 25 consecutive years.</FONT></P>
<P style="TEXT-INDENT: -17.05pt; MARGIN: 6pt 0in 0pt 0.5in"><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">&#9632;</FONT><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">Chubb's investment portfolio has held up extremely well. Chubb takes what we believe is a conservative approach to selecting and managing our assets. Furthermore, Chubb does not have any direct exposure to the subprime mortgage-backed securities market, and we stopped doing new credit derivative business in 2003 and put existing business in runoff.</FONT></P>
<P style="MARGIN: 5.75pt 0in 0pt"><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">Rarely has Chubb's business philosophy&#151;to underwrite conservatively and invest judiciously&#151;been more important than it is today. By adhering to this philosophy, we have the capacity and flexibility to respond to opportunities, especially when you engage us in fully understanding your business risks.</FONT></P>
<P style="MARGIN: 6pt 0in 0pt"><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Arial Narrow">We want you to know that Chubb is well-positioned to continue serving your needs with our underwriting expertise; broad underwriting appetite across all property, casualty, and specialty lines; and claim services. If you have any questions, feel free to call your agent or broker or your local Chubb underwriter. As always, we appreciate the trust you place in us as your insurance partner.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 1.2pt 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>99-10-0100 (11/2010)</FONT></P>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:188.9pt;text-align:justify;"><b><i><font color=black face=Arial lang=EN-US style="font-size:10.0pt;">Important
Notice:</font></i></b></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-top:2.65pt;text-align:left;"><b><font color=black face=Arial lang=EN-US style="font-size:11.0pt;">The SEC Requires Proof of Your
Fidelity Insurance Policy</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.5pt;"><font color=black face=Arial lang=EN-US style="font-size:11.0pt;line-height:12.5pt;">Your company is now required
to file an electronic copy of your fidelity insurance coverage (Chubb's ICAP
Bond policy) to the Securities and Exchange Commission (SEC), according to
rules adopted by the SEC on June 12, 2006.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.5pt;"><font color=black face=Arial lang=EN-US style="font-size:11.0pt;line-height:12.5pt;">Chubb is in the process of
providing your agent/broker with an electronic copy of your insurance policy as
well as instructions on how to submit this proof of fidelity insurance coverage
to the SEC. You can expect to receive this information from your agent/broker
shortly.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:10.55pt;"><font color=black face=Arial lang=EN-US style="font-size:11.0pt;line-height:12.5pt;">The electronic copy of your
policy is provided by Chubb solely as a convenience and does not affect the
terms and conditions of coverage as set forth in the paper policy you receive
by mail. The terms and conditions of the policy mailed to you, which are the
same as those set forth in the electronic copy, constitute the entire agreement
between your company and Chubb.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.5pt;"><font color=black face=Arial lang=EN-US style="font-size:11.0pt;line-height:normal;">If you have any questions,
please contact your agent or broker.</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;margin-top:9.35pt;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">Form 14-02-12160 (ed. 7/2006)</font></p>









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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25pt;margin-right:0pt;margin-top:0in;mso-pagination:widow-orphan;text-align:justify;"><font color=black face=Arial lang=EN-US style="font-size:9.0pt;line-height:normal;">10-02-1295 (ed. 6/2007)</font></p>





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<P style="MARGIN: 0in 0in 0pt; mso-pagination: widow-orphan" align=center><B><FONT style="FONT-SIZE: 13pt" lang=EN-US color=black face=Arial>IMPORTANT NOTICE TO POLICYHOLDERS</FONT></B></P>
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<P style="TEXT-INDENT: 35.5pt; MARGIN: 11.3pt 0in 0pt"><FONT style="LINE-HEIGHT: 11.5pt; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>All of the members of the Chubb Group of Insurance companies doing business in the United States (hereinafter "Chubb") distribute their products through licensed insurance brokers and agents ("producers"). Detailed information regarding the types of compensation paid by Chubb to producers on US insurance transactions is available under the Producer Compensation link located at the bottom of the page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from your producer.</FONT></P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="TEXT-INDENT: 0in; MARGIN: 0.7pt 0in 0pt 0.5in"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>Thank you for choosing Chubb.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 138.95pt 0pt 143.5pt"><B><FONT style="LINE-HEIGHT: 18.5pt; FONT-SIZE: 15pt" lang=EN-US color=black face=Arial>POLICYHOLDER DISCLOSURE NOTICE OF</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0.5pt 0pt 0in" align=center><B><FONT style="LINE-HEIGHT: 18.5pt; FONT-SIZE: 15pt" lang=EN-US color=black face=Arial>TERRORISM INSURANCE COVERAGE</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0.7pt 0.25pt 0pt 0in" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>(for policies with no terrorism exclusion or sublimit)</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 8.15pt 0in 0pt"><FONT style="LINE-HEIGHT: 20.65pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>You are hereby notified that, under the Terrorism Risk Insurance Act (the "Act"), effective December 26, 2007, this policy makes available to you insurance for losses arising out of certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of the Treasury, in concurrence with the Secretary of State and the Attorney General of the United States, to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of an air carrier or vessel or the premises of a United States Mission; and to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coer
cion.</FONT></P>
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<P style="MARGIN: 8.4pt 0in 0pt"><FONT style="LINE-HEIGHT: 20.65pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>You should know that the insurance provided by your policy for losses caused by acts of terrorism is partially reimbursed by the United States under the formula set forth in the Act. Under this formula, the United States pays 85% of covered terrorism losses that exceed the statutorily established deductible to be paid by the insurance company providing the coverage.</FONT></P>
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<P style="MARGIN: 8.65pt 0in 0pt"><FONT style="LINE-HEIGHT: 20.65pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>However, if aggregate insured losses attributable to terrorist acts certified under the Act exceed $100 billion in a Program Year (January 1 through December 31), the Treasury shall not make any payment for any portion of the amount of such losses that exceeds $100 billion.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 3.85pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>10-02-1281 (Ed. 1/2003)</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.25pt; mso-pagination: widow-orphan"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>10-02-1295 (ed. 6/2007)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 20.65pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>If aggregate insured losses attributable to terrorist acts certified under the Act exceed $100 billion in a Program Year (January 1 through December 31) and we have met our insurer deductible under the Act, we shall not be liable for the payment of any portion of the amount of such losses that exceeds $100 billion, and in such case insured losses up to that amount are subject to pro rata allocation in accordance with procedures established by the Secretary of the Treasury.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 2.9pt 0in 0pt"><FONT style="LINE-HEIGHT: 20.65pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>The portion of your policy's annual premium that is attributable to insurance for such acts of terrorism is: $ </FONT><B><FONT style="LINE-HEIGHT: 20.65pt; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>-0-.</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 3.1pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial>If you have any questions about this notice, please contact your agent or broker.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0.25pt 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial>10-02-1281 (Ed. 1/2003)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ICI BLANKET BOND</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(Excess)</FONT></P>
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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:18.0pt;">ICI MUTUAL INSURANCE COMPANY,</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:16.0pt;">a Risk Retention Group</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1401 H St. NW</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Washington DC 20005</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">INVESTMENT COMPANY
BLANKET BOND</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(EXCESS)</font></b></p>








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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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<h3 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:16.0pt;letter-spacing:-.2pt;">ICI
MUTUAL INSURANCE COMPANY,</font></b></h3>

<h3 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:16.0pt;letter-spacing:-.2pt;">a Risk
Retention Group</font></b></h3>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:10.5pt;">1401 H St. NW</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:10.5pt;">Washington, DC 20005</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:10.5pt;">&nbsp;</font></p>

<h2 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:12.0pt;">DECLARATIONS</font></b></h2>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">NOTICE</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">This
policy is issued by your risk retention group.&#160; Your risk retention group may
not be subject to all of the insurance laws and regulations of your state.&#160;
State insurance insolvency guaranty funds are not available for your risk
retention group.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

<div style="border:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 0in 0in;">

<p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item 1.</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160; Name
of Insured (the &#8220;Insured&#8221;)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Bond
Number</font></p>

</div>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">John Hancock Funds&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 87142110B</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Principal Office:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 601 Congress Street</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Boston, MA 02210</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Mailing Address: &#160;&#160;&#160;&#160;&#160;&#160; 601 Congress Street</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Boston, MA 02210&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">

<p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

</div>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:40.5pt;text-align:justify;text-indent:-40.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item 2.&#160; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Bond Period: from 12:01 a.m. on ____</font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">July 15, 2010</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">______
to 12:01 a.m. on _____</font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">July 15, 2011</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">_____, or the earlier effective date
of the termination of this Bond, standard time at the Principal Office as to
each of said dates.</font></p>

<div style="border:none;border-top:solid windowtext 1.0pt;padding:3.0pt 0in 0in 0in;">

<p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">Item 3.</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&#160;&#160; Limit of Liability&#8212;</font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.0pt;">&nbsp;</font></b></p>

</div>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:.9pt;width:518.399963pt;">
 <tr style="height:16.0pt;">
  <td valign=bottom width=61% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>
  </td>
 <td width=21% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;letter-spacing:-.1pt;">LIMIT OF LIABILITY</font></b></p>
  </td>
 <td valign=bottom width=18% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" style="font-size:8.0pt;letter-spacing:-.1pt;">DEDUCTIBLE AMOUNT </font></b><sup><b><font face="Times New Roman Bold" style="font-size:8.0pt;letter-spacing:-.1pt;">1</font></b></sup></p>
  </td>
 </tr>
<tr style="height:19.35pt;">
  <td valign=bottom width=61% style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">EMPLOYEE
  </font></p>
  </td>
 <td valign=bottom width=21% style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 <td valign=bottom width=18% style="height:19.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 </tr>
<tr style="height:16.0pt;">
  <td valign=bottom width=61% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">PREMISES</font></p>
  </td>
 <td valign=bottom width=21% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 <td valign=bottom width=18% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 </tr>
<tr style="height:16.0pt;">
  <td valign=bottom width=61% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">TRANSIT
  </font></p>
  </td>
 <td valign=bottom width=21% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 <td valign=bottom width=18% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 </tr>
<tr style="height:16.0pt;">
  <td valign=bottom width=61% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">FORGERY
  OR ALTERATION</font></p>
  </td>
 <td valign=bottom width=21% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 <td valign=bottom width=18% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 </tr>
<tr style="height:16.0pt;">
  <td valign=bottom width=61% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">EXTENDED
  FORGERY</font></p>
  </td>
 <td valign=bottom width=21% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 <td valign=bottom width=18% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 </tr>
<tr style="height:16.0pt;">
  <td valign=bottom width=61% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">COUNTERFEIT
  CURRENCY</font></p>
  </td>
 <td valign=bottom width=21% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 <td valign=bottom width=18% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 </tr>
<tr style="height:16.0pt;">
  <td valign=bottom width=61% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">COMPUTER
  SYSTEM</font></p>
  </td>
 <td valign=bottom width=21% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 <td valign=bottom width=18% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 </tr>
<tr style="height:16.0pt;">
  <td valign=bottom width=61% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">VOICE-INITIATED
  TRANSFER INSTRUCTIONS</font></p>
  </td>
 <td valign=bottom width=21% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 <td valign=bottom width=18% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 </tr>
<tr style="height:16.0pt;">
  <td valign=bottom width=61% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">AUTOMATIC
  TELEPHONE TRANSACTIONS</font></p>
  </td>
 <td valign=bottom width=21% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 <td valign=bottom width=18% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 </tr>
<tr style="height:16.0pt;">
  <td valign=bottom width=61% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">TELEFACSIMILE
  INSTRUCTIONS</font></p>
  </td>
 <td valign=bottom width=21% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 <td valign=bottom width=18% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 </tr>
<tr style="height:16.0pt;">
  <td valign=bottom width=61% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">THREATS
  TO PERSONS </font></p>
  </td>
 <td valign=bottom width=21% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 <td valign=bottom width=18% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 </tr>
<tr style="height:16.0pt;">
  <td valign=bottom width=61% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">UNCOLLECTIBLE
  ITEMS OF DEPOSIT</font></p>
  </td>
 <td valign=bottom width=21% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 <td valign=bottom width=18% style="height:16.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;letter-spacing:-.1pt;">$15,000,000</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><sup><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1</font></sup><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160; Plus the applicable deductible of the Primary
Bond</font></p>

<div style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 1.0pt 0in;">

<p style="border:none;margin:0in;margin-bottom:.0001pt;margin-left:40.5pt;padding:0in;text-align:justify;text-indent:-40.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">4.&#160; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">PRIMARY BOND&#8212;</font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;margin-left:40.5pt;padding:0in;text-align:justify;text-indent:-40.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chubb Group of Insurance Companies Financial Institution
Investment Company Asset Protection Bond No. 81906724</font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;margin-left:40.5pt;padding:0in;text-align:justify;text-indent:-40.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

</div>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:40.5pt;text-align:justify;text-indent:-40.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item 5.</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160; The liability of ICI Mutual Insurance Company, a
Risk Retention Group (the &#8220;Underwriter&#8221;) is subject to the terms of the
following Riders attached hereto:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:40.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Riders 1</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:40.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>








<div style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 1.0pt 0in;">

<p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;text-align:justify;text-indent:40.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">and of all Riders applicable to
this Bond issued during the Bond Period.</font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> </font></u></p>

</div>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:4.0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:4.0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">By: ___</font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/S/ Maggie Sullivan</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">___</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:4.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Authorized Representative</font></p>









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<p align=center style="margin:0in;margin-bottom:6.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">NOTICE</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">This policy is issued by your risk retention group.&#160;
Your risk retention group may not be subject to all of the insurance laws and
regulations of your state.&#160; State insurance insolvency guaranty funds are not
available for your risk retention group.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ICI Mutual Insurance Company, a Risk Retention Group (&#8220;Underwriter&#8221;),
in consideration of the required premium, and in reliance on the application
and all other information furnished to the Underwriter by the Insured, and
subject to and in accordance with the Declarations, General Agreements,
Provisions, Conditions and Limitations of this bond, agrees to indemnify the
Insured for loss, discovered during the Bond Period, which would otherwise have
been paid under the </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Primary Bond</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> but for the fact that the loss exceeds
the limit of liability of such Primary Bond.</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Coverage under this bond
shall follow the terms and conditions of the </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Primary Bond,</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> except with
respect to:</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a.&#160; Any coverage exceptions specified by riders attached to this bond;&#160;
</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b.&#160; The deductible amounts and limits of liability as stated in ITEM 3.
of the Declarations and;</font></p>

<p style="margin:0in;margin-bottom:24.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">c.&#160; The
General Agreements, Provisions, Conditions and Limitations set forth herein. </font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">GENERAL AGREEMENTS</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">A.&#160; CHANGE OR MODIFICATION OF PRIMARY BOND</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">If after
the inception date of this bond the </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Primary Bond</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> is changed or modified,
written notice of any such change or modification shall be given to the
Underwriter as soon as practicable, not to exceed thirty (30) days after such
change or modification, together with such information as the Underwriter may
request.&#160; There shall be no coverage under this bond for any loss arising from
or in any way related to such change or modification until such time as the
Underwriter is advised of and specifically agrees by written endorsement to
provide coverage for such change or modification.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">B.&#160; LOSS--NOTICE--PROOF--LEGAL PROCEEDINGS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:0pt;">This Bond is for the use and benefit only of the
Insured and the Underwriter shall not be liable hereunder for loss sustained by
anyone other than the Insured (except that if the Insured includes such other
loss in the Insured's proof of loss, the Underwriter shall consider its
liability therefor.)&#160; As soon as practicable and not more than sixty (60) days
after discovery of any loss covered hereunder, the Insured shall give the
Underwriter written notice thereof and, as soon as practicable and within one
year after such discovery, shall also furnish to the Underwriter affirmative
proof of loss with full particulars.&#160; The Underwriter may extend the sixty day
notice period or the one year proof of loss period if the Insured requests an
extension and shows good cause therefor.&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The
Underwriter shall not be liable hereunder for loss of Securities unless each of
the Securities is identified in such proof of loss by a certificate or bond
number or by such identification means as the Underwriter may require.&#160; The
Underwriter shall have a reasonable period after receipt of a proper
affirmative proof of loss within which to investigate the claim, but where the
loss is of Securities and is clear and undisputed, settlement shall be made
within forty-eight (48) hours even if the loss involves Securities of which
duplicates may be obtained.&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="height:40px;left:0px;margin-left:269px;margin-top:129px;position:absolute;width:40px;z-index:1;">

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 <tr>
  <td>
    <div style="padding:3.6pt 7.2pt 3.6pt 7.2pt;">
    <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">2</font></p>
    </div>
    </td>
 </tr>
<tr>
  <td colspan=1>&nbsp;</td>
 </tr>
</table></div>

</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The Insured shall not bring legal
proceedings against the Underwriter to recover any loss hereunder prior to
sixty (60) days after filing such proof of loss or subsequent to twenty-four
(24) months after the discovery of such loss or, in the case of a legal
proceeding to recover hereunder on account of any judgment against the Insured
in or settlement of any suit or to recover court costs or attorneys' fees paid
in any such suit, twenty-four (24) months after the date of the final judgment
in or settlement of </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">such suit.&#160; If any limitation in
this bond is prohibited by any applicable law, such limitation shall be deemed
to be amended to be equal to the minimum period of limitation permitted by such
law.</font></p>
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<p style="margin:0in;margin-bottom:24.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Notice
hereunder shall be given to Manager, Professional Liability Claims, ICI Mutual
Insurance Company, 1401 H St. NW, Washington, DC 20005.</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">PROVISIONS, CONDITIONS AND LIMITATIONS</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1. DEFINITIONS</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a.&#160;&#160; Deductible Amount</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> means the amount stated in ITEM 3. of the
Declarations, applicable to each Single Loss.&#160; In no event shall this </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Deductible
Amount </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">be reduced for any reason, including but not limited to, the
non-existence, invalidity, insufficiency or uncollectibility of any </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Underlying
Bond(s)</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">, including the insolvency or dissolution of any Insurer providing
coverage under any </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Underlying Bond(s)</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b.&#160;&#160; Primary Bond </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">means the bond scheduled in ITEM 5. of the Declarations or any bond
that may replace or substitute for such bond.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">c.</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160; </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Single
Loss </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">means:</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(1)&#160; all loss resulting from any one actual or attempted theft
committed by one person, or</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(2)&#160; all loss caused by any one act (other than a theft or a dishonest
or fraudulent act) committed by one person, or</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(3)&#160; all loss caused by dishonest or fraudulent acts committed by one
person, or </font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(4)&#160; all expenses incurred with respect to any one audit or
examination, or</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(5)&#160; all loss caused by any one occurrence or event other than those
specified in subsections (1) through (4) above.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">d.&#160;&#160; Underlying Bond</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> means the </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Primary Bond</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> and all other insurance coverage
referred to in ITEM 4. Of the Declarations.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 2.&#160; SINGLE LOSS LIMIT OF LIABILITY</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The
Underwriter&#8217;s liability for each </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Single Loss</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> shall not exceed the Limit
of Liability as stated in ITEM 3. of the Declarations.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 3.&#160; DISCOVERY</font></b></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">For all
purposes under this bond, a loss is discovered, and discovery of a loss occurs,
when the Insured</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(1)&#160; becomes aware of facts, or</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(2)</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">receives notice of an actual or potential claim by a
third party which alleges that the Insured is liable under circumstances, which
would cause a reasonable person to assume that loss covered by this bond has been
or is likely to be incurred even though the exact amount or details of loss may
not be known.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:14.9pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-14.9pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 4.&#160; ASSIGNMENT OF RIGHTS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="height:39px;left:0px;margin-left:276px;margin-top:92px;position:absolute;width:52px;z-index:2;">

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 <tr>
  <td>
    <div style="padding:3.6pt 7.2pt 3.6pt 7.2pt;">
    <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">3</font></p>
    </div>
    </td>
 </tr>
<tr>
  <td colspan=1>&nbsp;</td>
 </tr>
</table></div>

</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:0pt;">Upon payment to the Insured hereunder
for any loss, the Underwriter shall be subrogated to the extent of such payment
to all of the Insured's rights and claims in connection with such loss;
provided, </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:0pt;">however, that the Underwriter shall not be
subrogated to any such rights or claims one named Insured under this bond may
have against another named Insured under this bond.&#160; At the request of the
Underwriter, the Insured shall execute all assignments or other documents and
take such action as the Underwriter may deem necessary or desirable to secure
and perfect such rights and claims, including the execution of documents
necessary to enable the Underwriter to bring suit in the name of the Insured.</font></p>
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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Assignment
of any rights or claims under this bond shall not bind the Underwriter without
the Underwriter's written consent.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 5.&#160; COOPERATION OF INSURED</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">At the
Underwriter&#8217;s request and at reasonable times and places designated by the
Underwriter the Insured shall:</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a.&#160; submit to examination by the Underwriter and subscribe to the same
under oath, and</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b.&#160; produce for the Underwriter&#8217;s examination all pertinent records,
and</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">c.&#160; cooperate with the Underwriter in all matters pertaining to the
loss. </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The
Insured shall execute all papers and render assistance to secure for the
Underwriter the rights and causes of action provided for under this bond.&#160; The
Insured shall do nothing after loss to prejudice such rights or causes of
action.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 6.&#160; TERMINATION</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:0pt;">The Underwriter may terminate this bond as to any
Insured or all Insureds only by written notice to such Insured or Insureds and,
if this bond is terminated as to any investment company registered under the
Investment Company Act of 1940, to each such investment company terminated
thereby and to the Securities and Exchange Commission, Washington, D.C., in all
cases not less than sixty (60) days prior to the effective date of termination
specified in such notice.&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The
Insured may terminate this bond only by written notice to the Underwriter not
less than sixty (60) days prior to the effective date of the termination
specified in such notice.&#160; Notwithstanding the foregoing, when the Insured
terminates this bond as to any investment company registered under the
Investment Company Act of 1940, the effective date of termination shall be not
less than sixty (60) days from the date the Underwriter provides written notice
of the termination to each such investment company terminated thereby and to
the Securities and Exchange Commission, Washington, D.C.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">This bond
will terminate as to any Insured entity that is not an investment company
registered under the Investment Company Act of 1940 immediately and without
notice upon (1) the takeover of such Insured's business by any State or Federal
official or agency, or by any receiver or liquidator, or (2) the filing of a
petition under any State or Federal statute relative to bankruptcy or
reorganization of the Insured, or assignment for the benefit of creditors of
the Insured.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:0pt;">Premiums
are earned until the effective date of termination.&#160; The Underwriter shall
refund the unearned premium computed at short rates in accordance with the
Underwriter's standard short rate cancellation tables if this bond is
terminated by the Insured or pro rata if this bond is terminated by the
Underwriter.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="height:52px;left:0px;margin-left:276px;margin-top:107px;position:absolute;width:64px;z-index:3;">

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="width:64.000000pt;">
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  <td>
    <div style="padding:3.6pt 7.2pt 3.6pt 7.2pt;">
    <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:12.0pt;">4</font></p>
    </div>
    </td>
 </tr>
<tr>
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</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Upon the detection by any Insured that an
employee&#160; (as defined in the </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Primary Bond</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">) has committed any dishonest
or fraudulent act(s) or theft, the Insured shall immediately remove such
employee from a position that may enable such employee to cause the Insured to
suffer a loss by any </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">subsequent dishonest or fraudulent
act(s) or theft.&#160; The Insured, within two (2) business days of such detection,
shall notify the Underwriter with full and complete particulars of the detected
dishonest or fraudulent act(s) or theft.</font></p>
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<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:0pt;">For purposes of this section, detection occurs when
any partner, officer, or supervisory employee of any Insured, who is not in
collusion with such employee, becomes aware that the employee has committed any
dishonest or fraudulent act(s) or theft.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">This bond
shall terminate as to any employee (as defined in the </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Primary Bond</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">) by
written notice from the Underwriter to each Insured and, if such employee is an
employee of an Insured investment company registered under the Investment
Company Act of 1940, to the Securities and Exchange Commission, in all cases
not less than sixty (60) days prior to the effective date of termination
specified in such notice.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 7. CONFORMITY</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:13.5pt;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">If any limitation within this bond is prohibited by
any law controlling this bond&#8217;s construction, such limitation shall be deemed
to be amended so as to equal the minimum period of limitation provided by such
law.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 8. CHANGE OR MODIFICATION </font></b></p>

<p style="margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:0pt;">This bond may only be modified by written Rider
forming a part hereof over the signature of the Underwriter's authorized
representative.&#160; Any Rider which modifies the coverage provided by Insuring
Agreement A, Fidelity (or the equivalent insuring agreement) of the Primary
Bond in a manner which adversely affects the rights of an Insured investment
company registered under the Investment Company Act of 1940 shall not become
effective until at least sixty (60) days after the Underwriter has given
written notice thereof to the Securities and Exchange Commission, Washington,
D.C., and to each Insured investment company registered under the Investment
Company Act of 1940 affected thereby.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION&#160;
9. DEDUCTIBLE AMOUNT; LIMIT OF LIABILITY</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The
Underwriter shall not be liable under any Insuring Agreement unless the amount
of the loss covered thereunder, after deducting the net amount of all
reimbursement and/or recovery received by the Insured with respect to such loss
(other than from the</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> Primary Bond </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">or from any other bond, suretyship or
insurance policy), shall exceed the applicable </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Deductible Amount</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">; in
such case the Underwriter shall be liable only for such excess, subject to the
applicable Limit of Liability and other agreements, provisions, conditions and
limitations of this bond. </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The
maximum liability of the Underwriter for any Single Loss covered by any
Insuring Agreement under this bond shall be the Limit of Liability applicable
to such Insuring Agreement, subject to the applicable </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Deductible Amount</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">
and the other agreements, provisions, conditions and limitations of this bond.</font></p>





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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 18pt" lang=EN-US face="Times New Roman">ICI MUTUAL INSURANCE COMPANY,</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 18pt" lang=EN-US face="Times New Roman">a Risk Retention Group</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>
<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 12pt" face="Tms Rmn">INVESTMENT COMPANY BLANKET BOND</FONT></B></H3>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(EXCESS BOND)</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RIDER NO. 1</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">INSURED&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOND NUMBER</FONT></B><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face="Times New Roman"> </FONT></B></P>
<P style="MARGIN: 12pt 0in 3pt"><B><U><FONT style="FONT-STYLE: normal; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">John Hancock Funds &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87142110B&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman">EFFECTIVE DATE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOND PERIOD&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AUTHORIZED REPRESENTATIVE</FONT></B></P>
<P style="MARGIN: 12pt 0in 3pt"><B><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">July 15, 2010&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; July 15, 2010 to July 15, 2011&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /S/ Maggie Sullivan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Most property and casualty insurers, including ICI Mutual Insurance Company, a Risk Retention Group (&#147;ICI Mutual&#148;), are subject to the requirements of the Terrorism Risk Insurance Act of 2002, as amended (the &#147;Act&#148;).&nbsp; The Act establishes a Federal insurance backstop under which ICI Mutual and these other insurers will be partially reimbursed for future </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#147;insured losses&#148;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> resulting from certified</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &#147;acts of terrorism.&#148;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp; (Each of these </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">bolded terms </FONT></B><FONT style="FONT-SIZE: 12p
t" lang=EN-US face="Times New Roman">is defined by the Act.)&nbsp; The Act also places certain disclosure and other obligations on ICI Mutual and these other insurers.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Pursuant to the Act, any future losses to ICI Mutual caused by certified </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#147;acts of terrorism&#148;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> will be partially reimbursed by the United States government under a formula established by the Act.&nbsp; Under this formula, the United States government will reimburse ICI Mutual for 90% of ICI Mutual&#146;s </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#147;insured losses&#148;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> in excess of a statutorily established deductible until total insured losses of all participating insurers reach $100 billion.&nbsp; If total &#147;insured losses&#148; of all property and casualty insurers reach $100 billion during any applicable period, the Act prov
ides that the insurers will not be liable under their policies for their portions of such losses that exceed such amount.&nbsp; Amounts otherwise payable under this bond may be reduced as a result.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Coverage under this bond remains subject to all applicable terms, conditions and limitations of the bond&nbsp; (including exclusions) that are permissible under the Act.&nbsp; The portion of the premium that is attributable to any coverage potentially available under the bond for </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#147;acts of terrorism&#148;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> is one percent (1%).</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">RESOLUTION OF THE BOARD OF TRUSTEES</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></P>
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<P style="TEXT-ALIGN: left; TEXT-INDENT: -12.6pt; MARGIN: 0in 0in 0pt 12.6pt" align=left><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Bank and Thrift Opportunity Fund</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Bond Trust</FONT></B></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -12.6pt; MARGIN: 0in 0in 0pt 12.6pt" align=left><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock California Tax-Free Income Fund</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Capital Series </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Current Interest </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Funds III </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Income Securities Trust</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Investment Trust</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Investment Trust II</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Investment Trust III</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Investors Trust</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Municipal Securities Trust</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Preferred Income Fund</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Preferred Income Fund II</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Preferred Income Fund III</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Series Trust</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Sovereign Bond Fund</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Strategic Series </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Tax-Exempt Series Fund</FONT></B></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -12.6pt; MARGIN: 0in 0in 0pt 12.6pt" align=left><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Tax-Advantaged Dividend Income Fund</FONT></B></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -12.6pt; MARGIN: 0in 0in 0pt 12.6pt" align=left><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" face="Times New Roman">John Hancock Tax-Advantaged Global Shareholder Yield Fund</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><U><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">Ratification of Fidelity Bond</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">On motion duly made and seconded, the following resolutions ratifying actions taken by the Trusts&#146; officers were approved first by the Trustees of each Trust who are not &#147;interested persons&#148; (as defined in the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;)) of the Trust (the &#147;Independent Trustees&#148;), and then by all the Trustees:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">WHEREAS</FONT></B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">, Rule 17g-1 under the 1940 Act governs the required bonding of the Trusts&#146; officers and employees under a joint fidelity bond (the &#147;Bond&#148;); </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">WHEREAS</FONT></B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">, the Trustees desire to ratify actions taken by the Trusts&#146; officers on behalf of the Trusts with respect to the continuation of the Bond for a one-year term ending July 15, 2011; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">WHEREAS</FONT></B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">, the Trustees of the Trusts have considered the allocation of premiums for the Bond among the Trusts and other registered investment companies managed by John Hancock Investment Management Services, LLC, consisting of John Hancock Funds II and John Hancock Trust </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">(collectively with the Trusts, the &#147;John Hancock Trusts&#148;)</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">, and have determined that the allocation should be based on the premium of $98,106; </FONT><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">it is</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">RESOLVED</FONT></B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">, that the continuation of the current Bond issued by Chubb Group of Insurance Companies and ICI Mutual Insurance Company, covering each officer and employee of </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">John Hancock Trusts </FONT><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">against larceny and embezzlement, in the amount of $30 million for a one-year term ending July 15, 2011, and in the proposed form presented at this meeting, after consideration of all factors deemed relevant by the Board, including, but not </FONT>


<FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">limited to: (i) the expected value of the aggregate assets of the John Hancock Trusts to which any officer or employee of such Trusts may have access; (ii) the type and terms of the arrangements made for the custody and safekeeping of such assets; and (iii)&nbsp;the nature of the securities in the John Hancock Trusts&#146; portfolios, be, and it hereby is, ratified and approved; </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">FURTHER RESOLVED</FONT></B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">, that the portion of the premium for the Bond to be paid by each Trust, in substantially the form presented at this Meeting, after consideration of all factors deemed relevant by the Board, including, but not limited to: (i) the number of the other parties named as insureds; (ii) the nature of the business activities of such other parties; (iii) the amount of the Bond; (iv) the amount of the premium for such Bond; (v)&nbsp;the ratable allocation of the premium among all parties named as insureds; and (vi)&nbsp;the extent to which the share of the premium allocated to the Trust is less than the premium such Trust would have had to pay if it had provided and maintained a single insured bond, be, and it hereby is, ratified and approved; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">FURTHER RESOLVED</FONT></B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">, that the appropriate officers of the Trusts be, and each hereby is, authorized to increase the amount of the Bond coverage from time to time to ensure adequate coverage based upon the value of the Trusts&#146; assets and to enable the Trusts to remain in compliance with the 1940 Act and the rules promulgated thereunder; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">FURTHER RESOLVED</FONT></B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">, that the continuation of the Joint Insured Bond Agreement among the Trusts (the &#147;Bond Agreement&#148;), in substantially the form presented at this Meeting, providing in substance that, in the event any recovery is received under the Bond as a result of a loss sustained by the Trusts and any one or more other named insureds, the Trusts shall receive an equitable and proportionate share of the recovery, but in no event less than the amount it would have received had it provided and maintained a single bond with the minimum coverage required by paragraph (d)(1) of Rule 17g-1 under the 1940 Act, be, and it hereby is, ratified and approved; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">FURTHER RESOLVED</FONT></B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">, that the Secretary of the Trusts or his delegate be, and each hereby is, authorized to make all necessary filings and give all notices and information with respect to such Bond and the Bond Agreement required by paragraph (g) of Rule 17g-1 under the 1940 Act; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">FURTHER RESOLVED</FONT></B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">, that the appropriate officers of the Trusts be, and each hereby is, authorized to make any and all payments and to do any and all such further acts, in the name of the Trusts and on its behalf, as they, or </FONT>


<FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman">any of them, may determine to be necessary or desirable and proper, with the advice of counsel, in connection with or in furtherance of the foregoing resolutions.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">AND ALL INSUREDS</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is hereby agreed among the undersigned parties, named insured under Fidelity Bond Insurance provided by Chubb Group of Insurance Companies renewed on July 15, 2010, and ICI Mutual Insurance Company renewed on July 15, 2010 that in the event recovery is received as a result of a loss sustained by any one of the undersigned registered management investment companies and one or more of the other named insured under the said bonds, the said registered management investment company shall receive an equitable and proportionate share of the recovery, but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required under the provisions of paragraph (f)(1) of Rule 17g-1 under Section 17(g) of the Investment Company Act of 1940.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed by their duly authorized officer on July 15, 2010.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Bank and Thrift Opportunity Fund</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Bond Trust</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock California Tax-Free Income Fund</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Capital Series</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Current Interest</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Funds II</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 4pt" lang=EN-US face="Times New Roman">C:\DOCUME~1\jhamaff\LOCALS~1\Temp\notes9927F1\2010_07_Fidelity Bond signing page.DOC</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Income Securities Trust</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Investment Trust</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Investment Trust II</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Investment Trust III</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Investors Trust</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Municipal Securities Trust</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Premium Dividend Fund </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Preferred Income Fund</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 0.7in; PADDING-TOP: 0in" vAlign=top width="50%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Preferred Income Fund II</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Preferred Income Fund III</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 0.7in; PADDING-TOP: 0in" vAlign=top width="50%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 0.7in; PADDING-TOP: 0in" vAlign=top width="50%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Series Trust</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Sovereign Bond Fund</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 0.7in; PADDING-TOP: 0in" vAlign=top width="50%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Strategic Series</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Tax-Advantaged Dividend Income Fund</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 0.7in; PADDING-TOP: 0in" vAlign=top width="50%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Tax-Advantaged Global Shareholder Yield Fund</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Tax-Exempt Series Fund</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 0.7in; PADDING-TOP: 0in" vAlign=top width="50%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 0.7in; PADDING-TOP: 0in" vAlign=top width="50%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">John Hancock Trust</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">By:&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ Betsy Anne Seel</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">STATEMENT REGARDING SINGLE BOND AMOUNT</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">If the investment company had not been named as an insured under this joint insured bond, it would have provided and maintained a single bond in the amount of at least $750,000.&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">PREMIUM PERIOD</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums have been paid for the period </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">July 15, 2010 to July 15, 2011</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial>_____________________________________________________________________________________________ </FONT></B></P>
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&nbsp;<BR>
601 Congress Street<BR>
Boston, Massachusetts 02210-2805<BR>
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<P style="MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>December 15, 2010</FONT></B></P>
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<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>Securities and Exchange Commission</FONT></P>
<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>Washington, DC&nbsp; 20549</FONT></P>
<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>RE:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Hancock&nbsp;Income Securities Trust</FONT></P>
<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; File No.&nbsp; 811-04186</FONT></P>
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<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>Dear Sir/Madam:</FONT></P>
<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>Pursuant to provisions of Regulation 17g-1 under the Investment Company Act of 1940, enclosed are the following documents:</FONT></P>
<OL style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in" type=1>
<LI style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>A copy of an amended joint insured fidelity bond no. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>81906724</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma> issued by Chubb Group of Insurance Companies.</FONT>
<LI style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>A copy of an amended joint insured fidelity bond no. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>87142110B</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma> issued by ICI Mutual Insurance Co.</FONT>
<LI style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Tahoma>A copy of the resolution of the Board of Trustees approving the bonds</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>.</FONT>
<LI style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>A copy of the agreement among the investment companies entered into pursuant to paragraph (f) of Regulation 17g-1.</FONT>
<LI style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>A statement showing the single bond amount (if the investment company had not been named as an insured under this joint insured bond).</FONT>
<LI style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>A statement showing that premiums have been paid for the period </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>July 15, 2010</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma> to </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>July 15, 2011.</FONT></B> </LI></OL>
<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>Sincerely,</FONT></P>
<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>/s/ Jeffrey Long</FONT></U></P>
<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>Jeffrey Long</FONT></P>
<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Tahoma>Chief Financial Officer</FONT></P>
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