<SEC-DOCUMENT>0001133228-20-001454.txt : 20200327
<SEC-HEADER>0001133228-20-001454.hdr.sgml : 20200327
<ACCEPTANCE-DATETIME>20200327133400
ACCESSION NUMBER:		0001133228-20-001454
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20200327
DATE AS OF CHANGE:		20200327
EFFECTIVENESS DATE:		20200327

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK INCOME SECURITIES TRUST
		CENTRAL INDEX KEY:			0000759866
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04186
		FILM NUMBER:		20750306

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		200 BERKELEY STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		200 BERKELEY STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN INCOME SECURITIES TRUST /MA
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>html2153_40-17g.htm
<DESCRIPTION>JOHN HANCOCK INCOME SECURITIES TRUST_40-17G
<TEXT>
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<TITLE></TITLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 6pt; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>John Hancock Financial Services</B></FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-bottom: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; padding-bottom: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 72px; width: 217px"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 12pt 0 0">U.S. Wealth Management</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 12pt 0 0">200 Berkeley Street</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 12pt 0 0">Boston, MA 02116</P></TD>
    <TD STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; padding-bottom: 6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>March 26, 2020</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Washington, DC 20549</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">RE:</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Bond Trust (File No. 811-03006)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Collateral Trust (File No. 811-23027)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock California Tax-Free Income Fund (File No. 811-05979)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Capital Series (File No. 811-01677)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Current Interest (File No. 811-02485)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Exchange-Traded Fund Trust (File No. 811-22733)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Financial Opportunities Fund (file No. 811-08568)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Funds II (File No. 811-21779)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Funds III (File No. 811-21777)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Hedged Equity &amp; Income Fund (File No. 811-22441)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Income Securities Trust (File No. 811-04186)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Investment Trust (File No. 811-00560)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Investment Trust II (File No. 811-03999)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Investors Trust (File No. 811-04173)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Municipal Securities Trust (File No. 811-05968)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Preferred Income Fund (File No. 811-21131)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Preferred Income Fund II (File No. 811-21202)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Preferred Income Fund III (File No. 811-21287)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Premium Dividend Fund (File No. 811-05908)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Sovereign Bond Fund (File No. 811-02402)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Strategic Series (File No. 811-04651)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Tax-Advantaged Dividend Income Fund (File No. 811-21416)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Tax-Advantaged Global Shareholder Yield Fund (File No. 811-22056)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John Hancock Variable Insurance Trust (File No. 811-04146)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(collectively the &ldquo;Registrants&rdquo; or the &ldquo;Assured&rdquo;)</FONT></TD></TR>
</TABLE>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Dear Sir/Madam:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">On behalf of the Registrants, enclosed for filing, pursuant
to Rule 17g-1 under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), are the following documents:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>A copy of the J<B>oint Insured Fidelity Bond No</B>. <B>81906724</B> issued by Chubb Group of Insurance Companies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>A copy of <B>Endorsement / Rider No. 1</B> to the Registrants&rsquo; joint bond no. <B>81906724</B> regarding compliance with
applicable trade sanction laws.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>A copy of <B>Endorsement 2</B> to the Registrants&rsquo; joint bond no. <B>81906724</B> regarding name of Assured Endorsement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>A copy of <B>Endorsement No. 3</B> to the Registrants&rsquo; joint bond no. <B>81906724</B> amending Section 13 relating to
terminations, non-renewals and notices.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">5.</TD><TD>A copy of <B>Endorsement No. 4</B> to the Registrants&rsquo; joint bond no. <B>81906724 </B>regarding unauthorized signatures..</TD></TR></TABLE>



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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%; border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 6pt; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>John Hancock Financial Services</B></FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-bottom: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; padding-bottom: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 72px; width: 217px"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 12pt 0 0">U.S. Wealth Management</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 12pt 0 0">200 Berkeley Street</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 12pt 0 0">Boston, MA 02116</P></TD>
    <TD STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; padding-bottom: 6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">6.</TD><TD>A copy of <B>Endorsement No. 5</B> to the Registrants&rsquo; joint bond no. <B>81906724</B> regarding automated telephone transactions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">7.</TD><TD>A copy <B>of Endorsement No. 6</B> to the Registrants&rsquo; joint bond no<B>. 81906724</B> regarding telefacsimile instructions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">8.</TD><TD>A copy of <B>Endorsement No. 7</B> to the Registrants&rsquo; joint bond no. <B>81906724</B> regarding stop payment orders or
refusals to pay checks.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">9.</TD><TD>A copy of <B>Endorsement No. 8</B> to the Registrants&rsquo; joint bond no. <B>81906724 </B>regarding extended computer systems&rsquo;
electronic data, electronic media, and electronic instruction.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">10.</TD><TD>A copy of <B>Endorsement / Rider No. 9</B> to the Registrants&rsquo; joint bond no. <B>81906724</B> regarding automatic increase
in limits.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">11.</TD><TD>A copy of <B>Endorsement / Rider No. 10</B> to the Registrants&rsquo; joint bond no. <B>81906724</B> regarding definition of
employee endorsement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">12.</TD><TD>A copy of <B>Endorsement / Rider No. 11</B> to the Registrants&rsquo; joint bond no. <B>81906724 </B>regarding deleting valuation,
other property and amending change or modification.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">13.</TD><TD>A copy of <B>Endorsement No. 12</B> to the Registrant&rsquo;s joint bond no. <B>81906724 </B>regarding amending name of assured
relating to new funds.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">14.</TD><TD>A copy of <B>Endorsement / Rider No. 13</B> to the Registrants&rsquo; joint bond no. <B>81906724</B> regarding amending discovery
and notice.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">15.</TD><TD>A copy of <B>Endorsement No. 14</B> to the Registrant&rsquo;s joint bond no. <B>81906724</B> regarding limits of liability-deductible
amounts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">16.</TD><TD>A copy of the <B>Excess Joint Insured Fidelity Bond</B> N<B>o</B>. <B>87142117B</B> issued by ICI Mutual Insurance Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">17.</TD><TD>A copy of <B>Rider No. 1</B> to the Registrant&rsquo;s joint bond no. <B>87142117B </B>regarding requirements of the Terrorism
Risk Insurance Act of 2002, as amended.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">18.</TD><TD>A copy of the <B>Excess Joint Insured Fidelity Bond No. 87142118B</B> issued by Continental Casualty Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">19.</TD><TD>A copy of the resolutions of the Board of Trustees approving the bonds.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">20.</TD><TD>A copy of the agreement among the Registrants entered into pursuant to paragraph (f) of Regulation 17g-1.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">21.</TD><TD>A statement showing the single bond amount (if the Registrants had not been named as an insured under this joint insured bond).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">22.</TD><TD>A statement showing that premiums have been paid for the period <B>December 31, 2019</B> to <B>December 31, 2020.</B></TD></TR></TABLE>

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    <TD STYLE="width: 50%; border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 6pt; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>John Hancock Financial Services</B></FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; font: 10pt Tahoma, Helvetica, Sans-Serif; padding-bottom: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; padding-bottom: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 72px; width: 217px"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 12pt 0 0">U.S. Wealth Management</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 12pt 0 0">200 Berkeley Street</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 12pt 0 0">Boston, MA 02116</P></TD>
    <TD STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; padding-bottom: 6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>


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    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sincerely,</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; border-bottom: Black 1pt solid; padding-top: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Betsy Anne Seel</FONT></TD>
    <TD STYLE="width: 3%; padding-top: 12pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-top: 12pt">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-top: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Betsy Anne Seel</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Assistant Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<TR>

   <TD STYLE="width: 10%; background-color: White"></TD>

   <TD STYLE="width: 2%"></TD>

   <TD STYLE="width: 2%"></TD>

   <TD STYLE="width: 18%"></TD>

   <TD STYLE="width: 12%"></TD>

   <TD STYLE="width: 2%"></TD>

   <TD STYLE="width: 25%"></TD>

   <TD STYLE="width: 2%"></TD>

   <TD STYLE="width: 27%"></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Chubb Group of Insurance Companies</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-indent: 0; text-align: left"><B><FONT size=3 face="Arial,Bold,Arial,Helvetica,sans-serif">DECLARATIONS</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">202</FONT><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">B Hall&#8217;s Mill Road</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-indent: 0; text-align: left"><B><FONT size=3 face="Arial,Bold,Arial,Helvetica,sans-serif">FINANCIAL INSTITUTION INVESTMENT</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Whitehouse Station, NJ 08889</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-indent: 0; text-align: left"><B><FONT size=3 face="Arial,Bold,Arial,Helvetica,sans-serif">COMPANY ASSET PROTECTION BOND</FONT></B></TD></TR>

<TR>

   <TD colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">NAME OF ASSURED (including its </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Subsidiaries</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">):</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-indent: 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond
   Number: 81906724</FONT></TD></TR>

<TR>

   <TD colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">JOHN HANCOCK FUNDS</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">601 CONGRESS STREET</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-indent: 0; text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">BOSTON, MA 02210</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-indent: 0; text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Incorporated
   under the laws of Indiana <FONT SIZE="1" FACE="Arial,Arial,Helvetica,sans-serif"><BR>
a stock insurance company herein called the COMPANY</FONT></FONT></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left; background-color: White; padding-top: 6pt">&nbsp;</TD>

   <TD STYLE="text-align: left; padding-top: 6pt">&nbsp;</TD>

   <TD STYLE="text-align: left; padding-top: 6pt">&nbsp;</TD>

   <TD STYLE="text-align: left; padding-top: 6pt">&nbsp;</TD>

   <TD STYLE="text-align: left; padding-top: 6pt">&nbsp;</TD>

   <TD STYLE="text-align: left; padding-top: 6pt">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-indent: 0; text-align: left; padding-top: 6pt"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Capital Center,
   251 North Illinois, Suite 1100<BR>
 <FONT SIZE="1" FACE="Arial,Arial,Helvetica,sans-serif">Indianapolis, IN 46204-1927</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-indent: 0; text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; background-color: White"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">ITEM 1.</FONT></B></TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">BOND PERIOD: &nbsp;&nbsp;&nbsp;from</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">12:01 a.m. on</FONT></TD>

   <TD style="TEXT-INDENT: 3.839pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">December 31, 2019</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: center"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">12:01 a.m. on</FONT></TD>

   <TD style="TEXT-INDENT: 3.839pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">December 31, 2020</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; background-color: White"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">ITEM 2.</FONT></B></TD>

   <TD colSpan=6 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD colSpan=8 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If &#8220;Not Covered&#8221; is in</FONT><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">serted
   below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and any other reference shall be deemed to be deleted. </FONT><B><FONT SIZE="2" FACE="Arial,Bold,Arial,Helvetica,sans-serif">There
   shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained by any Investment Company.</FONT></B></TD></TR>



<TR>

   <TD colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">SINGLE LOSS</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DEDUCTIBLE</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD COLSPAN="3" STYLE="text-indent: 5.28pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>INSURING
   CLAUSE</U></FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>LIMIT
   OF LIABILITY</U></FONT></TD>

   <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>AMOUNT</U></FONT></TD></TR>

<TR>

   <TD colSpan=9>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Employee</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">0</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">On Premises</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">3</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In Transit</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">4</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Forgery or Alteration</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">5</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Extended Forgery</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">6</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Counterfeit Money</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">7</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Threats to Person</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">8</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Computer System</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">9</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Voice Initiated Funds</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Transfer Instruction</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">10</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Uncollectible Items of Deposit</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">11</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Audit Expense</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">0</FONT></TD></TR>

<TR STYLE="background-color: rgb(214,247,250)">

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   <TD STYLE="text-align: left; background-color: White"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">ITEM 3.</FONT></B></TD>

   <TD COLSPAN="8" STYLE="text-align: left; background-color: White"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING</FONT></TD></TR>

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   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD COLSPAN="6" STYLE="text-align: left; background-color: White"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:</FONT></TD>

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   <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1&nbsp;-&nbsp;14</FONT></TD>

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

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   <TD COLSPAN="9" STYLE="text-align: left; background-color: White"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">IN WITNESS WHEREOF, THE COMPANY </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">has
   caused this Bond to be signed by its authorized officers, but it shall not be valid unless also signed by an authorized representative of the Company.</FONT></TD></TR>

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   <TD COLSPAN="7" STYLE="text-align: left; background-color: White"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: x-small Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></P></TD>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 49%; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/s/
    <FONT STYLE="color: #222222; background-color: white">Brandon M. Peene</FONT></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; padding-top: 12pt; font: 11pt/107% Calibri, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; width: 48%; border-bottom: Black 1pt solid; font: 11pt/107% Calibri, Helvetica, Sans-Serif; padding-top: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/s/
    <FONT STYLE="color: #222222; background-color: white">Paul J. Krump</FONT></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Secretary</B></FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>President</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: #222222; background-color: white"><B>/s/ Paul
    N. Morrissette</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Countersigned by <U>March 23, 2020</U></B></FONT></TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Authorized Representative </B></FONT></TD></TR>
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   <TD align=left><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98) - Federal</FONT></TD>

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   <TD align=left><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 1 of 1</FONT></TD></TR></TABLE></DIV>



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   <TD COLSPAN="6" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY, in consideration of payment of the required premium, and in reliance</FONT></TD></TR>

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   <TD COLSPAN="6" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">on the APPLICATION and all other statements made and information furnished to the</FONT></TD></TR>

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   <TD COLSPAN="6" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this</FONT></TD></TR>

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   <TD COLSPAN="6" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED</FONT></TD></TR>

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   <TD STYLE="text-align: right; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for:</FONT></TD>

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   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Insuring Clauses</FONT></I></B></TD>

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   <TD STYLE="text-align: left"><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Employee</FONT></I></TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD COLSPAN="4" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Larceny </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Embezzlement </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">committed by any</FONT> <B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, alone or in collusion with others.</FONT></TD></TR>



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   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">On Premises</FONT></I></TD>

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   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">resulting directly from robbery, burglary, false pretenses,</FONT></TD></TR>

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

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   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">common law or statutory larceny, misplacement, mysterious unexplainable</FONT></TD></TR>

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   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">disappearance, damage, destruction or removal, from the possession, custody or</FONT></TD></TR>

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   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">control of the ASSURED, while such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">is lodged or deposited at premises</FONT></TD></TR>

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   <TD STYLE="text-align: left">&nbsp;</TD>

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   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="4" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">located anywhere.</FONT></TD></TR>



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   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">In Transit</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">3</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">resulting directly from common law or statutory larceny,</FONT></TD></TR>

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   <TD COLSPAN="4" ALIGN="LEFT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">misplacement, mysterious unexplainable disappearance, damage or destruction,</FONT></TD></TR>

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   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">while the </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">is in transit anywhere:</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.479pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">in an armored motor vehicle, including loading and unloading thereof,</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.479pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">in the custody of a natural person acting as a messenger of the ASSURED,</FONT></TD></TR>

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   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or</FONT></TD>

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   <TD style="TEXT-INDENT: 0.479pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">in the custody of a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Transportation Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and being transported in a</FONT></TD></TR>

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   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">conveyance other than an armored motor vehicle provided, however, that</FONT></TD></TR>

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   <TD COLSPAN="3" ALIGN="CENTER" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">covered </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">transported in such manner is limited to the following:</FONT></TD></TR>

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   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">written records,</FONT></TD></TR>

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   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT></TD>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">securities issued in registered
   form, which are not endorsed or are restrictively endorsed, or</FONT></TD></TR>

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   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">negotiable instruments not payable to bearer, which are not endorsed</FONT></TD></TR>

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   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or are restrictively endorsed.</FONT></TD></TR>

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   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Coverage under this INSURING CLAUSE begins immediately on the receipt of</FONT></TD></TR>

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   <TD COLSPAN="4" ALIGN="LEFT" STYLE="text-indent: 0.47pt; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">by the natural person or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Transportation Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and ends</FONT></TD></TR>

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   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">immediately on delivery to the premises of the addressee or to any representative</FONT></TD></TR>

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

   <TD style="TEXT-INDENT: 0.479pt" colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of the addressee located anywhere.</FONT></TD></TR></TABLE></DIV>

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   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 1 of 19</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Insuring Clauses</FONT></I></B></TD>

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

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

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

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

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

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   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>

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

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

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

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

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

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1pt solid"><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Forgery Or Alteration</FONT></I></TD>

   <TD STYLE="text-align: right; border-top: Black 1pt solid"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">4</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD COLSPAN="3" STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

   <TD style="TEXT-INDENT: 0.479pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">on, or fraudulent material alteration of, any bills of exchange,</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">checks, drafts, acceptances, certificates of deposits, promissory notes, due</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="LEFT" COLSPAN="2"><FONT STYLE="font: x-small Arial,Arial,Helvetica,sans-serif">bills,</FONT> <FONT STYLE="font: x-small Arial,Arial,Helvetica,sans-serif">money orders, orders upon public treasuries, letters of credit, other</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">written promises, orders or directions to pay sums certain in money, or</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">receipts for the withdrawal of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>

   <TD STYLE="text-indent: 0.47pt; text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">transferring, paying or delivering any funds or other </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or establishing</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any credit or giving any value in reliance on any written instructions, advices</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or applications directed to the ASSURED authorizing or acknowledging the</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">transfer, payment, delivery or receipt of funds or other </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, which</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">instructions, advices or applications fraudulently purport to bear the</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">handwritten signature of any customer of the ASSURED, or shareholder or</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">subscriber to shares of an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or of any financial</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">institution or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">but which instructions, advices or applications either</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">bear a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or have been fraudulently materially altered without the</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">knowledge and consent of such customer, shareholder, subscriber, financial</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">institution or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">;</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">excluding, however, under
   this INSURING CLAUSE any loss covered under</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INSURING CLAUSE 5. of
   this Bond, whether or not coverage for INSURING</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CLAUSE 5. is provided
   for in the DECLARATIONS of this Bond.</FONT></TD></TR>

<TR>

   <TD colSpan=6><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purpose of this
   INSURING CLAUSE, a mechanically reproduced facsimile signature is treated the same as a handwritten signature.</FONT></TD></TR>




<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 0.47pt; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Extended Forgery</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">5</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from the ASSURED having, in good faith, and in the</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ordinary course of business, for its own account or the account of others in any</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">capacity:</FONT></TD>

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

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD style="TEXT-INDENT: 0.479pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">acquired, accepted or received, sold or delivered, or given value, extended</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">credit or assumed liability, in reliance on any original </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Securities,</FONT></B></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">documents or other written instruments </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which prove to:</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">bear a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or a fraudulently material alteration,</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">have been lost or stolen, or</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">be </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Counterfeit</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD style="TEXT-INDENT: 0.479pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">guaranteed in writing or witnessed any signatures on any transfer,</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">assignment, bill of sale, power of attorney, guarantee, endorsement or other</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">obligation upon or in connection with any </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Securities, documents or other</FONT></B></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">written instruments</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Actual physical possession, and continued actual physical possession if taken as</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD style="TEXT-INDENT: 0.479pt" colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">collateral, of such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Securities, documents or other written instruments </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">by an</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee, Custodian</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or a Federal or State chartered deposit institution of the</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED is a condition precedent to the ASSURED having relied on such items.</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Release or return
   of such collateral is an acknowledgment by the ASSURED that it no longer relies on such collateral.</FONT></TD></TR>

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   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 2 of 19</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Insuring Clauses</FONT></I></B></TD>

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

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

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

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

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

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   <TD colSpan=7>&nbsp;</TD></TR>

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   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Extended Forgery</FONT></I></TD>

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

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

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="4" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">signature is treated the same as a handwritten signature.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Counterfeit Money</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">6</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from the receipt by the ASSURED in good faith of any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="4" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Counterfeit </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">money.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Threats To Person</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">7</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from surrender of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">away from an office of the</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED as a result of a threat communicated to the ASSURED to do bodily</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">harm to an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">as defined in SECTION 1.e. (1), (2) and (5), a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Relative </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">invitee of such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or a resident of the household of such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, who</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">is, or allegedly is, being held captive provided, however, that prior to the surrender</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">who receives the threat has made a reasonable effort to</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD COLSPAN="3" ALIGN="CENTER" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">notify an officer of the ASSURED who is not involved in such threat, and</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED has made a reasonable effort to notify the Federal Bureau of</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Investigation and local law enforcement authorities concerning such threat.</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">It is agreed that for purposes of this INSURING CLAUSE, any </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of the</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED, as set forth in the preceding paragraph, shall be deemed to be an</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED hereunder, but only with respect to the surrender of money, securities</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and other tangible personal property in which such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">has a legal or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="4" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">equitable interest.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Computer System</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">8</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from fraudulent:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">entries of data into, or</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

   <TD STYLE="text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">changes of data elements or programs
   within,</FONT> a </FONT><B><FONT SIZE="2" FACE="Arial,Bold,Arial,Helvetica,sans-serif">Computer System</FONT></B><FONT SIZE="2" FACE="Arial,Arial,Helvetica,sans-serif">, provided the fraudulent entry or change causes:</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>


<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif"></FONT></TD>

   <TD ALIGN="CENTER" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">funds or other property to be transferred, paid or delivered,</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: right">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: center; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>

   <TD STYLE="text-align: right; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2</FONT><FONT SIZE="2" FACE="Arial,Arial,Helvetica,sans-serif">)</FONT></TD>

   <TD STYLE="text-align: left; vertical-align: top"></TD>

   <TD STYLE="text-align: left; text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an
   account of the ASSURED or of its customer to be added, deleted, debited or credited, or</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
   <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
   <TD STYLE="text-align: left; text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD colSpan=7 align=center><FONT size=2 face="Arial,Arial,Helvetica,sans-serif"></FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif"></FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an unauthorized account or a fictitious account to be debited or</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">credited.</FONT></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 55%"></TD>

   <TD STYLE="width: 44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 3 of 19</FONT></TD></TR></TABLE></DIV>

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

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



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="22%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="64%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Insuring Clauses</FONT></I></B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>

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

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

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

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

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1pt solid; vertical-align: top"><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Voice Initiated Funds</FONT></I></TD>

   <TD STYLE="text-align: right; border-top: Black 1pt solid; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">9</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD COLSPAN="2" STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">directed</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Transfer Instruction</FONT></I></TD>

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to the ASSURED authorizing the transfer of dividends or redemption proceeds of</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shares from a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Customer's </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">account, provided such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice</FONT></B></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">was:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">received at the ASSURED'S offices by those </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employees </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of the ASSURED</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">specifically authorized to receive the </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer</FONT></B></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Instruction</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">,</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">made by a person purporting to be a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Customer</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, and</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">made by said person for the purpose of causing the ASSURED or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Customer</FONT></B></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to sustain a loss or making an improper personal financial gain for such</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">person or any other person.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In order for coverage to apply under this INSURING CLAUSE, all </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated</FONT></B></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Funds Transfer Instructions </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">must
   be received and processed in accordance with the Designated Procedures outlined in the APPLICATION furnished to the</FONT></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Uncollectible Items of</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">10</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from the ASSURED having credited an account of a</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Deposit</FONT></I></TD>

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">customer, shareholder or subscriber on the faith of any </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">prove to be uncollectible, provided that the crediting of such account causes:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">redemptions or withdrawals to be permitted,</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shares to be issued, or</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">dividends to be paid, from an account of an </FONT><B><FONT SIZE="2" FACE="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company</FONT></B>.</FONT></TD></TR>


<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In order for coverage to apply under this INSURING CLAUSE, the ASSURED</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">must hold </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for the minimum number of days stated in the</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">APPLICATION before permitting any redemptions or withdrawals, issuing any</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shares or paying any dividends with respect to such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Items of Deposit</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall not be deemed uncollectible until the ASSURED'S</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">standard collection procedures have failed.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Audit Expense</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">11</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Expense incurred by the ASSURED for that part of the cost of audits or</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">examinations required by any governmental regulatory authority or self -regulatory</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">organization to be conducted by such authority, organization or their appointee by</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">reason of the discovery of loss sustained by the ASSURED and covered by this</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond.</FONT></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 55%"></TD>

   <TD STYLE="width: 44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 4 of 19</FONT></TD></TR></TABLE></DIV>

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<TR>

   <TD width="23%"></TD>

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<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">General Agreements</FONT></I></B></TD>

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

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

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

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

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Additional Companies</FONT></I></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">A.</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If more than one corporation, or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or any combination of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Included As Assured</FONT></I></TD>

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">them is included as the ASSURED herein:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The total liability of the COMPANY under this Bond for loss or losses</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">sustained by any one or more or all of them shall not exceed the limit for</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which the COMPANY would be liable under this Bond if all such loss were</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">sustained by any one of them.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Only the first named ASSURED shall be deemed to be the sole agent of the</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">others for all purposes under this Bond, including but not limited to the giving</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or receiving of any notice or proof required to be given and for the purpose of</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">effecting or accepting any amendments to or termination of this Bond. The</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY shall furnish each </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">with a copy of the</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond and with any amendment thereto, together with a copy of each formal</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">filing of claim by any other named ASSURED and notification of the terms of</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the settlement of each such claim prior to the execution of such settlement.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY shall not be responsible for the proper application of any</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">payment made hereunder to the first named ASSURED.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(4)</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Knowledge possessed or discovery made by any partner, director, trustee,</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">officer or supervisory employee of any ASSURED shall constitute knowledge</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or discovery by all the ASSUREDS for the purposes of this Bond.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(5)</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the first named ASSURED ceases for any reason to be covered under this</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond, then the ASSURED next named on the APPLICATION shall thereafter</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">be considered as the first named ASSURED for the purposes of this Bond.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Representation Made By</FONT></I></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">B.</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED represents that all information it has furnished in the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Assured</FONT></I></TD>

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">APPLICATION for this Bond or otherwise is complete, true and correct. Such</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">APPLICATION and other information constitute part of this Bond.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED must promptly notify the COMPANY of any change in any fact or</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">circumstance which materially affects the risk assumed by the COMPANY under</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">this Bond.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Any intentional misrepresentation, omission, concealment or incorrect statement of</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a material fact, in the APPLICATION or otherwise, shall be grounds for recision of</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">this Bond.</FONT></TD></TR></TABLE></DIV>

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   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 5 of 19</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">General Agreements</FONT></I></B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>

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

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

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

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

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1pt solid"><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Additional Offices Or</FONT></I></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">C.</FONT></TD>

   <TD COLSPAN="3" STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the ASSURED, other than an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, while this Bond is in force,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Employees - Consolidation,</FONT></I></TD>

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">merges or consolidates with, or purchases or acquires assets or liabilities of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Merger Or Purchase Or</FONT></I></TD>

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">another institution, the ASSURED shall not have the coverage afforded under this</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Acquisition Of Assets Or</FONT></I></TD>

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond for loss which has:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Liabilities - Notice To</FONT></I></TD>

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">occurred or will occur on premises, or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Company</FONT></I></TD>

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2</FONT>)</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">been caused or will be caused by an employee, or</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

   <TD STYLE="text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">arisen or will arise out of the assets or liabilities, of such institution, unless the ASSURED:</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif"></FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="text-align: left; text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">gives the COMPANY written notice of the proposed consolidation, merger </FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left> <FONT size=2 face="Arial,Arial,Helvetica,sans-serif"> or purchase or acquisition of assets or liabilities prior
   to    the proposed effective date of such action, and</FONT> </TD></TR>


<TR vAlign=bottom>

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

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

   <TD STYLE="text-align: left; text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">obtains the written consent of the COMPANY to extend some or all of the</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">coverage provided by this Bond to such additional exposure, and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left; text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">on obtaining such consent, pays to the COMPANY an additional premium.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-align: left; vertical-align: top">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Change Of Control -</FONT></I></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">D.</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">When the ASSURED learns of a change in control (other than in an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Notice To Company</FONT></I></TD>

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

   <TD colSpan=3 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">), as set forth in Section 2(a) (9) of the Investment Company Act of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1940,
   the ASSURED shall within sixty (60) days give written notice to the</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY setting forth:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

   <TD STYLE="text-align: left; text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the names of the transferors and transferees (or the
   names of the beneficial owners if the voting securities are registered in another name),</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left; text-align: left; vertical-align: top">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

   <TD STYLE="text-align: left; text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the total number of voting securities owned by the transferors and the</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">transferees (or the beneficial owners), both immediately
   before and after the transfer, and</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

   <TD STYLE="text-align: left; text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the total number of outstanding voting securities.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left; text-align: left; vertical-align: top">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Failure to give the required notice shall result in termination of coverage for any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss involving a transferee, to be effective on the date of such change in control.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Court Costs And</FONT></I></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">E.</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY will indemnify the ASSURED for court costs and reasonable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Attorneys&#8217; Fees</FONT></I></TD>

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">attorneys' fees incurred and paid by the ASSURED in defense, whether or not</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">successful, whether or not fully litigated on the merits and whether or not settled,</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of any claim, suit or legal proceeding with respect to which the ASSURED would</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">be entitled to recovery under this Bond. However, with respect to INSURING</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">CLAUSE 1., this Section shall only apply in the event that:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

   <TD STYLE="text-align: left; text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">admits to being guilty of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Larceny or Embezzlement</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">,</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD STYLE="text-align: left; text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2</FONT>)</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">is adjudicated to be guilty of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Larceny or Embezzlement</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or</FONT></TD></TR></TABLE></DIV>

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   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 6 of 19</FONT></TD></TR></TABLE></DIV>

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

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

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   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">General Agreements</FONT></I></B></TD>

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

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

<TR>

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

<TR>

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

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Court Costs And</FONT></I></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">in the absence of 1 or 2 above, an arbitration panel agrees, after a review of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Attorneys&#8217; Fees</FONT></I></TD>

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an agreed statement of facts between the COMPANY and the ASSURED,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; vertical-align: top"><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">that an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">would
   be found guilty of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Larceny or Embezzlement </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">if</FONT> <FONT size=2 face="Arial,Arial,Helvetica,sans-serif">such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">were prosecuted.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=center></TD></TR>

<TR>

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

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED shall promptly give notice to the COMPANY of any such suit or</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">legal proceeding and at the request of the COMPANY shall furnish copies of all</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">pleadings and pertinent papers to the COMPANY. The COMPANY may, at its</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">sole option, elect to conduct the defense of all or part of such legal proceeding.</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The defense by the COMPANY shall be in the name of the ASSURED through</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">attorneys selected by the COMPANY. The ASSURED shall provide all reasonable</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">information and assistance as required by the COMPANY for such defense.</FONT></TD></TR>

<TR>

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

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the COMPANY declines to defend the ASSURED, no settlement without the</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">prior written consent of the COMPANY nor judgment against the ASSURED shall</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">determine the existence, extent or amount of coverage under this Bond.</FONT></TD></TR>

<TR>

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

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the amount demanded in any such suit or legal proceeding is within the</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">costs and attorney's fees incurred in defending all or part of such suit or legal</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">proceeding.</FONT></TD></TR>

<TR>

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

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the amount demanded in any such suit or legal proceeding is in excess of the</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">incurred in defending all or part of such suit or legal proceedings is limited to the</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">proportion of such court costs and attorney's fees incurred that the LIMIT OF</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">CLAUSE bears to the total of the amount demanded in such suit or legal</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">proceeding.</FONT></TD></TR>

<TR>

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

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD colSpan=2 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the amount demanded is
   any such suit or legal proceeding is in excess of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD colSpan=2 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DEDUCTIBLE AMOUNT, if any,
   but within the LIMIT OF LIABILITY stated in ITEM</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2. of the DECLARATIONS
   for the applicable INSURING CLAUSE, the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD colSpan=2 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">COMPANY'S liability for court
   costs and attorney's fees incurred in defending all or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD colSpan=2 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">part of such suit or legal
   proceedings shall be limited to the proportion of such</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD colSpan=2 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">court costs or attorney's
   fees that the amount demanded that would be payable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD colSpan=2 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">under this Bond after application
   of the DEDUCTIBLE AMOUNT, bears to the total</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD colSpan=2 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">amount demanded.</FONT></TD></TR>

<TR>

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

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Amounts paid by the COMPANY for court costs and attorneys' fees shall be in</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.</FONT></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 55%"></TD>

   <TD STYLE="width: 44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 7 of 19</FONT></TD></TR></TABLE></DIV>

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

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<TR>

   <TD width="20%"></TD>

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   <TD width="57%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>

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

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

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

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

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

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

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Definitions</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">As used in this Bond:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD colSpan=3 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means a computer and all input, output, processing,</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">storage, off-line media libraries, and communication facilities which are</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">connected to the computer and which are under the control and supervision</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of the operating system(s) or application(s) software used by the ASSURED.</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD colSpan=3 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Counterfeit </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means an imitation of an actual valid original which is intended</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to deceive and be taken as the original.</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>

   <TD colSpan=3 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Custodian </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means the institution designated by an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">maintain possession and control of its assets.</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT></TD>

   <TD colSpan=3 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means an individual, corporate, partnership, trust customer,</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shareholder or subscriber of an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which has a written</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">agreement with the ASSURED for </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer</FONT></B></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD colSpan=3 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Instruction</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">e.</FONT></TD>

   <TD colSpan=3 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an officer of the ASSURED,</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD STYLE="text-align: left; text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">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> </TD></TR>








<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT></TD>

   <TD STYLE="text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a guest student pursuing studies or performing duties in any of the ASSURED'S premises,</FONT></TD></TR>



   <TR><TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(4</FONT>)</TD>

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an attorney retained by the ASSURED and an employee of such</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">attorney while either is performing legal services for the ASSURED,</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(5)</FONT></TD>

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a natural person provided by an employment contractor to perform</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">employee duties for the ASSURED under the ASSURED'S
   supervision at any of the ASSURED'S premises,</FONT></TD></TR>


<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(6)</FONT></TD>

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an employee of an institution merged or consolidated with the</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED prior to the effective date of this Bond,</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(7</FONT>)</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a director or trustee of the ASSURED, but only while performing acts</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">within the scope of the customary and usual duties of any officer or</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">other employee of the ASSURED or while acting as a member of any</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">committee duly elected or appointed to examine or audit or have</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">custody of or access to </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of the ASSURED, or</FONT></TD></TR></TABLE></DIV>

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   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 8 of 19</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>

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

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

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

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

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

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   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Definitions</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(8</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">)</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">each natural person, partnership or corporation authorized by written</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">agreement with the ASSURED to perform services as electronic data</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">processor of checks or other accounting records related to such checks but</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">only while such person, partnership or corporation is actually performing</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">such services and not:</FONT></TD></TR>

<TR>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">creating, preparing, modifying or maintaining the ASSURED'S</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">computer software or programs, or</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">acting as transfer agent or in any other agency capacity in issuing</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">checks, drafts or securities for the ASSURED,</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

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

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(9</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">)</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any partner, officer or employee of an investment advisor, an underwriter</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(distributor), a transfer agent or shareholder accounting recordkeeper, or an</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">administrator, for an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">while performing acts coming</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">within the scope of the customary and usual duties of an officer or employee</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or acting as a member of any committee duly</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">elected or appointed to examine, audit or have custody of or access to</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">an Investment Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The term </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall not include any partner, officer or employee of a</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">transfer agent, shareholder accounting recordkeeper or administrator:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which is not an "affiliated person" (as defined in Section 2(a) of the</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Investment Company Act of 1940) of an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or of</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the investment advisor or underwriter (distributor) of such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment</FONT></B></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top; text-align: left">

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which is a "bank" (as defined in Section 2(a) of the Investment Company Act of 1940).</FONT></TD></TR>



<TR STYLE="vertical-align: top; text-align: left">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Bond does not afford coverage in favor of the employers of</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">persons as set forth in e. (4), (5) and (8) above, and upon payment to</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED by the COMPANY resulting directly from </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Larceny or</FONT></B></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Embezzlement </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">committed by any of the partners, officers or</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">employees of such employers, whether acting alone or in collusion with</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">others, an assignment of such of the ASSURED'S rights and causes of</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">action as it may have against such employers by reason of such acts</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">so committed shall, to the extent of such payment, be given by the</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED to the COMPANY, and the ASSURED shall execute all</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">papers necessary to secure to the COMPANY the rights provided for</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">herein.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Each employer of persons as set forth in e.(4), (5) and (8) above and the</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">partners, officers and other employees of such employers shall collectively</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">be deemed to be one person for all the purposes of this Bond; excepting,</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">however, the fifth paragraph of Section 13.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Independent contractors not specified in e.(4), (5) or (8) above,</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">intermediaries, agents, brokers or other representatives of the same general</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">character shall not be considered </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employees</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD></TR></TABLE></DIV>

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   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 9 of 19</FONT></TD></TR></TABLE></DIV>

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   <TD STYLE="text-align: left"><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR>

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

<TR>

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

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Definitions</FONT></I></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">f.</FONT></TD>

   <TD STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means the signing of the name of another natural person with the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">intent to deceive but does not mean a signature which consists in whole or in</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">part of one's own name, with or without authority, in any capacity for any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">purpose.</FONT></TD></TR>

<TR>

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

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">g.</FONT></TD>

   <TD STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means any investment company registered under the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Investment Company Act of 1940 and listed under the NAME OF ASSURED</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">on the DECLARATIONS.</FONT></TD></TR>

<TR>

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

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">h.</FONT></TD>

   <TD STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means one or more checks or drafts drawn upon a</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">financial institution in the United States of America.</FONT></TD></TR>

<TR>

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

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">i.</FONT></TD>

   <TD STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Larceny or Embezzlement </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means larceny or embezzlement as defined in</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Section 37 of the Investment Company Act of 1940.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">j.</FONT></TD>

   <TD STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means money, revenue and other stamps; securities; including any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">note, stock, treasury stock, bond, debenture, evidence of indebtedness,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">certificate of deposit, certificate of interest or participation in any profit-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">sharing agreement, collateral trust certificate, preorganization certificate or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">subscription, transferable share, investment contract, voting trust certificate,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">certificate of deposit for a security, fractional undivided interest in oil, gas, or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">other mineral rights, any interest or instruments commonly known as a</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">security under the Investment Company Act of 1940, any other certificate of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">interest or participation in, temporary or interim certificate for, receipt for,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">guarantee of, or warrant or right to subscribe to or purchase any of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">foregoing; bills of exchange; acceptances; checks; withdrawal orders; money</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">orders; travelers' letters of credit; bills of lading; abstracts of title; insurance</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">policies, deeds, mortgages on real estate and/or upon chattels and interests</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">therein; assignments of such policies, deeds or mortgages; other valuable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">papers, including books of accounts and other records used by the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED in the conduct of its business (but excluding all electronic data</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">processing records); and, all other instruments similar to or in the nature of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the foregoing in which the ASSURED acquired an interest at the time of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED'S consolidation or merger with, or purchase of the principal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">assets of, a predecessor or which are held by the ASSURED for any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">purpose or in any capacity and whether so held gratuitously or not and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">whether or not the ASSURED is liable therefor.</FONT></TD></TR>

<TR>

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

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">k.</FONT></TD>

   <TD STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Relative </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means the spouse of an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or partner of the ASSURED</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and any unmarried child supported wholly by, or living in the home of, such</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or partner and being related to them by blood, marriage or legal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">guardianship.</FONT></TD></TR>

<TR>

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

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">l.</FONT></TD>

   <TD STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Securities, documents or other written instruments </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means original</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(including original counterparts) negotiable or non-negotiable instruments, or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">assignments thereof, which in and of themselves represent an equitable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">interest, ownership, or debt and which are in the ordinary course of business</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">transferable by delivery of such instruments with any necessary</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">endorsements or assignments.</FONT></TD></TR></TABLE></DIV>

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

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<TR>

   <TD STYLE="width: 55%"></TD>

   <TD STYLE="width: 44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 10 of 19</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>

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

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

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

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   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Definitions</FONT></I></TD>

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">m.</FONT></TD>

   <TD align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Subsidiary </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means any organization that, at the inception date of this Bond,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">is named in the APPLICATION or is created during the BOND PERIOD and</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of which more than fifty percent (50%) of the outstanding securities or voting</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">rights representing the present right to vote for election of directors is owned</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or controlled by the ASSURED either directly or through one or more of its</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">subsidiaries.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">n.</FONT></TD>

   <TD align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Transportation Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means any organization which provides its own</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or its leased vehicles for transportation or which provides freight forwarding</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or air express services.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

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

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

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

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">o.</FONT></TD>

   <TD align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated Election </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means any election concerning dividend options</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">available to </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shareholders or subscribers which is</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">requested by voice over the telephone.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">p.</FONT></TD>

   <TD align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated Redemption </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means any redemption of shares issued by an</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which is requested by voice over the telephone.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">q.</FONT></TD>

   <TD align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means any </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated</FONT></B></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Redemption </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated Election</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">For the purposes of these definitions, the singular includes the plural and the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">plural includes the singular, unless otherwise indicated.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">General Exclusions -</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">This bond does not directly or indirectly cover:</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Applicable to All Insuring</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss not reported to the COMPANY in writing within sixty (60) days after</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Clauses</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">termination of this Bond as an entirety;</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss due to riot or civil commotion outside the United States of America and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Canada, or any loss due to military, naval or usurped power, war or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">insurrection. This Section 2.b., however, shall not apply to loss which occurs</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">in transit in the circumstances recited in INSURING CLAUSE 3., provided</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">that when such transit was initiated there was no knowledge on the part of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any person acting for the ASSURED of such riot, civil commotion, military,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">naval or usurped power, war or insurrection;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from the effects of nuclear fission or fusion or radioactivity;</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss of potential income including, but not limited to, interest and dividends</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">not realized by the ASSURED or by any customer of the ASSURED;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">e.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">damages of any type for which the ASSURED is legally liable, except</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">compensatory damages, but not multiples thereof, arising from a loss</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">covered under this Bond;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">f.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">costs, fees and expenses incurred by the ASSURED in establishing the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">existence of or amount of loss under this Bond, except to the extent covered</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">under INSURING CLAUSE 11.;</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">g.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from indirect or consequential loss of any nature;</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 55%"></TD>

   <TD STYLE="width: 44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 11 of 19</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TR>

   <TD width="23%"></TD>

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   <TD width="53%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><I>General Exclusions -</I></TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">h.</TD>

   <TD COLSPAN="4" STYLE="text-align: right; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from dishonest acts by any member of the Board of Directors</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><I>Applicable to All Insuring</I></TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD COLSPAN="4" STYLE="text-align: right; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">or Board of Trustees of the ASSURED who is not an <B>Employee</B>, acting</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><I>Clauses</I></TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD COLSPAN="4" STYLE="text-align: right; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">alone or in collusion with others;</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><I>(continued)</I></TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="text-align: right; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">i.</TD>

   <TD COLSPAN="4" STYLE="text-align: right; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">loss, or that part of any loss, resulting solely from any violation
   by the ASSURED or by any Employee:</TD></TR>

<TR STYLE="vertical-align: top; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="text-align: right; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD COLSPAN="8" STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: right; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">(1)</TD>

   <TD COLSPAN="3" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">of any law regulating:</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">a.&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.04pt; font: 10pt Arial, Helvetica, Sans-Serif">the issuance, purchase or sale of securities,</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.04pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">b.</TD>

   <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.04pt; font: 10pt Arial, Helvetica, Sans-Serif">securities transactions on security or commodity exchanges or</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">the over the counter market,</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">c.</TD>

   <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.04pt; font: 10pt Arial, Helvetica, Sans-Serif">investment companies,</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.04pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">d.</TD>

   <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.04pt; font: 10pt Arial, Helvetica, Sans-Serif">investment advisors, or</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.04pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: right; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">(2)</TD>

   <TD COLSPAN="3" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">of any rule or regulation made pursuant to any such law; or</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">j.</FONT></TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss of confidential information, material or data;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">k.</FONT></TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from voice requests or instructions received over the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">telephone, provided however, this Section 2.k. shall not apply to INSURING</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="4" STYLE="text-align: right; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">CLAUSE 7. or 9.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="text-align: right; border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Specific Exclusions -</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">3</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=5 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">This Bond does not directly or indirectly cover:</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Applicable To All Insuring</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss caused by an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, provided, however, this Section 3.a. shall not</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Clauses Except Insuring</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">apply to loss covered under INSURING CLAUSE 2. or 3. which results</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Clause 1.</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">directly from
   misplacement, mysterious unexplainable disappearance, or damage or destruction of </FONT><B><FONT SIZE="2" FACE="Arial,Bold,Arial,Helvetica,sans-serif">Property</FONT></B><FONT SIZE="2" FACE="Arial,Arial,Helvetica,sans-serif">;</FONT></FONT> </TD></TR>

<TR vAlign=bottom>

   <TD colSpan=8 align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss through the surrender of property away from premises of the ASSURED</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD COLSPAN="4" STYLE="text-align: right; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">as a result of a threat:</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="text-align: right; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; text-align: left; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">(1)</TD>

   <TD COLSPAN="3" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">to do bodily harm to any natural person, except loss of <B>Property </B>in</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">transit in the custody of any person acting as messenger of the</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">ASSURED, provided that when such transit was initiated there was no</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">knowledge by the ASSURED of any such threat, and provided further</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">that this Section 3.b. shall not apply to INSURING CLAUSE 7., or</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; text-align: left; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">(2)</TD>

   <TD COLSPAN="3" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">to do damage to the premises or <B>Property </B>of the ASSURED;</TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD STYLE="text-align: left; text-align: left; vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>

   <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">c.</TD>

   <TD COLSPAN="4" STYLE="text-align: right; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from payments made or withdrawals from any account</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">involving erroneous credits to such account;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT></TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss involving </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which are not finally paid for any reason</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">provided however, that this Section 3.d. shall not apply to INSURING</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">CLAUSE 10.;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">e.</FONT></TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss of property while in the mail;</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 12 of 19</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=9>&nbsp;</TD></TR>

<TR>

   <TD colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Specific Exclusions -</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">f.</FONT></TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from the failure for any reason of a financial or depository</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Applicable To All Insuring</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">institution, its receiver or other liquidator to pay or deliver funds or other</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Clauses Except Insuring</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=5 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to the ASSURED provided further that this Section 3.f. shall not</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Clause 1.</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">apply to loss of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">resulting directly from robbery, burglary,</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left"><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="5" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">misplacement, mysterious unexplainable disappearance, damage,</FONT>




<FONT STYLE="font: x-small Arial,Arial,Helvetica,sans-serif"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">destruction or removal from the possession, custody or control of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">g.</FONT></TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">while in the custody of a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Transportation Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">provided however, that this Section 3.g. shall not apply to INSURING</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">CLAUSE 3.;</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">h.</FONT></TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from entries or changes made by a natural person with</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">authorized access to a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">who acts in good faith on</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">instructions, unless such instructions are given to that person by a software</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">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 SIZE="2" FACE="Arial,Bold,Arial,Helvetica,sans-serif">Computer System</FONT></B><FONT SIZE="2" FACE="Arial,Arial,Helvetica,sans-serif">; or</FONT></TD></TR>




<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="5" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">i.</FONT></TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting directly or indirectly from the input of data into a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Computer</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=5 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">terminal, either on the premises of the customer of the ASSURED</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or under the control of such a customer, by a customer or other person who</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="5" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">had authorized access to the customer's authentication mechanism.</FONT></TD></TR>



<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="5" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Specific Exclusions -</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">4</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=4 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">This bond does not directly or indirectly cover:</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Applicable To All Insuring</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from the complete or partial non-payment of or default on any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Clauses Except Insuring</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loan whether such loan was procured in good faith or through trick, artifice,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Clauses 1., 4., And 5.</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">fraud or false pretenses; provided, however, this Section 4.a. shall not apply</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to INSURING CLAUSE 8.;</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from forgery or any alteration;</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss involving a counterfeit provided, however, this Section 4.c. shall not</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">apply to INSURING CLAUSE 5. or 6.</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Limit Of Liability/Non-</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">5</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD COLSPAN="6" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">At all times prior to termination of this Bond, this Bond shall continue in force for</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Reduction And Non-</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="6" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Accumulation Of Liability</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="6" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">notwithstanding any previous loss for which the COMPANY may have paid or be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="6" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">liable to pay
   under this Bond provided, however, that the liability of the COMPANY <FONT SIZE="2" FACE="Arial,Arial,Helvetica,sans-serif">under this Bond with respect to all loss resulting from:</FONT></FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="6" STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any one act of burglary, robbery or hold-up, or attempt thereat, in which no</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">is concerned or implicated, or</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any one unintentional or negligent act on the part of any one person</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">resulting in damage to or destruction or misplacement of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="5" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">all acts, other than those specified in a. above, of any one person, or</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 55%"></TD>

   <TD STYLE="width: 44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 13 of 19</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="24%"></TD>

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   <TD width="4%"></TD>

   <TD width="64%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Limit Of Liability/Non-</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any one casualty or event other than those specified in a., b., or c. above,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Reduction And Non-</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall be deemed to be one loss and shall be limited to the applicable LIMIT OF</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Accumulation Of Liability</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the total amount of such loss or losses and shall not be cumulative in amounts</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">from year to year or from period to period.</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">All acts, as specified in c. above, of any one person which</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">i.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">directly or indirectly aid in any way wrongful acts of any other person or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">persons, or</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ii.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">permit the continuation of wrongful acts of any other person or persons</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">whether such acts are committed with or without the knowledge of the wrongful</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">acts of the person so aided, and whether such acts are committed with or without</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the intent to aid such other person, shall be deemed to be one loss with the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">wrongful acts of all persons so aided.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Discovery</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">6</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Bond applies only to loss first discovered by an officer of the ASSURED</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">during the BOND PERIOD. Discovery occurs at the earlier of an officer of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED being aware of:</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">facts which may subsequently result in a loss of a type covered by this Bond,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an actual or potential claim in which it is alleged that the ASSURED is liable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to a third party,</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">regardless of when the act or acts causing or contributing to such loss occurred,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">even though the amount of loss does not exceed the applicable DEDUCTIBLE</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">AMOUNT, or the exact amount or details of loss may not then be known.</FONT></TD></TR>



<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Notice To Company -</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">7</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED shall give the COMPANY notice thereof at the earliest</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Proof - Legal Proceedings</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">practicable moment, not to exceed sixty (60) days after discovery of loss, in</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Against Company</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an amount that is in excess of 50% of the applicable DEDUCTIBLE</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">AMOUNT, as stated in ITEM 2. of the DECLARATIONS.</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">with full particulars within six (6) months after such discovery.</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Securities listed in a proof of loss shall be identified by certificate or bond</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">numbers, if issued with them.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Legal proceedings for the recovery of any loss under this Bond shall not be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">brought prior to the expiration of sixty (60) days after the proof of loss is filed</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">with the COMPANY or after the expiration of twenty -four (24) months from</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the discovery of such loss.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">e.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Bond affords coverage only in favor of the ASSURED. No claim, suit,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">action or legal proceedings shall be brought under this Bond by anyone</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">other than the ASSURED.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 55%"></TD>

   <TD STYLE="width: 44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 14 of 19</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="24%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="64%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Notice To Company -</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">f.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Proof of loss involving </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Proof - Legal Proceedings</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">include electronic recordings of such instructions.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Against Company</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Deductible Amount</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">8</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY shall not be liable under any INSURING CLAUSES of this Bond</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">on account of loss unless the amount of such loss, after deducting the net amount</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of all reimbursement and/or recovery obtained or made by the ASSURED, other</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">than from any Bond or policy of insurance issued by an insurance company and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">covering such loss, or by the COMPANY on account thereof prior to payment by</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DECLARATIONS.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">There shall be no deductible applicable to any loss under INSURING CLAUSE 1.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">sustained by any </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD></TR>



<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Valuation</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">9</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">BOOKS OF ACCOUNT OR OTHER RECORDS</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">consisting of books of account or other records</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">used by the ASSURED in the conduct of its business shall be the amount paid by</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED for blank books, blank pages, or other materials which replace the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">lost books of account or other records, plus the cost of labor paid by the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED for the actual transcription or copying of data to reproduce such books</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of account or other records.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">other than books of account or other records</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">used by the ASSURED in the conduct of its business, for which a claim is made</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall be determined by the average market value of such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">on the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">business day immediately preceding discovery of such loss provided, however,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">that the value of any </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">replaced by the ASSURED with the consent of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY and prior to the settlement of any claim
   for such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall
   be the actual market value at the time of replacement.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=center><FONT size=2 face="Arial,Arial,Helvetica,sans-serif"></FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In the case of a loss of interim certificates, warrants, rights or other securities, the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">production of which is necessary to the exercise of subscription, conversion,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">redemption or deposit privileges, the value of them shall be the market value of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">such privileges immediately preceding their expiration if said loss is not discovered</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">until after their expiration. If no market price is quoted for such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or for</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">such privileges, the value shall be fixed by agreement between the parties.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">OTHER PROPERTY</FONT></B></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, other than as stated above, shall be the actual</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">cash value or the cost of repairing or replacing such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">with </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">like quality and value, whichever is less.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 55%"></TD>

   <TD STYLE="width: 44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 15 of 19</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="22%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="64%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Securities Settlement</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">10</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In the event of a loss of securities covered under this Bond, the COMPANY may,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">at its sole discretion, purchase replacement securities, tender the value of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">securities in money, or issue its indemnity to effect replacement securities.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The indemnity required from the ASSURED under the terms of this Section</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">against all loss, cost or expense arising from the replacement of securities by the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY'S indemnity shall be:</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for securities having a value less than or equal to the applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT - one hundred (100%) percent;</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for securities having a value in excess of the DEDUCTIBLE AMOUNT but</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">within the applicable LIMIT OF LIABILITY - the percentage that the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT bears to the value of the securities;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for securities having a value greater than the applicable LIMIT OF LIABILITY</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">- the percentage that the DEDUCTIBLE AMOUNT and portion in excess of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="CENTER" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the applicable LIMIT OF LIABILITY bears to the value of the securities.</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: center; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The value referred to in Section 10.a., b., and c. is the value in accordance with</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Section 9, Valuation, regardless of the value of
   such securities at the time the loss under the COMPANY'S indemnity is sustained.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD colSpan=5 align=center><FONT size=2 face="Arial,Arial,Helvetica,sans-serif"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY is not required to issue its indemnity for any portion of a loss of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">securities which is not covered by this Bond; however, the COMPANY may do so</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">as a courtesy to the ASSURED and at its sole discretion.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED shall pay the proportion of the Company's premium charge for the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Company's indemnity as set forth in Section 10.a., b., and c. No portion of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">LIMIT OF LIABILITY shall be used as payment of premium for any indemnity</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">purchased by the ASSURED to obtain replacement securities.</FONT></TD></TR>



<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD colSpan=2 align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Subrogation - Assignment </FONT></I><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">&#8211; </FONT></I><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">11.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In the event of a payment under this Bond, the COMPANY shall be subrogated to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Recovery</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">all of the ASSURED'S rights of recovery against any person or entity to the extent</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of such payment. On request, the ASSURED shall deliver to the COMPANY an</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">assignment of the ASSURED'S rights, title and interest and causes of action</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">against any person or entity to the extent of such payment.</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Recoveries, whether effected by the COMPANY or by the ASSURED, shall be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">applied net of the expense of such recovery in the following order:</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">first, to the satisfaction of the ASSURED'S loss which would otherwise have</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">been paid but for the fact that it is in excess of the applicable LIMIT OF</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">LIABILITY,</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">second, to the COMPANY in satisfaction of amounts paid in settlement of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED'S claim,</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">AMOUNT, and</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 55%"></TD>

   <TD STYLE="width: 44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 16 of 19</FONT></TD></TR></TABLE></DIV>

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   <TD width="64%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Subrogation - Assignment </FONT></I><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">&#8211;</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">fourth, to the ASSURED in satisfaction of any loss suffered by the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Recovery</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED which was not covered under this Bond.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">recovery under this section.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Cooperation Of Assured</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">12</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">At the COMPANY'S request and at reasonable times and places designated by</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the COMPANY, the ASSURED shall:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">submit to examination by the COMPANY and subscribe to the same under</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">oath,</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">produce for the COMPANY'S examination all pertinent records, and</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">cooperate with the COMPANY in all matters pertaining to the loss.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED shall execute all papers and render assistance to secure to the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY the rights and causes of action provided for under this Bond. The</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED shall do nothing after loss to prejudice such rights or causes of action.</FONT></TD></TR>



<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Termination</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">13</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the Bond is for a sole ASSURED, it shall not be terminated unless written notice</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall have been given by the acting party to the affected party and to the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Securities and Exchange Commission, Washington, D.C., not less than sixty (60)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">days prior to the effective date of such termination.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the Bond is for a joint ASSURED, it shall not be terminated unless written notice</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall have been given by the acting party to the affected party, and by the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY to all ASSURED </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Companies </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and to the Securities and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Exchange Commission, Washington, D.C., not less than sixty (60) days prior to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the effective date of such termination.</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Bond will terminate as to any one ASSURED, other than an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">:</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">immediately on the taking over of such ASSURED by a receiver or other</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">liquidator or by State or Federal officials, or</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">immediately on the filing of a petition under any State or Federal statute</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">relative to bankruptcy or reorganization of the ASSURED, or assignment for</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the benefit of creditors of the ASSURED, or</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">immediately upon such ASSURED ceasing to exist, whether through merger</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">into another entity, disposition of all of its assets or otherwise.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY shall refund the unearned premium computed at short rates in</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">accordance with the standard short rate cancellation tables if terminated by the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED or pro rata if terminated for any other reason.</FONT></TD></TR></TABLE></DIV>

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<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 55%"></TD>

   <TD STYLE="width: 44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 17 of 19</FONT></TD></TR></TABLE></DIV>

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<TR>

   <TD width="23%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="64%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Termination</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If any partner, director, trustee, or officer or supervisory employee of an</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED not acting in collusion with an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">learns of any dishonest act</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">committed by such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">at any time, whether in the employment of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED or otherwise, whether or not such act is of the type covered under this</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond, and whether against the ASSURED or any other person or entity, the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall immediately remove such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">from a position that would enable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to cause the ASSURED to suffer a loss covered by this</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond; and</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">within forty-eight (48) hours of learning that an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">has committed</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any dishonest act, shall notify the COMPANY, of such action and provide full particulars of such dishonest act.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD colSpan=5 align=center><FONT size=2 face="Arial,Arial,Helvetica,sans-serif"></FONT></TD></TR>


<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY may terminate coverage as respects any </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">sixty (60)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">days after written notice is received by each ASSURED </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and the Securities and Exchange Commission, Washington, D.C. of its desire to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">terminate this Bond as to such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-align: left; vertical-align: top"><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Other Insurance</FONT></I></TD>

   <TD STYLE="text-align: right; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">14</FONT></TD>

   <TD STYLE="text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Coverage under this Bond shall apply only as
   excess over any valid and collectible <FONT SIZE="2" FACE="Arial,Arial,Helvetica,sans-serif">insurance, indemnity or suretyship obtained by or on behalf of:</FONT></FONT></TD></TR>



<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
   <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED,</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Transportation Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">another entity on whose premises the loss occurred or which employed the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">person causing the loss or engaged the messenger conveying the </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: right; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">involved.</FONT></TD></TR>



<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Conformity</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If any limitation within this Bond is prohibited by any law controlling this Bond's</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">construction, such limitation shall be deemed to be amended so as to equal the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD STYLE="text-align: left">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">minimum period of limitation provided by such law.</FONT></TD></TR>



<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Change or Modification</FONT></I></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">16</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Bond or any instrument amending or affecting this Bond may not be changed</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or modified orally. No change in or modification of this Bond shall be effective</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">except when made by written endorsement to this
   Bond signed by an authorized <FONT SIZE="2" FACE="Arial,Arial,Helvetica,sans-serif">representative of the COMPANY.</FONT></FONT></TD></TR>


<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If this Bond is for a sole ASSURED, no change or modification which would</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">days after written notice has been furnished to the Securities and Exchange</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Commission, Washington, D.C., by the acting party.</FONT></TD></TR></TABLE></DIV>

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<TR>

   <TD STYLE="width: 55%"></TD>

   <TD STYLE="width: 44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 18 of 19</FONT></TD></TR></TABLE></DIV>

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<TR>

   <TD width="26%"></TD>

   <TD width="73%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">Change or Modification</FONT></I></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If this Bond is for a joint ASSURED, no charge or modification which would</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face="Arial,Italic,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">days after written notice has been furnished to all insured </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Companies</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and to the Securities and Exchange Commission, Washington, D.C., by the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 55%"></TD>

   <TD STYLE="width: 44%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-top: Black 1pt solid"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>

   <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 19 of 19</FONT></TD></TR></TABLE></DIV>

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<TR>

   <TD width="42%"></TD>

   <TD width="57%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 147.48pt" align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">ENDORSEMENT/RIDER</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Effective date of</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">this endorsement/rider: December 31, 2019</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>

   <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Endorsement/Rider No. 1</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">To be attached to and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">form a part of Policy No. 81906724</FONT></TD></TR>


<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 6pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Issued to: JOHN HANCOCK FUNDS</FONT></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 6pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: center; padding-top: 6pt"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">It is agreed that this insurance does not apply
   to the extent that trade or economic sanctions or other similar laws or <FONT SIZE="2" FACE="Arial,Arial,Helvetica,sans-serif">regulations prohibit the coverage provided by this insurance.</FONT></FONT></TD></TR>


<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The title and any headings in this
   endorsement/rider are solely for convenience and form no part of the terms and <FONT SIZE="2" FACE="Arial,Arial,Helvetica,sans-serif">conditions of coverage.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Policy shall remain unchanged.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P STYLE="margin: 0px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; color: #222222; background-color: white">/s/ Paul N. Morrissette</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Authorized Representative </FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0px"></P>




<P style="TEXT-ALIGN: left">&nbsp;</P>

<P STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">14-02-9228 (2/2010)</FONT></P>

<P STYLE="text-align: center"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 1</FONT></P></DIV>

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<TR>

   <TD STYLE="width: 78%; border-left: Black 0pt solid; padding-left: 4pt"></TD>

   <TD STYLE="width: 21%; border-right: Black 0pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 252.191pt" colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 252.19pt; text-align: left; padding-left: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Endorsement No:</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2</FONT></TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 252.19pt; text-align: left; padding-left: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond Number:</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">81906724</FONT></TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="text-indent: 145.56pt; text-align: left; padding-left: 4pt"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">NAME OF ASSURED ENDORSEMENT</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows:</FONT></TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>JOHN
   HANCOCK FUNDS listed as the Named Assured on the Declarations Page</U></B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Includes the following
   Trusts:</U></B></FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>


<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">500 Index Trust</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Absolute Return Currency
 Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Active Bond Trust</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Alternative Asset Allocation
 Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">American Asset Allocation
 Trust</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">American Global Growth
 Trust</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">American Growth Trust</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">American Growth-Income
 Trust</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">American International
 Trust</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Asia Pacific Total Return
 Bond Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Balanced Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Blue Chip Growth Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Blue Chip Growth Trust</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Bond Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">California Tax-Free Income
 Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Capital Appreciation Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Capital Appreciation Trust</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Capital Appreciation Value
 Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Capital Appreciation Value
 Trust</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Classic Value Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Collateral Trust Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Core Bond Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Core Bond Trust</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Disciplined Alternative
 Yield Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Disciplined Value Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Disciplined Value International
 Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Disciplined Value Mid Cap
 Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Diversified Macro Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Diversified Real Assets
 Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Diversified Strategies
 Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Emerging Markets Debt Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Emerging Markets Equity
 Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Emerging Markets Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Emerging Markets Value
 Trust</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Equity Income Fund</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">Equity Income Trust</FONT></TD>
	<TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Black">&nbsp;</FONT></TD>
</TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">ICAP Bond<BR>
 Form 17-02-0949 (Rev. 1-97)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 50%">Page 1 </TD></TR>
</TABLE>


</DIV>




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<TR></FONT><TD STYLE="width: 100%; border-right: Black 0pt solid; border-left: Black 0pt solid; padding-left: 4pt"></TD></TR>

<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">ESG All Cap Core Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">ESG Core Bond Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">ESG International Equity
 Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">ESG Large Cap Core
 Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Financial Industries
 Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Financial Industries
 Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Floating Rate Income
 Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Fundamental All Cap
 Core Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Fundamental All Cap
 Core Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Fundamental Global
 Franchise</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Fundamental Large Cap
 Core Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Fundamental Large Cap
 Value Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Global Bond Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Global Bond Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Global Equity Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Global Shareholder
 Yield Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Global Thematic Opportunities
 Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Global Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Government Income Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Health Sciences Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Health Sciences Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">High Yield Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">High Yield Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">High Yield Municipal
 Bond Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">High Yield Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Income Allocation Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Income Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">International Dynamic
 Growth Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">International Equity
 Index Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">International Growth
 Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">International Growth
 Stock Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">International Growth
 Stock Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">International Small
 Cap Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">International Small
 Company Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">International Small
 Company Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">International Strategic
 Equity Allocation Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">International Value
 Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">International Value
 Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Investment Grade Bond
 Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Investment Quality
 Bond Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">JHF Infrastructure
 Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Financial
 Opportunities Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock GA Mortgage
 Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Hedged
 Equity &amp; Income Fund</FONT></TD>
</TR>

<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Income
 Securities Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Investors
 Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Managed
 Account Shares</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Investment Grade Corporate
 Bond Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Managed
 Account Shares</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Non-Investment Grade
 Corporate Bond Portfolio</FONT></TD>
</TR>

<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Managed
 Account Shares</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Securitized Debt Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Multifactor
 Consumer</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Discretionary ETF</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Multifactor
 Consumer Staples ETF</FONT></TD>
</TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">ICAP Bond<BR>
 Form 17-02-0949 (Ed. 1-97)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 50%">Page 2 </TD></TR>
</TABLE>




<P style="MARGIN: 0px">&nbsp;</P></DIV>
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<DIV align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">
<TR></FONT><TD STYLE="width: 100%; border-right: Black 0pt solid; border-left: Black 0pt solid; padding-left: 4pt"></TD></TR>

<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Multifactor
 Developed International ETF</FONT></TD>
</TR>

<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Multifactor
 Emerging Markets ETF</FONT></TD>
</TR>

<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Multifactor
 Energy ETF</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Multifactor
 Financials ETF</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Multifactor
 Healthcare ETF</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Multifactor
 Industrials ETF</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Multifactor
 Large Cap ETF</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Multifactor
 Materials ETF</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Multifactor
 Media and Communications ETF</FONT></TD>
</TR>

<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Multifactor
 Mid Cap ETF</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Multifactor
 Small Cap ETF</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Multifactor
 Technology ETF</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Multifactor
 Utilities ETF</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Preferred
 Income Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Preferred
 Income Fund II</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Preferred
 Income Fund III</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Premium
 Dividend Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Tax-Advantaged
 Dividend Income Fund</FONT></TD>
</TR>

<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">John Hancock Tax-Advantaged
 Global Shareholder Yield Fund</FONT></TD>

<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Lifestyle Aggressive
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Lifestyle Balanced
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Lifestyle Conservative
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Lifestyle Growth Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Lifestyle Moderate
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Managed Volatility
 Aggressive Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Managed Volatility
 Balanced Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Managed Volatility
 Conservative Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Managed Volatility
 Growth Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Managed Volatility
 Moderate Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Mid Cap Index Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Mid Cap Stock Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Mid Cap Stock Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Mid Value Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Mid Value Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Money Market Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Money Market Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Asset Absolute
 Return Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2010 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2015 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2020 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2020 Preservation
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2025 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2025 Preservation
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2030 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2030 Preservation
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2035 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2035 Preservation
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2040 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2040 Preservation
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2045 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2045 Preservation
 Portfolio</FONT></TD>
</TR></TABLE></DIV>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">ICAP Bond<BR>
 Form 17-02-0949 (Ed. 1-97)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 50%">Page 3</TD></TR>
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<TR></FONT><TD STYLE="width: 100%; border-right: Black 0pt solid; border-left: Black 0pt solid; padding-left: 4pt"></TD></TR>

<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2050 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2050 Preservation
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2055 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2055 Preservation
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2060 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index 2060 Preservation
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index Income
 Preservation Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index Lifestyle
 Aggressive Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index Lifestyle
 Balanced Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index Lifestyle
 Conservative Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index Lifestyle
 Growth Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multi-Index Lifestyle
 Moderate Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multimanager 2010 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multimanager 2015 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multimanager 2020 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multimanager 2025 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multimanager 2030 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multimanager 2035 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multimanager 2040 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multimanager 2045 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multimanager 2050 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multimanager 2055 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multimanager 2060 Lifetime
 Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multimanager Lifestyle
 Aggressive Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multimanager Lifestyle
 Balanced Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multimanager Lifestyle
 Conservative Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multimanager Lifestyle
 Growth Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Multimanager Lifestyle
 Moderate Portfolio</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Mutual Shares Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">New Opportunities Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Real Estate Securities
 Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Real Estate Securities
 Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Real Return Bond Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Regional Bank Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Retirement Income 2040
 Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Science &amp; Technology
 Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Science &amp; Technology
 Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Seaport Long/Short
 Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Select Bond Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Short Duration Bond
 Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Short Duration Credit
 Opportunities Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Short Term Government
 Income Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Small Cap Core Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Small Cap Growth Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Small Cap Index Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Small Cap Opportunities
 Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Small Cap Stock Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Small Cap Value Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Small Cap Value Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Small Company Value
 Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Small Company Value
 Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Spectrum Income Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Strategic Equity Allocation
 Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Strategic Equity Allocation
 Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Strategic Income Opportunities
 Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Strategic Income Opportunities
 Trust</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left><FONT STYLE="font-family: Arial,Arial,Helvetica,sans-serif; font-size: 12pt; color: Black">Tax-Free Bond Fund</FONT></TD>
</TR></TABLE></DIV>
</DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">ICAP Bond<BR>
 Form 17-02-0949 (Ed. 1-97)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 50%">Page 4</TD></TR>
</TABLE>


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<TR>

   <TD STYLE="width: 100%; padding-left: 4pt; border-right: Black 0pt solid; border-left: Black 0pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total Bond Market Trust</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Total Stock Market Index Trust</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">U.S. Global Leaders Growth Fund</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">U.S. High Yield Bond Fund</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">U.S. Quality Growth Fund</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">U.S. Strategic Equity Allocation Fund</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Ultra Short Term Bond Trust</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Utilities Trust</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Value Equity Fund</FONT></TD></TR>

<TR>

<TR>

   <TD STYLE="padding-left: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>

<TR>

   <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>

<TR>

   <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2019.</FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 4pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P STYLE="margin: 0px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Date: March 23, 2020 </FONT></TD>
    <TD STYLE="width: 4%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">By&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; color: #222222; background-color: white">/s/ Paul N. Morrissette</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Authorized Representative </FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0px"></P>

<P STYLE="margin: 0px">&nbsp;</P>


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<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 61%"></TD>

   <TD STYLE="width: 38%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-0949 (Ed. 1-97)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 5</FONT></TD></TR></TABLE></DIV>

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<DIV align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><TABLE cellSpacing=0 border=0> <TR></FONT><TD width="3%"></TD>

   <TD width="3%"></TD>

   <TD WIDTH="5%" STYLE="text-align: left"></TD>

   <TD width="3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD width="59%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 220.96pt" colSpan=2 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FEDERAL
   INSURANCE COMPANY</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-indent: 220pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endorsement No:</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD></TR>
<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 220.96pt" align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond
   Number:</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">81906724</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NAME
   OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD colSpan=6><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD colSpan=6><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=6 align=center><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TERMINATION-NONRENEWAL-NOTICE
   ENDORSEMENT</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">It is agreed that this Bond
   is amended as follows:</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.</FONT></TD>

   <TD colSpan=3 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By adding to Section 13.,
   Termination, the following:</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD colSpan=3 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">"Termination By The Company</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD colSpan=3 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bonds In Effect For More
   Than Sixty (60) Days</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
   this Bond has been in effect for more than sixty (60) days, or, if this Bond is a renewal, the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">COMPANY
   may terminate by providing written notice of cancellation at least sixty (60) days before</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
   effective date of termination for at least one of the following reasons:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nonpayment of premium;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Discovery of fraud or
   material misrepresentation in obtaining this Bond or in the presentation</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of a claim thereunder;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Discovery of willful
   or reckless acts or omissions or violation of any provision of this Bond on</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the part of the ASSURED
   which substantially and materially increases any hazard insured</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against, and which occurred
   subsequent to the inception of the current BOND PERIOD;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left; text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Conviction of the ASSURED
   of a crime arising out of acts increasing the hazard insured</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Material change in the
   risk which increases the risk of loss after insurance coverage has</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">been issued or renewed,
   except to the extent that the COMPANY should reasonably have</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">foreseen the change,
   or contemplated the risk when the contract was written;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left; text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Determination by the
   Commissioner that the continuation of the Bond would jeopardize a</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">COMPANY'S solvency or
   would place the COMPANY in violation of the insurance laws of any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">state;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></TD></TR>

<TR STYLE="vertical-align: top; text-align: left">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD colSpan=6 align=center></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such other reasons that
   are approved by the Commissioner;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Determination by the
   Commissioner that the COMPANY no longer has adequate reinsurance</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to meet the ASSUREDS
   needs;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Substantial breaches
   of contractual duties, conditions or warranties; or</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unfavorable underwriting
   facts, specific to the ASSURED, existing that were not present at</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the inception of the
   Bond.</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 61%"></TD>

   <TD STYLE="width: 38%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1360 (Rev. 10-99)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 1</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<!--$$/page=--><A name="page_31"></A><BR>

<a name="_bclPageBorder31"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0">



<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>

    <TD STYLE="width: 3%">&nbsp;</TD>
   <TD STYLE="width: 4%"></TD>

   <TD STYLE="width: 52%"></TD>

   <TD STYLE="width: 38%"></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bonds In Effect Sixty (60) Days Or Less</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If this Bond has been in effect for sixty (60) days or less, and it is not a renewal Bond, the</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY may terminate for any reason by providing written notice of termination at least sixty</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(60) days before the effective date of termination.</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Notice Of Termination</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Notice of termination under this Section shall be mailed or delivered, by certified mail, return receipt</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">provided by the United States Postal Service, to the ASSURED and to the authorized agent or</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">broker, if any, at least sixty (60) days prior to the effective date of cancellation at the address</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shown on the DECLARATIONS of this Bond.</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If this Bond is cancelled
   for nonpayment of premium, the COMPANY will mail or deliver, by certified</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">mail, return receipt provided
   by the United States Postal Service, a written notice at least thirty</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(30) days before the
   effective date of cancellation. The cancellation notice shall contain</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">information regarding the
   amount of premium due and the due date, and shall state the effect of</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">nonpayment by the due date.
   Cancellation shall not be effective if payment of the amount due is</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=2 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">made prior to the effective
   date of cancellation.</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">All notice of cancellation shall state the reason(s) for cancellation.</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">There is no liability on the part of, and no cause of action of any nature shall arise against, the</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY, its authorized representatives, its employees, or any firm, person or corporation</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">furnishing to the COMPANY, information relating to the reasons for cancellation or nonrenewal, for</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any statement made by them in complying or enabling the COMPANY to comply with this Section,</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for the provision of information pertaining thereto, or for statements made or evidence submitted at</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any hearings conducted in connection therewith, if such information was provided in good faith and</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">without malice.</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Notice Of Nonrenewal</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the COMPANY elects not to renew this Bond, the COMPANY shall mail or deliver written notice,</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">by certified mail, return receipt, provided by the United States Postal Service, to the ASSURED, at</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">his last known address, at least sixty (60) days before the expiration date or before the</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">anniversary date, if this Bond has been written for a term of more than one (1) year. Such notice</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall also be mailed to the ASSURED'S agent or broker, if any.</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Such notice shall contain all of the following:</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD STYLE="text-indent: 0.54pt; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond Number:</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD STYLE="text-indent: 0.54pt; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Date of Notice;</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>

   <TD STYLE="text-indent: 0.54pt; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Reason for Cancellation;</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT></TD>

   <TD STYLE="text-indent: 0.54pt; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Expiration Date of the Bond;</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">e.</FONT></TD>

   <TD STYLE="text-indent: 0.54pt; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Effective Date and Hour of Cancellation.</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>


<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-indent: 0.54pt; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Notice of nonrenewal shall not be required if the COMPANY or a COMPANY within the same</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">insurance group has offered to issue a renewal Bond, the ASSURED has obtained replacement</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">coverage or has agreed in writing to obtain replacement coverage, the ASSURED has requested</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or agreed to nonrenewal, or the Bond is expressly designated as nonrenewable.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 61%"></TD>

   <TD STYLE="width: 38%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1360 (Rev. 10-99)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 2</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_32"></A><BR>

<a name="_bclPageBorder32"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="3%"></TD>

   <TD width="3%"></TD>

   <TD width="93%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Return Premium Calculations</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Any unearned premiums which have been paid by the ASSURED shall be refunded to the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED on a pro rata basis if terminated by the COMPANY or the ASSURED. The unearned</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">premiums shall be refunded to the ASSURED within forty -five (45) days of receipt of the request for</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">cancellation or the effective date of cancellation, whichever is later.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Conditional Renewal</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the COMPANY offers or purports to renew the Bond, but on less favorable terms or at higher</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">rates, the new terms or higher premiums may take effect on the renewal date, if the COMPANY</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">mails or delivers by certified mail, return receipt provided by the United States Postal Service, to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED, notice of the new terms or premiums at least sixty (60) days prior to the renewal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">date. If the COMPANY notifies the ASSURED within sixty (60) days prior to the renewal date, the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">new terms or premiums do not take effect until sixty (60) days after the notice is mailed or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">delivered, in which case, the ASSURED may elect to cancel the renewal Bond within the sixty (60)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">day period. If the COMPANY does not notify the ASSURED of the new terms or premiums, the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY shall continue the Bond at the expiring terms and premiums until notice is given or until</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the effective date of replacement coverage is obtained by the ASSURED, whichever </FONT><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">occurs first.&#8221;</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">It is further understood and agreed that for the purposes of Section 13., Termination, any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">occurrence listed in this Section shall be considered to be a request by the ASSURED to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">immediately terminate this Bond.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>



<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2019.</FONT></TD></TR>



<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR>                                                                                                                                                               <TR STYLE="vertical-align: bottom">
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P STYLE="margin: 0px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Date: March 23, 2020 </FONT></TD>
    <TD STYLE="width: 4%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">By&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; color: #222222; background-color: white">/s/ Paul N. Morrissette</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Authorized Representative </FONT></TD></TR>
</TABLE>






<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 61%"></TD>

   <TD STYLE="width: 38%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1360 (Rev. 10-99)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 3</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>




<HR align=center SIZE=2 width="100%" noShade>



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<!--$$/page=--><A name="page_33"></A><BR>

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<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="3%"></TD>

   <TD width="2%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD>

   <TD WIDTH="4%" STYLE="text-align: left"></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="54%"></TD>

   <TD width="22%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="LEFT" STYLE="text-align: left">&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: left; text-indent: 195pt"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="LEFT" STYLE="text-align: left">&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 194.539pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Endorsement No.:</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">4</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="LEFT" STYLE="text-align: left">&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 194.539pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond Number:</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">81906724</FONT></TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR>

   <TD colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 6pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 6pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="8" STYLE="text-align: center; padding-top: 6pt"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">UNAUTHORIZED SIGNATURE ENDORSEMENT</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="8" STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD colSpan=7 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">It is agreed that this Bond is amended as follows:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="7" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">By adding the following INSURING CLAUSE:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="5" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">12</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Unauthorized Signature</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from the ASSURED having accepted, paid or cashed any check or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Withdrawal Order </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">made or drawn on or against the account of the ASSURED&#8217;S customer</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which bears the signature or endorsement of one other than a person whose name and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">signature is on file with the ASSURED as a signatory on such account.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">It shall be a condition precedent to the ASSURED'S right of recovery under this INSURING</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">CLAUSE that the ASSURED shall have on file signatures of all the persons who are</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">signatories on such account.</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">By adding to Section 1., Definitions, the following:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="5" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">r.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means a written order to the issuer of an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Uncertificated Security </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">requesting that</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the transfer, pledge or release from pledge of the specified </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Uncertificated Security </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">registered.</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">s.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Uncertificated Security </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means a share, participation or other interest in property of or an</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">enterprise of the issuer or an obligation of the issuer, which is:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="2" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">not represented by an instrument and the transfer of which is registered on books</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="LEFT" STYLE="text-align: left">&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">maintained for that purpose by or on behalf of the issuer, and</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="2" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of a type commonly dealt in on securities exchanges or markets, and</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="2" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">either one of a class or series or by its terms divisible into a class or series of shares,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="LEFT" STYLE="text-align: left">&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">participations, interests or obligations.</FONT></TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 60%"></TD>

   <TD STYLE="width: 39%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-5602 (Ed. 10-03)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 1</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_34"></A><BR>

<a name="_bclPageBorder34"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="8%"></TD>

   <TD width="91%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.463pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">t.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Withdrawal Order </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means a non-negotiable instrument, other than an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Instruction</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, signed by</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a customer of the ASSURED authorizing the ASSURED to debit the customer&#8217;s account in the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">amount of funds stated therein.</FONT></TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>



<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2019.</FONT></TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>


<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR>                                                                                                                                                               <TR STYLE="vertical-align: bottom">
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P STYLE="margin: 0px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Date: March 23, 2020 </FONT></TD>
    <TD STYLE="width: 4%; font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: left">By&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; color: #222222; background-color: white">/s/ Paul N. Morrissette</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Authorized Representative </FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0px"></P>

<P STYLE="margin: 0px">&nbsp;</P>


<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 60%"></TD>

   <TD STYLE="width: 39%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-5602 (Ed. 10-03)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 2</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<!--$$/page=--><A name="page_35"></A><BR>

<a name="_bclPageBorder35"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><TABLE CELLSPACING="0" BORDER="0"> <TR></FONT><TD STYLE="width: 3%"></TD>

   <TD STYLE="width: 3%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"></TD>

   <TD STYLE="width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="width: 63%"></TD>

   <TD STYLE="width: 23%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 194.539pt" colSpan=2 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FEDERAL
   INSURANCE COMPANY</B></FONT></TD></TR>

<TR>

   <TD COLSPAN="7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-indent: 194.53pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endorsement
   No.:</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></TD></TR>

<TR>

   <TD COLSPAN="7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-indent: 194.53pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond
   Number:</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">81906724</FONT></TD></TR>

<TR>

   <TD COLSPAN="7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD COLSPAN="7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD COLSPAN="7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD COLSPAN="7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="6" STYLE="text-align: left; border-bottom: Black 1pt solid; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NAME
   OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD COLSPAN="7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="7" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTOMATED
   TELEPHONE TRANSACTION ENDORSEMENT</B></FONT></TD></TR>

<TR>

   <TD COLSPAN="7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="6" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">It is agreed
   that this Bond is amended as follows:</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD COLSPAN="7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.</FONT></TD>

   <TD COLSPAN="4" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By adding
   the following INSURING CLAUSE:</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD COLSPAN="7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD COLSPAN="4" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13. Automated
   Telephone System Transaction</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD COLSPAN="7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD COLSPAN="4" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss resulting
   directly from the ASSURED having transferred funds on the faith of any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD COLSPAN="4" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Automated
   Phone System (APS) Transaction</B>, where the request for such <B>APS</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD COLSPAN="4" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Transaction
   </B>is unauthorized or fraudulent and is made with the intent to deceive. In order for</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD COLSPAN="4" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">coverage
   to apply under this INSURING CLAUSE the ASSURED shall maintain and follow all</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD COLSPAN="4" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>APS Designated
   Procedures</B>. A single failure of the ASSURED to maintain and follow a</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD COLSPAN="4" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">particular
   <B>APS Designated Procedure </B>in a particular <B>APS Transaction </B>will not preclude</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">coverage
   under this INSURING CLAUSE.</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD COLSPAN="7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.</FONT></TD>

   <TD COLSPAN="4" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By adding
   to Section 1., Definitions, the following:</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD COLSPAN="7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD COLSPAN="4" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">u. <B>APS
   Designated Procedures </B>means all of the following procedures:</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No <B>APS Transaction
   </B>shall be executed unless the shareholder or unitholder to whose account such an <B>APS Transaction </B>relates has previously
   elected to <B>APS Transactions. (Election in Application)</B></FONT></TD></TR>



<TR>

   <TD COLSPAN="7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All <B>APS Transactions
   </B>shall be logged or otherwise recorded and the records shall be retained for at least six (6) months. (Logging)</FONT></TD></TR>


<TR>

   <TD COLSPAN="7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></TD></TR>



<TR>

   <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The caller in any request
   for an <B>APS Transaction</B>, before executing that <B>APS Transaction must enter a personal identification number (PIN),
   social security number and account number. (Identity Test)</B></FONT></TD></TR>



<TR>

   <TD COLSPAN="7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
   <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></TD></TR>



</TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 60%"></TD>

   <TD STYLE="width: 39%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-2345 (Ed. 10-00)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 1</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<!--$$/page=--><A name="page_36"></A><BR>

<a name="_bclPageBorder36"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="3%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD WIDTH="4%" STYLE="text-align: left"></TD>

   <TD width="3%"></TD>

   <TD width="80%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)&nbsp;&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A written confirmation
   of any <B>APS Transaction </B>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 <B>APS Transaction</B>. (Written Confirmation)</FONT></TD></TR>




<TR>

   <TD colSpan=6><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Access to the equipment
   which permits the entity receiving the <B>APS Transaction request to process and effect the transaction shall be limited in
   the following manner: (Access to APS Equipment) </B></FONT></TD></TR>



<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">v.</FONT></TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">APS Election </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means any election concerning various account features available to the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shareholder or unitholder which is made through the </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Automated Phone System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">by means of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">information transmitted by an individual caller through use of a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Automated Phone System</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">These features include account statements, auto exchange, auto asset builder, automatic</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">withdrawal, dividend/capital gain options, dividend sweep, telephone balance consent and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">change of address.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">w.</FONT></TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">APS Exchange </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means any exchange of shares or units in a registered account of one fund</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">into shares or units in an account with the same tax identification number and same</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ownership-type code of another fund in the same complex pursuant to exchange privileges of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the two funds, which exchange is requested through the </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Automated Phone System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">by</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means of information transmitted by an individual caller through use of an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Automated Phone</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">System</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">x.</FONT></TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">APS Purchase </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means any purchase of shares or units issued by an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which is requested through an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Automated Phone System</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">y.</FONT></TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">APS Redemption </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means any redemption of shares or units issued by an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Company </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which it requested through the telephone by means of information transmitted by</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an individual caller through use of a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Automated Phone System</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">z.</FONT></TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">APS Transaction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means any </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">APS Purchase, APS Redemption, APS Election </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">APS</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Exchange</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">aa.</FONT></TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Automated Phone System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means an automated system which receives and converts to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">executable instructions transmissions through the </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Automated Phone System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">through use of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a touch-tone keypad or other tone system; and always excluding transmissions from a</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">computer system or part thereof.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">3</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">By adding the following Section after Section 4., Specific Exclusions-Applicable To All Insuring</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Clauses Except 1., 4., 5.:</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Section 4.A Specific Exclusion-Applicable to Insuring Clause 13</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">This Bond does not directly or indirectly cover under Insuring Clause 13:</FONT></B></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting from:</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the redemption of shares or units, where the proceeds of such redemption are made payable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to other than:</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the shares or units of
   record,</FONT></TD></TR>


<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a person designated to
   receive redemption proceeds, or</FONT></TD></TR>


<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a bank account
   designated to receive redemption proceeds, or</FONT></TD></TR>
</TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>


<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="8%"></TD>

   <TD width="91%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-indent: 25.46pt; text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the redemption of shares or
   units, where the proceeds of such redemption are paid by check <FONT SIZE="2" FACE="Arial,Arial,Helvetica,sans-serif">mailed
   to any address, unless such address has either been designated the shareholder or <FONT SIZE="2" FACE="Arial,Arial,Helvetica,sans-serif">unitholder
   by voice through an </FONT><B><FONT SIZE="2" FACE="Arial,Bold,Arial,Helvetica,sans-serif">Automated Phone System </FONT></B><FONT SIZE="2" FACE="Arial,Arial,Helvetica,sans-serif">or
   in writing, at least thirty (30) <FONT SIZE="2" FACE="Arial,Arial,Helvetica,sans-serif">days prior to such redemption, or</FONT></FONT></FONT></FONT></TD></TR>

</TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">

<TR>
   <TD STYLE="width: 60%"></TD>
   <TD STYLE="width: 39%"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-2345 (Ed. 10-00)</FONT></TD>
   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 2</FONT></TD></TR></TABLE></DIV>


<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<DIV align=left>

<TABLE cellSpacing=0 border=0>

<TR>

   <TD width="8%"></TD>
   <TD width="91%"></TD></TR>
<TR>
   <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="text-indent: 25.46pt; text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the redemption of shares or
   units, where shareholder or unitholder of the ASSURED <FONT SIZE="2" FACE="Arial,Arial,Helvetica,sans-serif">designated bank account of record.</FONT></TD></TR>



<TR>

   <TD colSpan=2>&nbsp;</TD></TR>


<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2019.</FONT></TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR>                                                                                                                                                               <TR STYLE="vertical-align: bottom">
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P STYLE="margin: 0px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Date: March 23, 2020 </FONT></TD>
    <TD STYLE="width: 4%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">By&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; color: #222222; background-color: white">/s/ Paul N. Morrissette</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Authorized Representative </FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0px"></P>

<P STYLE="margin: 0px">&nbsp;</P>



<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 60%"></TD>

   <TD STYLE="width: 39%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-2345 (Ed. 10-00)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 3</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<!--$$/page=--><A name="page_38"></A><BR>

<a name="_bclPageBorder38"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD>

   <TD width="9%"></TD>

   <TD width="50%"></TD>

   <TD width="23%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 169.08pt" colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 169.08pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Endorsement No.:</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">6</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 169.08pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond Number:</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">81906724</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">NAME OF ASSURED:</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6.72pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">JOHN HANCOCK FUNDS</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=7 align=center><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT</FONT></B></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=6 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">It is agreed that this Bond is amended as follows:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">By adding the following INSURING CLAUSE:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">14</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD COLSPAN="2" ALIGN="LEFT" STYLE="text-indent: 16.87pt; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Telefacsimile Instruction</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from the ASSURED having transferred, paid or delivered any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">funds or other </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or established any credit, debited any account or given any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="LEFT" STYLE="text-indent: 16.87pt; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">value on the faith of any fraudulent instructions sent by a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Customer</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, financial institution</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 16.877pt" colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or another office of the ASSURED by </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">directly to the ASSURED</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 16.877pt" colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">authorizing or acknowledging the transfer, payment or delivery of funds or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 16.877pt" colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the establishment of a credit or the debiting of an account or the giving of value by the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 16.877pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED where such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">instructions:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 16.877pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD COLSPAN="2" ALIGN="LEFT" STYLE="text-indent: 6.72pt; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">bear a valid test key exchanged between the ASSURED and a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="2" ALIGN="RIGHT" STYLE="text-align: left">&nbsp;&nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">another financial institution with authority to use such test key for </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Telefacsimile</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="2" ALIGN="LEFT" STYLE="text-indent: 6.72pt; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">instructions in the ordinary course of business, but which test key has been</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="2" ALIGN="LEFT" STYLE="text-indent: 6.72pt; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">wrongfully obtained by a person who was not authorized to initiate, make,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD ALIGN="LEFT" STYLE="text-indent: 6.72pt; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">validate or authenticate a test key arrangement, and</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 16.877pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD style="TEXT-INDENT: 6.72pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">fraudulently purport to have been sent by such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or financial institution</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.72pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">when such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">instructions were transmitted without the knowledge</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="2" ALIGN="RIGHT" STYLE="text-align: left">&nbsp;&nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or consent of such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or financial institution by a person other than such</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="2" ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">&nbsp;&nbsp;Customer </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or financial institution and which bear a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of a signature,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="2" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;&nbsp;provided that the </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">instruction was verified by a direct call back to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.72pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an employee of the financial institution, or a person thought by the ASSURED to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.72pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">be the </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Customer</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or an employee of another financial institution.</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</FONT></TD>

   <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.</FONT></TD>

   <TD COLSPAN="5" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By
   deleting from Section 1., Definitions, the definition of <B>Customer </B>in its entirety, and substituting the following:</FONT></TD></TR>


<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means an individual, corporate, partnership, trust customer, shareholder or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">subscriber of an Investment Company which has a written agreement with the ASSURED</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-align: left; text-indent: 0; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Instruction.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 60%"></TD>

   <TD STYLE="width: 39%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-2367 (Rev. 10-03)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 1</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_39"></A><BR>

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<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

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   <TD width="42%"></TD>

   <TD width="41%"></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">3</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">By adding to Section 1., Definitions, the following:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">bb.</FONT></TD>

   <TD colSpan=2 align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Telefacsimile </B>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. <B>Telefacsimile </B>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></TD></TR>





<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">4</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">By adding to Section 3., Specific Exclusions Applicable to All Insuring Clauses Except Insuring</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Clause 1. the following:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">j.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting directly or indirectly from </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">instructions provided, however,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">this exclusion shall not apply to this INSURING CLAUSE.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>



<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="5" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2019.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="5" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR>                                                                                                                                                                                             <TR STYLE="vertical-align: bottom">
   <TD COLSPAN="5" STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
</TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P STYLE="margin: 0px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Date: March 23, 2020 </FONT></TD>
    <TD STYLE="width: 4%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">By&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; color: #222222; background-color: white">/s/ Paul N. Morrissette</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Authorized Representative </FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0px"></P>

<P STYLE="margin: 0px">&nbsp;</P>


<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

   <TD STYLE="width: 60%"></TD>

   <TD STYLE="width: 39%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-2367 (Rev. 10-03)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 2</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_40"></A><BR>

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<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="3%"></TD>

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   <TD width="2%"></TD>

   <TD width="54%"></TD>

   <TD width="22%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 198.4pt" colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 198.4pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Endorsement No.:</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">7</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 198.4pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond Number:</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">81906724</FONT></TD></TR>

<TR>

   <TD colSpan=9>&nbsp;</TD></TR>

<TR>

   <TD colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="8" STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>

   <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="8" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD COLSPAN="9" STYLE="text-align: center"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="9" STYLE="text-align: center; padding-top: 6pt">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD colSpan=8 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">It is agreed that this Bond is amended as follows:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="8" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">By adding the following INSURING CLAUSE:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD COLSPAN="5" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>

   <TD align=right>&#8220;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Stop Payment Order or Refusal to Pay Check</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from the ASSURED being legally liable to pay compensatory damages</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 13.46pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">complying or failing to comply with notice from any customer of the ASSURED or any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 12.98pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">authorized representative of such customer, to stop payment on any check or draft</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 12.98pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">made or drawn upon or against the ASSURED by such customer or by any authorized</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 12.98pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">representative of such customer, or</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-indent: 12.98pt; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 13.46pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">refusing to pay any check or draft made or drawn upon or against the ASSURED by any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 12.98pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">customer of the ASSURED or by any authorize</FONT><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d representative of such customer.&#8221;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-indent: 12.98pt; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">By adding the following Specific Exclusion:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">&#8220;Section 4.A. Specific Exclusions &#8211; </FONT><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Applicable to INSURING CLAUSE 15</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD COLSPAN="5" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD colSpan=5 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">This Bond does not directly or indirectly cover:</FONT></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD COLSPAN="5" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">liability assumed by the ASSURED by agreement under any contract, unless such liability</FONT></TD></TR>

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   <TD COLSPAN="4" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">would have attached to the ASSURED even in the absence of such agreement,</FONT></TD></TR>

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   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

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   <TD style="TEXT-INDENT: 0.479pt" colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss arising out of:</FONT></TD>

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   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1</FONT></TD>

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   <TD style="TEXT-INDENT: 13.46pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment,</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 12.98pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">malicious prosecution, assault or battery,</FONT></TD>

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   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2</FONT></TD>

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   <TD style="TEXT-INDENT: 13.46pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">sickness, disease, physical bodily harm, mental or emotional distress or anguish, or</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 12.98pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">death of any person, or</FONT></TD>

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   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3</FONT></TD>

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   <TD style="TEXT-INDENT: 13.46pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">discrimination.&#8221;</FONT></TD>

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   <TD COLSPAN="9" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2019.</FONT></TD></TR>

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   <TD COLSPAN="9" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR></TABLE></DIV>

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    <TD STYLE="width: 50%; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Date: March 23, 2020 </FONT></TD>
    <TD STYLE="width: 4%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">By&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; color: #222222; background-color: white">/s/ Paul N. Morrissette</FONT></TD></TR>
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    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Authorized Representative </FONT></TD></TR>
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<P style="TEXT-ALIGN: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond</FONT><BR><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-2365 (Ed. 10-00)</FONT></P></DIV>

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   <TD style="TEXT-INDENT: 169.559pt" colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 169.559pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Endorsement No.:</FONT></TD>

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   <TD style="TEXT-INDENT: 169.559pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond Number:</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">81906724</FONT></TD></TR>

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   <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>

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   <TD colSpan=7 align=center><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">EXTENDED COMPUTER SYSTEMS ENDORSEMENT</FONT></B></TD></TR>

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   <TD colSpan=6 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">It is agreed that this Bond is amended as follows:</FONT></TD>

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   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">By adding the following INSURING CLAUSE:</FONT></TD>

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   <TD COLSPAN="4" STYLE="text-align: left; padding-top: 6pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">16. Extended Computer Systems</FONT></TD>

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   <TD STYLE="text-indent: 24.98pt; text-align: left; padding-top: 6pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">A.</FONT></TD>

   <TD COLSPAN="3" STYLE="text-indent: 0.47pt; text-align: left; padding-top: 6pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media, Electronic Instruction</FONT></TD>

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   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from:</FONT></TD>

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   <TD STYLE="text-align: left; padding-top: 6pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT></TD>

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   <TD COLSPAN="2" STYLE="text-align: right; text-align: left; padding-top: 6pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the fraudulent modification of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic</FONT></B></TD></TR>

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   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">being stored within or being run within any system covered under this</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">INSURING CLAUSE,</FONT></TD>

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   <TD STYLE="text-align: left; padding-top: 6pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 6pt">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="text-align: right; text-align: left; padding-top: 6pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">robbery, burglary, larceny or theft of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or</FONT></TD></TR>

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   <TD align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Instructions</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">,</FONT></TD>

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   <TD STYLE="text-align: left; padding-top: 6pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT></TD>

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   <TD COLSPAN="2" STYLE="text-align: right; text-align: left; padding-top: 6pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the acts of a hacker causing damage or destruction of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Data,</FONT></B></TD></TR>

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   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Media </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">owned by the ASSURED or for which</FONT></TD></TR>

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   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED is legally liable, while stored within a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">covered</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">under this INSURING CLAUSE, or</FONT></TD>

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   <TD STYLE="text-align: left; padding-top: 6pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(4)</FONT></TD>

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   <TD COLSPAN="2" STYLE="text-align: right; text-align: left; padding-top: 6pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the damage or destruction of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic</FONT></B></TD></TR>

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   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">owned by the ASSURED or for which the ASSURED is legally liable</FONT></TD></TR>

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   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">while stored within a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">covered under INSURING CLAUSE 8,</FONT></TD></TR>

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   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">provided such damage or destruction was caused by a computer program or</FONT></TD></TR>

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   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">similar instruction which was written or altered to intentionally incorporate a hidden</FONT></TD></TR>

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   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">instruction designed to damage or destroy </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or</FONT></TD></TR>

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   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">in the </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">in which the computer program</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or instruction so written or so altered is used.</FONT></TD>

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   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP2 Bond</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 1</FONT></TD></TR></TABLE></DIV>

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    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">B.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Electronic Communication</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">resulting directly from the ASSURED having transferred, paid or delivered any</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">funds or property, established any credit, debited any account or given any value on the</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">faith of any electronic communications directed to the ASSURED, which were</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">transmitted or appear to have been transmitted through:</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Communication System</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">,</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT></TD>

   <TD STYLE="text-indent: 0.95pt; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an automated clearing house or custodian, or</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a Telex, TWX, or similar means of communication,</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">directly into the ASSURED'S </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Communication Terminal</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, and</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">fraudulently purport to have been sent by a customer, automated clearing house,</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">custodian, or financial institution, but which communications were either not sent by</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">said customer, automated clearing house, custodian, or financial institution, or were</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">fraudulently modified during physical transit of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Media </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to the ASSURED or</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">during electronic transmission to the ASSURED'S </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Communication Terminal</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">C.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Electronic Transmission</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from a customer of the ASSURED, any automated clearing</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">house, custodian, or financial institution having transferred, paid or delivered any funds</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or property, established any credit, debited any account or given any value on the faith</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of any electronic communications, purporting to have been directed by the ASSURED to</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">such customer, automated clearing house, custodian, or financial institution initiating,</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">authorizing, or acknowledging, the transfer, payment, delivery or receipt of funds or</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">property, which communications were transmitted through:</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Communication System</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">,</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT></TD>

   <TD STYLE="text-indent: 0.95pt; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an automated clearing house or custodian, or</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(3)</FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a Telex, TWX, or similar means of communication,</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">directly into a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Communication Terminal </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of said customer,</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">automated clearing house, custodian, or financial institution, and fraudulently purport to</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">have been directed by the ASSURED, but which communications were either not sent</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">by the ASSURED, or were fraudulently modified during physical transit of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic</FONT></B></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Media </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">from the ASSURED or during electronic transmission from the ASSURED'S</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Communication Terminal</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, and for which loss the ASSURED is</FONT></TD></TR>

<TR vAlign=bottom>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
   <TD STYLE="text-align: center">&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">held to be legally liable.</FONT></TD></TR></TABLE></DIV>

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<TR>

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   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP2 Bond</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 2</FONT></TD></TR></TABLE></DIV>

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   <TD width="82%"></TD></TR>

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   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">By adding to Section 1., Definitions, the following:</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">cc.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Communication Terminal </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means a teletype, teleprinter or video display terminal, or similar</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">device capable of sending or receiving information electronically. </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Communication Terminal</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">does not mean a telephone.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">dd.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Communication System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means electronic communication operations by</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Fedwire, Clearing House Interbank Payment System (CHIPS), Society of Worldwide</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">International Financial Telecommunication (SWIFT), similar automated interbank</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">communication systems, and Internet access facilities.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD STYLE="text-align: left; vertical-align: top"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ee.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Data </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means facts or information converted to a form usable in </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Computer</FONT></B> <B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Systems </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and which is stored on </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Media </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for use by computer programs.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-indent: 0.47pt; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD colSpan=5 align=center></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ff.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means computer programs converted to a form usable in a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Computer</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to act upon </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Data</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">gg.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Media </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">means the magnetic tape, magnetic disk, optical disk, or any other bulk</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">media on which data is recorded.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">3</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">By adding the following Section after Section 4., Specific Exclusions -Applicable to All INSURING</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">CLAUSES except 1., 4., and 5.:</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Section 4.A. Specific Exclusions-Applicable to INSURING CLAUSE 16</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">This Bond does not directly or indirectly cover:</FONT></B></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting directly or indirectly from </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Forged</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, altered or fraudulent negotiable instruments,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">securities, documents or written instruments used as source documentation in the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">preparation of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Data</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">;</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss of negotiable instruments, securities, documents or written instruments except as</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">converted to </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Data </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and then only in that converted form;</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from mechanical failure, faulty construction, error in design, latent defect, wear</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or tear, gradual deterioration, electrical disturbance, </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Media </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">failure or breakdown</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or any malfunction or error in programming or error or omission in processing;</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting directly or indirectly from the input of </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Data </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">at an authorized</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">electronic terminal of an </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Funds Transfer System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or a </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Customer</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Communication System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">by a person who had authorized access from a customer to that</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">customer's authentication mechanism; or</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top; text-align: left">

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">e.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">liability assumed by the ASSURED by agreement under any contract, unless such liability</FONT> <FONT size=2 face="Arial,Arial,Helvetica,sans-serif">would have attached to the ASSURED even in the absence of such agreement; or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=center></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">f.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting directly or indirectly from:</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1)</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">written instruction unless covered under this INSURING CLAUSE; or</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2)</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">instruction by voice over the telephone, unless covered under this INSURING CLAUSE.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE CELLSPACING="0" BORDER="0" STYLE="width: 100%">



<TR>

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   <TD STYLE="width: 39%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP2 Bond</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 3</FONT></TD></TR></TABLE></DIV>

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<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="3%"></TD>

   <TD width="3%"></TD>

   <TD width="93%"></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">4</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">By adding to Section 9., Valuation, the following:</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media, Or Electronic Instruction</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In case of loss of, or damage to, </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Instruction</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">used by the ASSURED in its business, the COMPANY shall be liable under this Bond only if such</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">items are actually reproduced form other </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of the same kind or quality and then for not more than the cost of the blank media</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and/or the cost of labor for the actual transcription or copying of data which shall have been</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">furnished by the ASSURED in order to reproduce such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">subject to the applicable SINGLE LOSS LIMIT OF LIABILITY.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">However, if such </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Data </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">can not be reproduced and said </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Electronic Data </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">represents</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Securities </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or financial instruments having a value, then the loss will be valued as indicated in the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">SECURITIES and OTHER PROPERTY paragraphs of this Section.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>



<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2019.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR>                                                                                                                                                               <TR STYLE="vertical-align: bottom">
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE></DIV>

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<P STYLE="margin: 0px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Date: March 23, 2020 </FONT></TD>
    <TD STYLE="width: 4%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">By&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; color: #222222; background-color: white">/s/ Paul N. Morrissette</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Authorized Representative </FONT></TD></TR>
</TABLE>


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<P STYLE="margin: 0px">&nbsp;</P>



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<TR>

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   <TD STYLE="width: 39%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICAP2 Bond</FONT></TD>

   <TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD>

   <TD STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 4</FONT></TD></TR></TABLE></DIV>

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   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">ENDORSEMENT/RIDER</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Effective date of</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">this endorsement/rider: December 31, 2019</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Endorsement/Rider No.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">9</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">To be attached to and</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">form a part of Policy No.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">81906724</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 10pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Issued to: JOHN HANCOCK FUNDS</FONT></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 10pt">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 10pt">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 10pt">&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD colSpan=6 align=center><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">AUTOMATIC INCREASE IN LIMITS ENDORSEMENT</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="6" STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD colSpan=6 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In consideration of the premium charged, it is agreed that General Agreements, Section C., Additional Offices</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=6 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or Employees-Consolidation, Merger or Purchase or Acquisition of Assets or Liabilities -Notice to Company,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">is amended by adding the following:</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.463pt" colSpan=6 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the ASSURED, while this Bond is in force, establishes new funds other than by consolidation or merger</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.463pt" colSpan=6 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">with, or purchase
   or acquisition of assets or liabilities of, another institution, such funds shall automatically</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.463pt" colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">be covered
   hereunder from the date of the establishment.</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="5" STYLE="text-indent: 25.46pt; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.463pt" colSpan=6 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the ASSURED, while this Bond is in force, requires an increase in limits to comply with SEC Reg. 17g -</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.463pt" colSpan=6 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1, due to an increase in assets, such increase shall automatically be covered hereunder from the date</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.463pt" colSpan=6 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of such increase, but only as excess coverage. Such excess coverage shall not exceed five million</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.463pt" colSpan=6 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">dollars ($5,000,000) in additional limits and shall be excess of this Bond and of the following excess</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.463pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bonds:</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 50.931pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Carrier:</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ICI Mutual Insurance Company</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 50.931pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond Number:</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">87142119B</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif"></FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 50.931pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Limits of Liability:</FONT></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif"></FONT></TD>

   <TD ALIGN="RIGHT" COLSPAN="4" STYLE="text-align: left"><FONT STYLE="font: 10pt Arial,Arial,Helvetica,sans-serif">$15,000,000 excess of $15,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 50.931pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond Period:</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="CENTER" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">December 31, 2019 to December 31, 2020</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 50.931pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Carrier:</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Continental Casualty Company</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 50.931pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond Number:</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">652075432</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif"></FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 50.931pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Limits of Liability:</FONT></TD>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif"></FONT></TD>

   <TD ALIGN="RIGHT" COLSPAN="4" STYLE="text-align: left"><FONT STYLE="font: 10pt Arial,Arial,Helvetica,sans-serif">$6,000,000 excess of $30,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 50.931pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond Period:</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="CENTER" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">12/31/2019 to 12/31/2020</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-indent: 50.93pt; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: center; text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD colSpan=6 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and conditions of coverage.</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=6 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P STYLE="margin: 0px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; color: #222222; background-color: white">/s/ Paul N. Morrissette</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Authorized Representative </FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0px"></P>

<P STYLE="margin: 0px">&nbsp;</P>


<P style="TEXT-ALIGN: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">MS-294904 (01/2020)</FONT></P>

<P STYLE="text-align: right"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 1</FONT></P></DIV>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">ENDORSEMENT/RIDER</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Effective date of</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">this endorsement/rider: December 31, 2019</FONT></TD>

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Endorsement/Rider No.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">10</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">To be attached to and</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">form a part of Bond No.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">81906724</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 10pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Issued to: JOHN HANCOCK FUNDS</FONT></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 10pt">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 10pt">&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=center><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">AMEND DEFINITION OF EMPLOYEE ENDORSEMENT</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In consideration of the premium charged, it is agreed that Section 1., Definitions, the term </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">is</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">amended to include the following:</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 50.451pt" colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Any natural person while in the service of the ASSURED solely while performing sub-advisory</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 50.451pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">services for the ASSURED pursuant to a written contract.</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and conditions of coverage.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; color: #222222; background-color: white">/s/ Paul N. Morrissette</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Authorized Representative </FONT></TD></TR>
</TABLE>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Q07-1957 (08/2007)</FONT></P>

<P STYLE="text-align: center"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 1</FONT></P></DIV>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1.44pt" align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">ENDORSEMENT/RIDER</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Effective date of</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">this endorsement/rider: December 31, 2019</FONT></TD>

   <TD style="TEXT-INDENT: 38.419pt" colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 38.419pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Endorsement/Rider No.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">11</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 38.419pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">To be attached to and</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 38.419pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">form a part of Bond No.</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">81906724</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 10pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Issued to: JOHN HANCOCK FUNDS</FONT></TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 10pt">&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 10pt">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-top: 10pt">&nbsp;</TD>

   <TD STYLE="text-align: left; padding-top: 10pt">&nbsp;</TD>

   <TD COLSPAN="3" STYLE="text-indent: 0.48pt; text-align: left; padding-top: 10pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=center><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ENDORSEMENT</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="5" STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In consideration of the premium charged, it is agreed that this Bond is amended as follows:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="5" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">with the following:</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If this Bond is for a joint ASSURED, no change or modification which would adversely affect the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">furnished to all insured </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Companies </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and the Securities and Exchange Commission,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Washington, D.C., by the COMPANY.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD colSpan=5 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">terms and conditions of coverage.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; color: #222222; background-color: white">/s/ Paul N. Morrissette</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Authorized Representative </FONT></TD></TR>
</TABLE>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">17-02-2437 (12/2006) rev.</FONT></P>

<P STYLE="text-align: center"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 1</FONT></P></DIV>

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   <TD ALIGN="LEFT" STYLE="text-align: left">&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">ENDORSEMENT/RIDER</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Effective date of</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">this endorsement/rider: December 31, 2019</FONT></TD>

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD ALIGN="LEFT" STYLE="text-align: left">&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Endorsement/Rider No.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">12</FONT></TD></TR>

<TR vAlign=bottom>

   <TD ALIGN="LEFT" STYLE="text-align: left">&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">To be attached to and</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD ALIGN="LEFT" STYLE="text-align: left">&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">form a part of Policy No.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">81906724</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 10pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Issued to: JOHN HANCOCK FUNDS</FONT></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 10pt">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 10pt">&nbsp;</TD></TR>


<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=center><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">AMEND NAME OF ASSURED (NEW FUNDS) ENDORSEMENT</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="5" STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In consideration of the premium charged, is agreed that:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="4" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="text-align: left; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="4"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The NAME OF ASSURED,
   as set forth on the DECLARATIONS of this Bond, shall include any newly</FONT></TD></TR>

<TR vAlign=bottom>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="4"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">created, merged, consolidated
   or terminated registered investment company sponsored by an ASSURED</FONT></TD></TR>

<TR vAlign=bottom>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="4"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or any newly created
   portfolio of an ASSURED. Provided, however, that this provision shall not apply to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="4"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a registered investment
   company that is created as a result of a merger, consolidation or acquisition with</FONT></TD></TR>

<TR vAlign=bottom>

   <TD ALIGN="LEFT" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>

   <TD ALIGN="LEFT" COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any other registered
   investment company.</FONT></TD>

   <TD align=left><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="5" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">conditions of coverage.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="5" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Policy shall remain unchanged.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; color: #222222; background-color: white">/s/ Paul N. Morrissette</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Authorized Representative </FONT></TD></TR>
</TABLE>



<P style="TEXT-ALIGN: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Q09-1831 (11/2009)</FONT></P>

<P STYLE="text-align: center"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 1</FONT></P></DIV>

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<TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">ENDORSEMENT/RIDER</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Effective date of</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">this endorsement/rider: December 31, 2019</FONT></TD>

   <TD colSpan=2 align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Endorsement/Rider No.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">13</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">To be attached to and</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">form a part of Bond No.</FONT></TD>

   <TD ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">81906724</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 10pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Issued to:</FONT></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.47pt; text-align: left; padding-bottom: 10pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">JOHN HANCOCK FUNDS</FONT></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 10pt">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 10pt">&nbsp;</TD></TR>


<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=6 align=center><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">AMEND DISCOVERY AND NOTICE ENDORSEMENT</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="6" STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD COLSPAN="6" ALIGN="RIGHT" STYLE="text-align: left">&nbsp;&nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In consideration of the premium charged, it is agreed that this Bond is amended as follows:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="6" STYLE="text-align: right; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">)</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Section 6., Discovery, is deleted in its entirety and replaced it with the following:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: right">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Discovery</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Bond applies only to loss first discovered by the President, General Counsel or Risk Manager of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED during the BOND PERIOD. Discovery occurs at the earlier of the President, General</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Counsel or Risk Manager of the ASSURED being aware of:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">facts which may subsequently result in a loss of a type covered by this Bond, or</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-indent: 0.47pt; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>

   <TD style="TEXT-INDENT: 0.479pt" colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an actual or potential claim in which it is alleged that the ASSURED is liable to a third party,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">regardless of when the act or acts causing or contributing to such loss occurred, even though the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">amount of loss does not exceed the applicable DEDUCTIBLE AMOUNT, or the exact amount or details</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of loss may not then be known.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=right><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2</FONT></TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">)</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Section 7., Notice to Company-Proof-Legal Proceedings Against Company, is amended by deleting</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">paragraph a. and replacing it with the following:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED shall give the COMPANY notice thereof at the earliest practicable moment, not to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">exceed sixty (60) days after discovery of loss by President, General Counsel or Risk Manager of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED, in an amount that is in excess of fifty percent (50%) of the applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT, as stated in ITEM 2. of the DECLARATIONS</FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">.</FONT></B></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="6" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and conditions of coverage.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD COLSPAN="4" STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD COLSPAN="6" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; color: #222222; background-color: white">/s/ Paul N. Morrissette</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Authorized Representative </FONT></TD></TR>
</TABLE>



<P style="TEXT-ALIGN: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">14-02-14521 (08/2008)</FONT></P>

<P STYLE="text-align: center"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Page 1</FONT></P></DIV>

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<TR>

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<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD COLSPAN="3" ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD STYLE="text-align: left; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Endorsement&nbsp;No.</FONT></TD>

   <TD style="TEXT-INDENT: 1.919pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">14</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD STYLE="text-align: left; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond Number:</FONT></TD>

   <TD align=left>&nbsp;&nbsp;<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">81906724</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-indent: 4.32pt; text-align: left; padding-bottom: 10pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 10pt">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; padding-right: 30pt; padding-bottom: 10pt">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 10pt">&nbsp;</TD>

   <TD STYLE="border-bottom: #000000 1px solid; text-align: left; padding-bottom: 10pt">&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>



<TR vAlign=bottom>

   <TD colSpan=7 align=center><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">REVISE ITEM 2. ENDORSEMENT</FONT></B></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="7" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">It is agreed that this Bond is amended by deleting ITEM 2. in its entirety on the DECLARATIONS and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-align: left; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">substituting the following:</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD STYLE="text-align: left; padding-right: 30pt">&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">ITEM 2. </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:</FONT></TD>

   <TD STYLE="text-align: left; padding-right: 30pt">&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="7" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If "Not Covered" is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="7" ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and any other reference to such INSURING CLAUSE in this Bond shall be deemed to be deleted. </FONT><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">There</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="7" ALIGN="RIGHT" STYLE="text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">shall be no deductible applicable to any loss under INSURING CLAUSE 1 sustained by any</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-align: left; text-indent: 0; text-align: left"><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD STYLE="text-align: left; padding-right: 30pt">&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">SINGLE LOSS</FONT></TD>

   <TD style="TEXT-INDENT: 26.899pt" colSpan=2 align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DEDUCTIBLE</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-indent: 4.32pt; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif"><u>INSURING CLAUSE</u></FONT></TD>

   <TD COLSPAN="2" STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif"><u>LIMIT OF LIABILITY</u></FONT></TD>

   <TD COLSPAN="2" STYLE="text-indent: 26.89pt; text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif"><u>AMOUNT</u></FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">1</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-indent: 1.44pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Employee</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-indent: 26.89pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">0</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">2</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-indent: 1.44pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">On Premises</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-indent: 26.89pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">3</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-indent: 1.44pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In Transit</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-indent: 26.89pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">4</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-indent: 1.44pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Forgery or Alteration</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-indent: 26.89pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">5</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-indent: 1.44pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Extended Forgery</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-indent: 26.89pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">6</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-indent: 1.44pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Counterfeit Money</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-indent: 26.89pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">7</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-indent: 1.44pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Threats to Person</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-indent: 26.89pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">8</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-indent: 1.44pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Computer System</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-indent: 26.89pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">9</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-indent: 0.55pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-indent: 26.89pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">10</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-indent: 2.95pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Uncollectible Items of Deposit</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-indent: 26.89pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">11</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-indent: 2.95pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Audit Expense</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD>

   <TD STYLE="text-indent: 26.89pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">0</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">12</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Unauthorized Signature Endt</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-indent: 26.89pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">13</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Automated Telephone Transaction Endt</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-indent: 26.89pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">14</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Telefacsimile Instruction Fraud Endt</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-indent: 26.89pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Stop Payment Order or Refusal To Pay Check Endt</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-indent: 26.89pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">16</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Extended Computer Systems Endt</FONT></TD>

   <TD STYLE="text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt; padding-right: 30pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>

   <TD STYLE="text-indent: 26.89pt; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">$</FONT></TD>

   <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">150,000</FONT></TD></TR>

<TR STYLE="background-color: rgb(214,247,250)">

   <TD COLSPAN="7" STYLE="background-color: White">&nbsp;</TD></TR>

<TR STYLE="background-color: White">

   <TD colSpan=7>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">

   <TD COLSPAN="6" STYLE="text-indent: 0; text-align: left; background-color: White"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2019.</FONT></TD>

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR>

<TR STYLE="background-color: White">

   <TD colSpan=7>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">

   <TD COLSPAN="5" STYLE="text-align: right; text-align: left; background-color: White"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD>

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD>

   <TD STYLE="text-align: left; background-color: White">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P STYLE="margin: 0px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Date: March  23, 2020 </FONT></TD>
    <TD STYLE="width: 4%; font: 11pt/107% Calibri, Helvetica, Sans-Serif">By&nbsp;</TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; color: #222222; background-color: white">/s/ Paul N. Morrissette</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Authorized Representative </FONT></TD></TR>
</TABLE>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">ICAP Bond<BR>
 Form 17-02-1582 (Ed. 5-98)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 50%">Page 1 </TD></TR>
</TABLE>

<P style="MARGIN: 0px">&nbsp;</P>


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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=4 face="Arial,Bold,Arial,Helvetica,sans-serif">IMPORTANT NOTICE TO POLICYHOLDERS</FONT></B></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 36.022pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">All of the members of the Chubb Group of Insurance companies doing business in the United</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">States (hereinafter &#8220;Chubb&#8221;) distribute their products through licensed insurance brokers and agents</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(&#8220;producers&#8221;). Detailed i</FONT><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">nformation regarding the types of compensation paid by Chubb to producers on</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">US insurance transactions is available under the Producer Compensation link located at the bottom of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">your producer.</FONT></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 36.022pt" align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Thank you for choosing Chubb.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">10-02-1295 (ed. 6/2007)</FONT></P></DIV>

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<TR vAlign=bottom>

   <TD align=center><B><I><FONT size=2 face="Arial,BoldItalic,Arial,Helvetica,sans-serif">Important Notice:</FONT></I></B></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face="Arial,Bold,Arial,Helvetica,sans-serif">The SEC Requires Proof of Your Fidelity Insurance Policy</FONT></B></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Your company is now required to file an electronic copy
   of your fidelity insurance coverage <FONT SIZE="2" FACE="Arial,Arial,Helvetica,sans-serif">(Chubb&#8217;s ICAP Bond policy)
   to the Securities and Exchange Commission (SEC), accordin</FONT><FONT SIZE="2" FACE="Arial,Arial,Helvetica,sans-serif">g to <FONT SIZE="2" FACE="Arial,Arial,Helvetica,sans-serif">rules adopted by the SEC on June 12, 2006.</FONT></FONT></FONT> </TD></TR>



<TR>

   <TD>&nbsp;</TD></TR>

<TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></TD>
</TR>
<TR>

   <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></TD>
</TR>
<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If you have any questions, please contact your agent or broker.</FONT></TD></TR></TABLE></DIV>



<P style="TEXT-ALIGN: left">&nbsp;</P>

<P STYLE="text-align: left"><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Form 14-02-12160 (ed. 7/2006)</FONT></P>
</DIV>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1401 H St. NW</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Washington DC 20005</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(EXCESS)</B></P>




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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1401 H St. NW</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Washington, DC 20005</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DECLARATIONS</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">NOTICE</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This policy is issued by your risk retention
group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance
insolvency guaranty funds are not available for your risk retention group.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; border-top: Black 1pt solid; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item 1.</B></FONT></TD>
    <TD STYLE="width: 35%; border-top: Black 1pt solid; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name of Insured (the &ldquo;Insured&rdquo;)</FONT></TD>
    <TD STYLE="width: 54%; border-top: Black 1pt solid; line-height: 115%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Number:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>John Hancock Funds</B></FONT></TD>
    <TD STYLE="line-height: 115%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>87142119B</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principal Office:</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mailing Address:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200 Berkeley Street</FONT></TD>
    <TD STYLE="padding-left: 10pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">C/O Aon Financial Services Group</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Boston, MA 02116</FONT></TD>
    <TD STYLE="padding-left: 10pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">One Federal Street</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Boston, MA 02210</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4pt"></TD><TD STYLE="width: 40.1pt"><B>Item 2.</B></TD><TD STYLE="text-align: justify">Bond Period: from 12:01 a.m. on <U>December 31, 2019</U>,
to 12:01 a.m. on <U>December 31, 2020</U>, or the earlier effective date of the termination of this Bond, standard time at the
Principal Office as to each of said dates.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<DIV STYLE="padding: 3pt 0pt 0pt; border-top: Black 0.75pt solid">

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt"><B>Item 3.</B></TD><TD STYLE="width: 0pt"></TD><TD STYLE="text-align: justify">Limit of Liability&mdash;</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

</DIV>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 66%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LIMIT OF LIABILITY</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>DEDUCTIBLE AMOUNT <SUP>1</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt 5.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.&#9;EMPLOYEE </FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt 5.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.&#9;ON PREMISES</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt 5.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.&#9;IN TRANSIT </FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt 5.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.&#9;FORGERY OR ALTERATION</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt 5.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.&#9;EXTENDED FORGERY</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt 5.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.&#9;COUNTERFEIT CURRENCY</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt 5.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.&#9;THREATS TO PERSONS </FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt 5.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.&#9;COMPUTER SYSTEM</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt 5.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.&#9;VOICE-INITIATED FUNDS TRANSFER INSTRUCTION</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt 5.4pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.&#9;UNCOLLECTIBLE ITEMS OF DEPOSIT</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$15,000,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify"><SUP>1</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus
the applicable deductible of the Primary Bond</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify">&nbsp;</P>

<DIV STYLE="padding: 1pt 0pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid">

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 4</B>.</TD><TD STYLE="text-align: justify">PRIMARY BOND &ndash;Federal Insurance Company Bond No. 81906724</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 40.3pt; text-align: justify; text-indent: -40.3pt">&nbsp;</P>

</DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 5.</B></TD><TD STYLE="text-align: justify">The liability of ICI Mutual Insurance Company, a Risk Retention Group (the &ldquo;Underwriter&rdquo;)
is subject to the terms of the following Riders attached hereto:</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 45pt">Riders: 1</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 45pt; border-bottom: Black 2.25pt double">and
of all Riders applicable to this Bond issued during the Bond Period.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">By:</P></TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">/s/ Maggie Sullivan</P></TD>
    <TD STYLE="width: 3%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 7%">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">By:</P></TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">/s/ John T. Mulligan</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized Representative</FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized Representative</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Bond (6/18)</P>
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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">NOTICE</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">This policy is issued by your
risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state.
State insurance insolvency guaranty funds are not available for your risk retention group.</P>


<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">ICI Mutual Insurance
Company, a Risk Retention Group (&ldquo;Underwriter&rdquo;), 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 <B>Primary Bond</B> but for the fact
that the loss exceeds the limit of liability of such Primary Bond. Coverage under this bond shall follow the terms and
conditions of the <B>Primary Bond,</B> except with respect to:</P>





<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">a.</TD><TD STYLE="text-align: justify">Any coverage exceptions specified by riders attached to this bond;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">b.</TD><TD STYLE="text-align: justify">The deductible amounts and limits of liability as stated in ITEM 3. of the Declarations; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 18pt">&nbsp;</TD>
<TD STYLE="width: 18pt; text-align: left">c.</TD><TD STYLE="text-align: justify">The General Agreements, Provisions, Conditions and Limitations set forth herein.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>GENERAL AGREEMENTS</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>A.</B></TD><TD STYLE="text-align: justify"><B>CHANGE OR MODIFICATION OF PRIMARY BOND</B></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">If after the inception date
of this bond the <B>Primary Bond</B> 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. 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.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>B.</B></TD><TD STYLE="text-align: justify"><B>LOSS--NOTICE--PROOF--LEGAL PROCEEDINGS</B></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">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&rsquo;s proof of loss, the Underwriter shall consider its liability
therefor.) 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. 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.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">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. 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.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">any judgment against the
Insured in or settlement of any suit or to recover court costs or attorneys&rsquo; fees paid in any such suit, twenty-four (24)
months after the date of the final judgment in or settlement of such suit. 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.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 24pt 27pt; text-align: justify">Notice hereunder shall be
given to Manager, Professional Liability Claims, ICI Mutual Insurance Company, 1401 H St. NW, Washington, DC 20005.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROVISIONS, CONDITIONS AND LIMITATIONS</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 1. DEFINITIONS</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>a.</B></TD><TD STYLE="text-align: justify"><B>Deductible Amount</B> means the amount stated in ITEM 3. of the Declarations, applicable to
each Single Loss. In no event shall this <B>Deductible Amount </B>be reduced for any reason, including but not limited to, the
non-existence, invalidity, insufficiency or uncollectibility of any <B>Underlying Bond(s)</B>, including the insolvency or dissolution
of any Insurer providing coverage under any <B>Underlying Bond(s)</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>b.</B></TD><TD STYLE="text-align: justify"><B>Primary Bond </B>means the bond scheduled in ITEM 4. of the Declarations or any bond that may
replace or substitute for such bond.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>c.</B></TD><TD STYLE="text-align: justify"><B>Single Loss </B>means:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">all loss resulting from any one actual or attempted theft committed by one person, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">all loss caused by any one act (other than a theft or a dishonest or fraudulent act) committed
by one person, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD STYLE="text-align: justify">all loss caused by dishonest or fraudulent acts committed by one person, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(4)</TD><TD STYLE="text-align: justify">all expenses incurred with respect to any one audit or examination, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(5)</TD><TD STYLE="text-align: justify">all loss caused by any one occurrence or event other than those specified in subsections (1) through
(4) above.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>d.</B></TD><TD STYLE="text-align: justify"><B>Underlying Bond</B> means the <B>Primary Bond</B> and all other insurance coverage referred
to in ITEM 4. of the Declarations.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 2. SINGLE LOSS LIMIT
OF LIABILITY</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 18pt; text-align: justify">The Underwriter&rsquo;s liability
for each <B>Single Loss</B> shall not exceed the Limit of Liability as stated in ITEM 3. of the Declarations.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 3. DISCOVERY</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 27pt; text-align: justify">For all purposes under this
bond, a loss is discovered, and discovery of a loss occurs, when the Insured</P>

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<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">becomes aware of facts, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 14.9pt; text-align: justify; text-indent: -14.9pt"><B>SECTION
4. ASSIGNMENT OF RIGHTS</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">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&rsquo;s rights
and claims in connection with such loss; provided, 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. 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.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">Assignment of any rights
or claims under this bond shall not bind the Underwriter without the Underwriter&rsquo;s written consent.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 5. COOPERATION OF INSURED</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">At the Underwriter&rsquo;s
request and at reasonable times and places designated by the Underwriter the Insured shall:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">a.</TD><TD STYLE="text-align: justify">submit to examination by the Underwriter and subscribe to the same under oath, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">b.</TD><TD STYLE="text-align: justify">produce for the Underwriter&rsquo;s examination all pertinent records, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">c.</TD><TD STYLE="text-align: justify">cooperate with the Underwriter in all matters pertaining to the loss.</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">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. The
Insured shall do nothing after loss to prejudice such rights or causes of action.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 6. TERMINATION</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">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. 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.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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&rsquo;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.</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">Premiums are earned until
the effective date of termination. The Underwriter shall refund the unearned premium computed at short rates in accordance with
the Underwriter&rsquo;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.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">Upon the detection by any
Insured that an employee (as defined in the <B>Primary Bond</B>) 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 subsequent dishonest or fraudulent act(s) or theft. 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.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">This bond shall terminate
as to any employee (as defined in the <B>Primary Bond</B>) 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.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 7. CONFORMITY</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">If any limitation within
this bond is prohibited by any law controlling this bond&rsquo;s construction, such limitation shall be deemed to be amended so
as to equal the minimum period of limitation provided by such law.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 8. CHANGE OR MODIFICATION</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">This bond may only be modified
by written Rider forming a part hereof over the signature of the Underwriter&rsquo;s authorized representative. 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.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>SECTION 9. DEDUCTIBLE AMOUNT; LIMIT OF LIABILITY</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">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 <B>Primary Bond </B>or from
any other bond, suretyship or insurance policy), shall exceed the applicable <B>Deductible Amount</B>; 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.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27pt; text-align: justify">applicable <B>Deductible
Amount</B> and the other agreements, provisions, conditions and limitations of this bond.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 10. COMPLIANCE WITH
APPLICABLE TRADE AND ECONOMIC SANCTIONS</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">This bond shall not be deemed
to provide any coverage, and the Underwriter shall not be required to pay any loss or provide any benefit hereunder, to the extent
that the provision of such coverage, payment of such loss or provision of such benefit would cause the Underwriter to be in violation
of any applicable trade or economic sanctions, laws or regulations, including, but not limited to, any sanctions, laws or regulations
administered and enforced by the U.S. Department of Treasury Office of Foreign Assets Control (OFAC).</P>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(EXCESS BOND)</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>RIDER NO. 1</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border-top: Black 1pt solid; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 60%; border-top: Black 1pt solid; text-align: right; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND NUMBER</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>John Hancock Funds</B></FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; line-height: 115%"></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>87142119B</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="line-height: 115%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="line-height: 115%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; border-bottom: Black 3px double">
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="line-height: 115%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December
    31, 2019 to December 31, 2020</B></FONT></TD>
    <TD STYLE="line-height: 115%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/s/
    Maggie Sullivan</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>



<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Most property and casualty insurers,
including ICI Mutual Insurance Company, a Risk Retention Group (&ldquo;ICI Mutual&rdquo;), are subject to the requirements of the
Terrorism Risk Insurance Act of 2002, as amended (the &ldquo;Act&rdquo;). The Act establishes a federal insurance backstop under
which ICI Mutual and these other insurers may be partially reimbursed by the United States Government for future <B>&ldquo;insured
losses&rdquo;</B> resulting from certified <B>&ldquo;acts of terrorism.&rdquo;</B> (Each of these <B>bolded terms </B>is defined
by the Act.) The Act also places certain disclosure and other obligations on ICI Mutual and these other insurers.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pursuant to the Act, any future losses
to ICI Mutual caused by certified <B>&ldquo;acts of terrorism&rdquo;</B> may be partially reimbursed by the United Sates government
under a formula established by the Act. Under this formula, the United States government would generally reimburse ICI Mutual for
the Federal Share of Compensation of ICI Mutual&rsquo;s <B>&ldquo;insured losses&rdquo;</B> in excess of ICI Mutual&rsquo;s <B>&ldquo;insurer
deductible&rdquo;</B> until total <B>&ldquo;insured losses&rdquo;</B> of all participating insurers reach $100 billion (the &ldquo;Cap
on Annual Liability&rdquo;). If total <B>&ldquo;insured losses&rdquo; </B>of all property and casualty insurers reach the Cap on
Annual Liability in any one calendar year, the Act limits U.S. Government reimbursement and provides that the insurers will not
be liable under their policies for their portions of such losses that exceed such amount. Amounts otherwise payable under this
Bond may be reduced as a result.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This Bond has no express exclusion for
<B>&ldquo;acts of terrorism.&rdquo;</B> However, coverage under this Bond remains subject to all applicable terms, conditions,
and limitations of the Bond (including exclusions) that are permissible under the Act.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The portion of the premium that is attributable
to any coverage potentially available under the Bond for <B>&ldquo;acts of terrorism&rdquo;</B> is one percent (1%) and does not
include any charges for the portion of loss that may be covered by the U.S. Government under the Act</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As used herein, &ldquo;Federal Share
of Compensation&rdquo; shall mean 85% in calendar year 2015 and shall be reduced by 1% per calendar year until equal to 80%.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">RN0053.1-00 (07/18) sp</P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font: 11pt CG Times (WN); padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 47px; width: 117px"></FONT></TD>
    <TD COLSPAN="7" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">DECLARATIONS</P>
        <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">EXCESS INSURANCE POLICY</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 4pt 6pt; border: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">ACCOUNT NUMBER</TD>
    <TD COLSPAN="8" STYLE="padding: 4pt 6pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/11.4pt CG Times (WN)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">319423</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 4pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">COVERAGE PROVIDED BY (hereafter Insurer)</TD>
    <TD COLSPAN="8" STYLE="padding: 4pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/11.4pt CG Times (WN)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Continental Casualty Company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 4pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">POLICY NUMBER</TD>
    <TD COLSPAN="8" STYLE="padding: 4pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/11.4pt CG Times (WN)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">652075432</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; padding-left: 4pt">Item 1:&nbsp;&nbsp;<B>NAMED ENTITY AND PRINCIPAL ADDRESS</B></TD>
    <TD COLSPAN="5" STYLE="padding: 4pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">PRODUCER</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 6pt 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">John Hancock Funds, LLC</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">601 Congress St</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Boston, MA 02210</P>
        </TD>
    <TD COLSPAN="5" STYLE="text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt 6pt; vertical-align: bottom">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">AON RISK SERVICES NORTHEAST INC</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">53 STATE ST FL 22</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">BOSTON, MA 02109</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt">Attn:</TD>
    <TD COLSPAN="5" STYLE="padding: 4pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 4pt 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">Alexander&nbsp;&nbsp;Minier</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 12pt 5.4pt 6pt; font: 10pt Arial, Helvetica, Sans-Serif">Item 2.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 12pt; padding-right: 6pt; padding-left: 6pt"><B>Policy Period</B>:</TD>
    <TD COLSPAN="4" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><U>12/31/2019</U> To <U>12/31/2020</U></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">12:01 a.m. Standard Time at the Principal Address stated in
        Item 1.</P></TD>
    <TD COLSPAN="5" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Item 3. <B>Limit of Liability</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">$6,000,000 maximum aggregate Limit of Liability under the Policy</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt">Item 4.</TD>
    <TD COLSPAN="10" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt">Schedule of <B>Underlying Insurance:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">A. <B>Followed Policy</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Name of Carrier</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 10pt">Policy No</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Limits</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Ded/Ret Amount</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Federal Insurance Company</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 10pt">81906724</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">$15,000,000</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">$150,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">B. <B>Underlying Excess Policies</B>: &#9;*** SEE ATTACHED
        SCHEDULE ***</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; padding-right: -4.35pt; padding-left: 5.4pt; text-align: justify">Item 5.</TD>
    <TD COLSPAN="2" STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; padding-right: -1.45pt; padding-left: 5.4pt; text-align: justify">Policy Premium</TD>
    <TD COLSPAN="8" STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; padding-right: -1.45pt; padding-left: 5.4pt; text-align: justify">$18,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: -1.45pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: -1.45pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; padding-right: -1.45pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; padding-right: -1.4pt; padding-left: 6pt; text-align: justify">Item 6.</TD>
    <TD COLSPAN="7" STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; padding-right: -1.4pt; padding-left: 6pt; text-align: justify">Notices of Claims:&nbsp;&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; padding-right: -1.4pt; padding-left: 6pt; text-align: justify">All other Notices:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">CNA &#8211; Claims Reporting</P>
        <P STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">P.O Box 8317</P>
        <P STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Chicago, IL 60680-8317</P>
        <P STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Email address: SpecialtyNewLoss@cna.com</P>
        <P STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Fax Number: 866-773-7504</P>
        <P STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">Open Brokerage Global Specialty Lines</P>
        <P STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">CNA Insurance Company</P>
        <P STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">125 Broad Street &#8211; 8<SUP>th</SUP>
        Floor</P>
        <P STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">New York, NY 10004</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Item 7.</P>
        <P STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD COLSPAN="10" STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; padding-right: -1.4pt; padding-left: 6pt; text-align: justify">Endorsements forming a part of this Policy at inception:</TD></TR>
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 27%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">These Declarations, along with the
completed and signed Application, the Policy, and any written endorsements attached thereto shall constitute the contract between
the Insureds and the Insurer.</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; padding-right: -1.4pt; font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; text-align: justify">Authorized Representative:</TD>
    <TD STYLE="width: 35%; padding-right: -1.4pt; font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; text-align: justify">/s/ Dino
    Robusto <FONT STYLE="color: #1F497D"></FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: -1.4pt; font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; text-align: justify">Date:</TD>
    <TD STYLE="width: 20%; padding-right: -1.4pt; font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; text-align: justify">February 3, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; padding-right: -1.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; padding-right: -1.4pt; text-align: justify"></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; padding-right: -1.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt/10.45pt Arial, Helvetica, Sans-Serif; padding-right: -1.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%">G-22076-B(c) (ED. 06-10)</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">1</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">
&copy; CNA All Rights Reserved.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
</TR>
</TABLE>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>UNDERLYING EXCESS POLICY SCHEDULE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding: 4pt; text-align: justify"><B>Name of Carrier</B></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: justify"><B>Policy No.</B></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: justify"><B>Limits</B></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: justify"><B>Excess of</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; text-align: justify">ICI Mutual Insurance</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: justify">87142118B</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: justify">$15,000,000</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; text-align: justify">$15,000,000</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%">G-22076-B(c) (ED. 06-10)</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">2</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">
&copy; CNA All Rights Reserved.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
</TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-bottom: 1px; width: 50%"><IMG SRC="image_003.jpg" ALT=""></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 50%"><B>EXCESS INSURANCE POLICY</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Words
defined in the Followed Policy have the same meaning in this Policy even if not defined herein. </B></FONT>In consideration of
the payment of the premium and in reliance upon the applications submitted to the Insurer or any insurer of the Underlying Insurance,
and any other material submitted in connection with such applications (all of which are deemed attached hereto and made a part
hereof) the Insurer and the Insureds agree as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #CCCCCC">
    <TD STYLE="padding: 4pt 0.6pt; width: 3%; font: 11pt CG Times (WN)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>I.</B></FONT></TD>
    <TD STYLE="padding: 4pt 0.6pt; width: 97%; font: 11pt CG Times (WN)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FOLLOW FORM EXCESS COVERAGE</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 18pt">The Insurer shall provide coverage in accordance with
all of the terms, conditions and limitations (including, but not limited to the exclusions and notice requirements) of the policy
scheduled in Item 4.A. of the Declarations (hereafter &#8220;<B>Followed Policy</B>&#8221;) except as otherwise set forth herein.
Coverage hereunder shall attach only after all of the aggregate Limits of Liability, as set forth in Item 4. of the Declarations
have been exhausted through payment of covered loss under all policies scheduled in Item 4. of the Declarations (hereafter &#8220;<B>Underlying
Insurance</B>&#8221;) by or on behalf of the insurers of such <B>Underlying Insurance</B>, or by or on behalf of the Insureds.
The risk of uncollectibility of any <B>Underlying Insurance</B> (in whole or in part), whether because of financial impairment
or insolvency of an underlying insurer or for any other reason, is expressly retained by the Insureds and is not insured by or
assumed by the Insurer.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #CCCCCC">
    <TD STYLE="padding: 4pt 0.6pt; width: 3%; font: 11pt CG Times (WN)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>II.</B></FONT></TD>
    <TD STYLE="padding-top: 4pt; width: 97%; padding-bottom: 4pt; padding-left: 0.6pt; font: 11pt CG Times (WN)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LIMIT OF LIABILITY</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 18pt">The amount set forth in Item 3. of the Declarations shall
be the maximum aggregate Limit of Liability of the Insurer for all loss under this Policy, regardless of the number of claims made
against the Insureds or the time of payment and regardless of whether or not an extended reporting period applies. If the Limit
of Liability under this Policy is exhausted by payment of loss, the Insurer&#8217;s obligations under this Policy shall be deemed
completely fulfilled and extinguished.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #CCCCCC">
    <TD STYLE="padding: 4pt 0.6pt; width: 3%; font: 11pt CG Times (WN)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>III.</B></FONT></TD>
    <TD STYLE="padding: 4pt 0.6pt; width: 97%; font: 11pt CG Times (WN)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CHANGES TO UNDERLYING INSURANCE/DEPLETION OF SUB-LIMITS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 18pt; text-align: justify">If, subsequent to the inception date
of this Policy, there is a change to any <B>Underlying Insurance </B>which expands coverage, then this Policy shall become subject
to such change only if the Insurer agrees thereto by written endorsement to this Policy. If any loss under any <B>Underlying Insurance</B>
is subject to a sub-limit, then this Policy provides no coverage excess of such <B>Underlying Insurance </B>sub-limit, but the
<B>Underlying Insurance </B>shall be deemed depleted by payment of any such sub-limit.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #CCCCCC">
    <TD STYLE="padding: 4pt 0.6pt; width: 3%; font: 11pt CG Times (WN)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>IV.</B></FONT></TD>
    <TD STYLE="padding: 4pt 0.6pt; width: 97%; font: 11pt CG Times (WN)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURER RIGHTS/COOPERATION CLAUSE</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 18pt">The Insurer has the same rights and protections as has
the insurer of the <B>Followed Policy </B>and has the right, but not the obligation, at its sole discretion, to elect to participate
in the investigation, settlement, prosecution or defense of any claim reasonably likely to attach to and be covered under this
Policy or any <B>Underlying Insurance,</B> even if the <B>Underlying Insurance</B> has not been exhausted. The Insureds shall cooperate
with the Insurer in such investigation, settlement, prosecution or defense and shall do nothing that prejudices the Insurer&#8217;s
position or rights of recovery.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #CCCCCC">
    <TD STYLE="padding: 4pt 0.6pt; width: 3%; font: 11pt CG Times (WN)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>V.</B></FONT></TD>
    <TD STYLE="padding: 4pt 0.6pt; width: 97%; font: 11pt CG Times (WN)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTICES </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 17.9pt; text-align: justify">Where notice is permitted or required
by the <B>Followed Policy</B>, the Insureds have the same rights and obligations to notify the Insurer under this Policy, except
that such notice shall be given to the Insurer at the applicable address specified in Item 6. of the Declarations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">IN WITNESS WHEREOF, the Insurer has caused
this Policy to be executed by its Chairman and Secretary, but this Policy shall not be binding upon us unless completed by the
attachment of the Declarations:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border: white 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Chairman&#9;</FONT></TD>
    <TD STYLE="width: 20%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 40%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Secretary</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; vertical-align: bottom; text-indent: 0">/s/ Dino Robusto</TD>
    <TD STYLE="text-align: left; vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; vertical-align: bottom; text-indent: 0"><br><IMG SRC="image_004.jpg" ALT=""><FONT STYLE="font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 11pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%">G-22076-B(c) (ED. 06-10)</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 34%">- 1 -</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: left">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">
&copy; CNA All Rights Reserved.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
</TR>
</TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; width: 44%; border: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Bond Trust</B></FONT></TD>
    <TD STYLE="padding: 4pt; width: 56%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Investors Trust</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock California Tax-Free Income Fund</B></FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Municipal Securities Trust</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Capital Series </B></FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Preferred Income Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Collateral Trust</B></FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Preferred Income Fund II</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Current Interest </B></FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Preferred Income Fund III</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Premium Dividend Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Exchange-Traded-Fund Trust</B></FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Sovereign Bond Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Financial Opportunities Fund</B></FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Strategic Series</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Funds II</B></FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Tax-Advantaged Dividend Income Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Funds III</B></FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>John Hancock Tax-Advantaged Global Shareholder Yield Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Hedged Equity &amp; Income Fund</B></FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Variable Insurance Trust </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Income Securities Trust</B></FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Investment Trust</B></FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Investment Trust II</B></FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt"><B>John Hancock Investment Trust III</B></FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>(Collectively referred to as the &ldquo;Trusts&rdquo;
and the series are collectively referred to as the &ldquo;Funds&rdquo;)</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>2019-2020 Joint Financial Institutions
(Fidelity) Bond (the &ldquo;Joint Bond&rdquo;)</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>WHEREAS</B>, Rule 17g-1 under the 1940 Act
governs the required bonding of the Trusts&rsquo; officers and employees under a joint fidelity bond;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>WHEREAS</B>, the Trustees desire to approve
the Joint Bond for a one- year term ending December 31, 2020; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>WHEREAS</B>, the Trustees of the Trusts have
considered the allocation of premiums for the Joint Bond among the John Hancock Trusts and have determined that the allocation
should be based on the premium (including tax) of <B>$116,706</B>it is:</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>RESOLVED</B>, that the Joint Bond issued
by Federal Insurance Company (Chubb), ICI Mutual Insurance Company and Continental Casualty Company, covering each officer and
employee of the Trusts against larceny and embezzlement, in the amount of <B>$36 million</B> for a one-year term ending December
31, 2020, and in the proposed form presented at this meeting, after consideration of all factors deemed relevant by the Board,
including, but not limited to: (i) the expected value of the aggregate assets of the 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) the nature of the securities in the John Hancock Trusts&rsquo; portfolios, be, and it hereby is, determined to be reasonable
in form and amount, and hereby approved;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>FURTHER RESOLVED</B>, that the portion of the
premium for the Joint 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 Joint Bond; (iv) the amount of the premium
for such Joint Bond; (v) the ratable allocation of the premium among all parties named as insureds; and (vi) the extent to which
the share of the premium allocated to each 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, approved; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>FURTHER RESOLVED</B>, that the appropriate
officers of the Trusts be, and each hereby is, authorized to increase the amount of the Joint Bond coverage from time to time
to ensure adequate coverage based upon the value of the Trusts&rsquo; assets and to enable the Trusts to remain in compliance
with the 1940 Act and the rules promulgated thereunder;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>FURTHER RESOLVED</B>, that the Joint Insured
Bond Agreement among the Trusts (the &ldquo;Joint Bond Agreement&rdquo;), in substantially the form presented at this Meeting,
providing in substance that, in the event any recovery is received under the Joint 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, approved;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>FURTHER RESOLVED</B>, 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 Joint Bond and the Joint Bond Agreement required by paragraph (g) of Rule 17g-1 under the 1940 Act; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>FURTHER RESOLVED</B>, 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 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.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 17.3pt; text-align: center; text-indent: -8.65pt"><B>Agreement
Relating to Joint Insured Bond</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 17.3pt; text-align: left; text-indent: -8.65pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">WHEREAS, each of the parties hereto is a named
insured under a &#8220;joint insured bond,&#8221; as that term is defined in Rule 17g-1 under the Investment Company Act of 1940
(the &#8220;1940 Act&#8221;); and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">WHEREAS, Rule 17g-1(f) under the 1940 Act requires
an agreement between all the named insureds under a joint insured bond;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">NOW, THEREFORE, the parties hereto hereby agree
as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">In the event recovery is received under the joint
insured bond as a result of a loss sustained by any two or more of the named insureds, each insured 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 by paragraph (d)(1) of Rule 17g-1 under the 1940 Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">IN WITNESS WHEREOF, each of the parties hereto
has caused this Agreement to be executed on its behalf by the undersigned thereunto duly authorized on September 24, 2015.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 17.3pt; text-align: left; text-indent: -8.65pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 100%; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        VARIABLE INSURANCE TRUST</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its Series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        FUNDS II</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its Series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>John HANCOCK
        FUNDS III</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        BOND TRUST</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        CAPITAL SERIES</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        CALIFORNIA TAX-FREE INCOME FUND</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        COLLATERAL TRUST</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>On behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        CURRENT INTEREST</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        INVESTMENT TRUST</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        INVESTMENT TRUST II</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; width: 100%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        INVESTMENT TRUST III</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series </B></P></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 100%; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        MUNICIPAL SERIES TRUST</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        SOVEREIGN BOND FUND</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        its of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        STRATEGIC SERIES</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        EMERGING MARKETS INCOME FUND</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        its of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        EXCHANGE-TRADED FUND TRUST</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series </B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        FINANCIAL OPPORTUNITIES FUND</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        FLOATING RATE HIGH INCOME FUND</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>On behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        HEDGED EQUITY &amp; INCOME FUND </B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        INCOME SECURITIES TRUST</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        INVESTORS TRUST</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        PREFERRED INCOME FUND</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        PREFERRED INCOME FUND II</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        PREFERRED INCOME FUND III</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 100%; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        PREMIUM DIVIDEND FUND </B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        STRATEGIC DIVERSIFIED INCOME FUND</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each if its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        TAX-ADVANTAGED DIVIDEND INCOME FUND</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 4pt 0 4pt 4pt; text-align: left; text-indent: -8.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt 0 4pt 4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>JOHN HANCOCK
        TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.65pt; text-align: left; text-indent: -8.65pt"><B>on behalf of
        each of its series</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Executed on behalf of each Trust and its relevant Series referenced above:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-top: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 12pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Betsy Anne Seel</FONT></TD>
    <TD STYLE="width: 3%; padding-top: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-top: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-top: 12pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Betsy Anne Seel</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Assistant Secretary</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;STATEMENT REGARDING SINGLE BOND AMOUNT</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If the investment companies shown below had not been named as an
insured under this joint insured bond, they would have provided and maintained a single bond in the amount of at least:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt; width: 74%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Bond Trust</FONT></TD>
    <TD STYLE="padding: 4pt; width: 26%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,900,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock California Tax-Free Income Fund</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$600,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Capital Series</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,300,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Collateral Trust</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,700,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Current Interest</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$900,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Emerging Markets Income Fund</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Exchange-Traded Fund Trust</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Financial Opportunities Fund</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Floating Rate High Income Fund</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Funds II</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Funds III</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Hedged Equity &amp; Income Fund</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$600,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Income Securities Trust</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$750,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Investment Trust</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Investment Trust II</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,700,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Investment Trust III</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Investors Trust</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$600,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Municipal Securities Trust</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$900,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Preferred Income Fund</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Preferred Income Fund II</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$900,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Preferred Income Fund III</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Premium Dividend Fund</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,250,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Sovereign Bond Fund</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Strategic Diversified Income Fund</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Strategic Series</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Tax-Advantaged Dividend Income Fund</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,250,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Tax-Advantaged Global Shareholder Yield Fund</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$450,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John Hancock Variable Insurance Trust</FONT></TD>
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,500,000</FONT></TD></TR>
</TABLE>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">PREMIUM PERIOD</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Premiums have been paid for the period <B>December 31, 2019 to December
31, 2020</B>.</P>

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