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<SEC-DOCUMENT>0000950123-10-072463.txt : 20100804
<SEC-HEADER>0000950123-10-072463.hdr.sgml : 20100804
<ACCEPTANCE-DATETIME>20100804155701
ACCESSION NUMBER:		0000950123-10-072463
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20100804
DATE AS OF CHANGE:		20100804
EFFECTIVENESS DATE:		20100804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Flaherty & Crumrine PREFERRED INCOME OPPORTUNITY FUND INC
		CENTRAL INDEX KEY:			0000882071
		IRS NUMBER:				954355600
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06495
		FILM NUMBER:		10990995

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

	MAIL ADDRESS:	
		STREET 1:		301 COLORADO BLVD STE 720
		STREET 2:		C/O FLAHERTY & CRUMRINE INC
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PREFERRED INCOME OPPORTUNITY FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>w79361e40v17g.htm
<DESCRIPTION>FORM 40-17G
<TEXT>
<HTML>
<HEAD>
<TITLE>e40v17g</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Declarations</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="w79361w7936100.gif" alt="(LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>INVESTMENT COMPANY FIDELITY BOND</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>For All the Commitments You Make<FONT style="font-family: Symbol">&#226;</FONT></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>40 Wall Street, New York, NY 10005</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="83%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>CUSTOMER</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap"><B>DATE ISSUED</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>NUMBER</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314619
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">06/15/2010</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>POLICY NUMBER</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>COVERAGE IS PROVIDED BY</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="right" valign="top"><B>PRODUCER NO.</B>
</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">425142168
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Continental Insurance Company
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">799626</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(herein called &#145;Underwriter&#146;)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "Item&nbsp;1. Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated (herein called &#145;Insured&#146;) 301 E. Colorado Blvd., Suite&nbsp;720 Pasadena, CA 91101" -->
<DIV align="left"><A NAME="000"></A></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>NAMED INSURED AND ADDRESS</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>PRODUCER</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;1.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Flaherty &#038; Crumrine Preferred Income
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BB&#038;T Insurance Services of California, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opportunity Fund Incorporated
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kathy Meagher</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(herein called &#145;Insured&#146;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">535 N Brand Blvd., 10th Floor</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">301 E. Colorado Blvd., Suite&nbsp;720
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Glendale, CA 91203</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pasadena, CA 91101</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "Item&nbsp;2. Policy Period:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From 12:01&nbsp;a.m. on 5/15/2010 to 12:01&nbsp;a.m. on 5/15/2011 standard time." -->
<DIV align="left"><A NAME="001"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;2. </B>Policy Period:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From 12:01&nbsp;a.m. on 5/15/2010 to 12:01&nbsp;a.m. on 5/15/2011 standard time.
</DIV>

<!-- link2 "Item&nbsp;3. Limit of Liability:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$600,000 per Loss." -->
<DIV align="left"><A NAME="002"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;3. </B>Limit of Liability:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$600,000 per Loss.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provided, however that if specific limits, either greater or lesser, are inserted opposite
any specified INSURING CLAUSE, such specific limits shall be applicable to such INSURING
CLAUSES in lieu of, and not in addition to, such bond limit. If &#147;NOT COVERED&#148; is inserted
below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and any other reference to
such INSURING CLAUSE shall be deemed to be deleted from this bond.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">LIMIT OF</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">INSURING CLAUSE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">LIABILITY</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">DEDUCTIBLE</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fidelity &#151; Blanket</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provided, that there shall be no deductible applicable to any loss under INSURING CLAUSE
1. sustained by any Investment Company.</TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "Item&nbsp;4. The liability of the Underwriter is also subject to the terms of the following endorsements executed simultaneously herewith:" -->
<DIV align="left"><A NAME="003"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;4. </B>The liability of the Underwriter is also subject to the terms of the following endorsements executed simultaneously herewith:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">G-145126-A
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ed. 08-03
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Policyholder Notice Economic and Trade Sanctions Conditions</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">G-145184-A
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ed. 06-03
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Economic and Trade Sanctions Condition</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SR 5109a
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ed. 05-57
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Adding or Deducting Insureds Rider</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PRO-4144-A
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ed. 01-00
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Growth In Size Provisions</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "Item&nbsp;5. Notice of claim should be sent to the Underwriter at: CNA Global Specialty Lines Fidelity-Bonding 40 Wall Street New York, New York 10005 " -->
<DIV align="left"><A NAME="004"></A></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;5. </B>Notice of claim should be sent to the Underwriter at:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CNA Global Specialty Lines</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fidelity-Bonding</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">40 Wall Street</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, New York 10005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;1. Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated (herein called &#145;Insured&#146;) 301 E. Colorado Blvd., Suite&nbsp;720 Pasadena, CA 91101</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;2. Policy Period:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From 12:01&nbsp;a.m. on 5/15/2010 to 12:01&nbsp;a.m. on 5/15/2011 standard time.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Limit of Liability:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$600,000 per Loss.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. The liability of the Underwriter is also subject to the terms of the following endorsements executed simultaneously herewith:</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Notice of claim should be sent to the Underwriter at: CNA Global Specialty Lines Fidelity-Bonding 40 Wall Street New York, New York 10005</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936102.gif" alt="(CNA LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The UNDERWRITER, in consideration of the required premium, and in reliance on the APPLICATION
and all other statements made and information furnished to the UNDERWRITER by the INSURED, and
subject to the DECLARATIONS made a part of this bond and to all other terms and conditions of this
bond, agrees to pay the INSURED for:
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INSURING CLAUSES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. EMPLOYEE COVERAGE</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Loss resulting directly from Larceny or Embezzlement committed by any Employee, alone or in
collusion with others.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. PREMISES COVERAGE</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>A</B>. <B>PROPERTY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Loss of Property resulting directly from robbery, burglary, common-law or statutory larceny,
hold-up, misplacement, mysterious unexplainable disappearance, damage, destruction or
abstraction or removal from the possession, custody or control of the INSURED, while such
Property is lodged or deposited within any offices or premises located anywhere.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>B. OFFICES AND EQUIPMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Loss of, or damage to furnishings, fixtures, stationery, supplies, equipment, safes or vaults
(but excluding all electronic data processing equipment) within any of the INSURED&#146;S offices
resulting directly from robbery, burglary, common law or statutory larceny or hold-up of such
offices, or attempt thereat, or by vandalism or malicious mischief, or loss through damage to
any office resulting directly from robbery, burglary, common law or statutory larceny or
hold-up of such office, or attempts thereat, or to the interior of any such office by vandalism
or malicious mischief, provided, in any event that the INSURED is the owner of such offices,
furnishings, fixtures, stationery, supplies, equipment, safes or vaults or is legally liable
for such loss or damage always excepting, however, a loss or damage through fire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. TRANSIT COVERAGE</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Loss of Property resulting directly from robbery, common law or statutory larceny,
misplacement, mysterious unexplainable disappearance, damage to or destruction of, while the
Property is in transit anywhere:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in an armored motor vehicle, including loading and unloading thereof,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the custody of a natural person acting as a messenger of the INSURED, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the custody of a Transportation Company and being transported in a conveyance
other than an armored motor vehicle provided, however, that covered Property transported in
such manner is limited to the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>written records,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">II.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>securities issued in registered form which are not endorsed or are restrictively
endorsed, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">III.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>negotiable instruments not payable to bearer, which are not endorsed or are
restrictively endorsed.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 1 of 15<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936102.gif" alt="(CNA LOGO)">
</DIV>
<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Coverage under this INSURING CLAUSE begins immediately on the receipt of such Property by the
natural person acting as a messenger or Transportation Company and ends immediately on delivery
to the premises of the addressee or to any representative of the addressee located anywhere.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4. FORGERY OR ALTERATION COVERAGE</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Loss resulting directly from:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Forgery or fraudulent material alteration of, on or in any bills of exchange, checks,
drafts, acceptances, certificates of deposits, promissory notes, due bills, money orders,
orders upon public treasuries, letters of credit, other written promises, orders or directions
to pay sums certain in money, or receipts for the withdrawal of Property, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transferring, paying or delivering any funds or other Property, or establishing any
credit or giving any value in reliance on any written instructions, advices, or applications
directed to the INSURED authorizing or acknowledging the transfer, payment, delivery or receipt
of funds or other Property, which instructions, advices or applications purport to bear the
handwritten signature of any customer of the INSURED, or shareholder or subscriber to shares of
an Investment Company, or of any banking institution, stockbroker or Employee but which
instructions or applications either bear a Forgery or a fraudulent material alteration without
the knowledge and consent of such customer, shareholder, subscriber to shares, banking
institution, stockbroker, or Employee;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">excluding, however, under this INSURING CLAUSE any loss covered under INSURING CLAUSE 5. of
this bond, whether or not coverage for INSURING CLAUSE 5. is provided for in the DECLARATIONS
of this bond.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">A mechanically reproduced facsimile signature is treated the same as a handwritten signature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5. EXTENDED FORGERY COVERAGE</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Loss resulting directly from the INSURED having in good faith, and in the ordinary course of
business, whether for its own account or for the account of others, in any capacity:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acquired, accepted or received, sold or delivered, given value, extended credit, or assumed
liability in reliance upon any original Securities, documents or other written instruments
which prove:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to bear a Forgery or fraudulent material alteration,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">II.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to have been lost or stolen, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">III.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to be Counterfeit, or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>guaranteed in writing or witnessed any signatures upon any transfers, assignments, bills of
sale, powers of attorney, guarantees, endorsements or other
obligations upon or in connection with any Securities, documents or other written instruments
which pass or purport to pass title to them.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Actual physical possession, and continued actual physical possession, of such Securities,
documents or other written instruments by an Employee, Custodian, or a Federal or State
chartered deposit institution is a condition precedent to the INSURED having relied on such
items. Release or return of such items is an acknowledgment by the INSURED that it no
longer relies on such items.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">A mechanically reproduced facsimile signature is treated the same as a handwritten signature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6. COUNTERFEIT CURRENCY COVERAGE</B>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->Page 2 of 15<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936102.gif" alt="(CNA LOGO)">
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Loss resulting directly from the receipt by the INSURED, in good faith, of any Counterfeit
money orders, currencies or coin of any country.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7. THREATS TO PERSONS COVERAGE</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Loss resulting directly from surrender of Property away from an office of the INSURED as a
result of a threat communicated to the INSURED to do bodily harm to an Employee as defined in
paragraphs (1), (2)&nbsp;and (5)&nbsp;of the definition, a Relative or invitee of such Employee, or a
resident of the household of such Employee, who is, or allegedly is, being held captive
provided, however, that prior to the surrender of such Property:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Employee who receives the threat has made a reasonable effort to notify an officer of
the INSURED who is not involved in such threat, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the INSURED has made a reasonable effort to notify the Federal Bureau of Investigation
and local law enforcement authorities concerning such threat.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">It is agreed that for purposes of the INSURING CLAUSE, any Employee of the INSURED, as set
forth in the preceding paragraph, shall be deemed to be an INSURED hereunder, but only with
respect to the surrender of money, securities and other tangible personal property in which
such Employee has a legal or equitable interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8. COMPUTER SYSTEMS COVERAGE</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Loss resulting directly from fraudulent entry of data into or change of data elements or
programs within the INSURED&#146;S proprietary Computer System or a Computer System operated or used
by the INSURED and declared in the APPLICATION, provided that the fraudulent entry or change
causes:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Property to be transferred, paid or delivered,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an account of the INSURED, or of its customer, to be added, deleted, debited, or credited,
or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an unauthorized account or a fictitious account to be debited or credited.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9. VOICE INITIATED TRANSACTION COVERAGE</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Loss resulting directly from a Voice Initiated Transaction directed to the INSURED authorizing
the transfer of dividends or redemption proceeds of Investment Company shares from a Customer&#146;s
account, provided such Voice Initiated Transaction was:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>received at the INSURED&#146;S offices by those Employees of the INSURED specifically authorized
to receive the Voice Initiated Transaction,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>made by a person purporting to be a Customer, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>made by said person for the purpose of causing the INSURED or Customer to sustain a loss or
making an improper personal financial gain for such person or any other person.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">In order for coverage to apply under this INSURING CLAUSE, all Voice Initiated Transactions
must be received and processed in accordance with the Designated Procedures outlined in the
APPLICATION furnished to the UNDERWRITER.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10 </B>. <B>UNCOLLECTIBLE ITEMS OF DEPOSIT COVERAGE</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->Page 3 of 15<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936102.gif" alt="(CNA LOGO)">
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Loss resulting directly from the INSURED having credited an account of a customer, shareholder
or subscriber on the faith of any Items of Deposit which prove to be uncollectible, provided
that the crediting of said account causes:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>redemption&#146;s or withdrawals to be permitted,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shares to be issued, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>dividends to be paid,</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">from an account of an Investment Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">In order for coverage to apply under this INSURING CLAUSE, the INSURED must hold Items of
Deposit for the minimum number of days stated in the APPLICATION before permitting any
redemption&#146;s or withdrawals, issuing any shares or paying any dividends with respect to such
Items of Deposit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Items of Deposit shall not be deemed uncollectible until the INSURED&#146;S standard collection
procedures have failed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11. AUDIT EXPENSE COVERAGE</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Reasonable expense incurred by the INSURED for that part of an audit or examination required by
any governmental regulatory authority or self-regulatory organization and actually conducted by
such authority, organization or their appointee by reason of the discovery of loss sustained by
the INSURED and covered by this bond.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CONDITIONS AND LIMITATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. EXCLUSIONS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>GENERAL EXCLUSIONS APPLICABLE TO ALL INSURING CLAUSES</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">This bond does not directly or indirectly cover:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss not reported to the UNDERWRITER in writing within thirty (30)&nbsp;days after termination
of this bond as an entirety;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss due to riot or civil commotion outside the United States of America and Canada, or any
loss due to military, naval or usurped power, war or insurrection. However, this exclusion
shall not apply to loss which occurs in transit in the circumstances recited in INSURING CLAUSE
3., provided that when such transit was initiated there was no knowledge on the part of any
person acting for the INSURED of such riot, civil commotion, military, naval or usurped power,
war or insurrection;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from dishonest acts by any member of the Board of Directors or Board of
Trustees of the INSURED who is not an Employee, acting alone or in collusion with others;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss, or that part of any loss, resulting solely from any violation by the INSURED or by
any Employee of any law, or rule, or regulation pursuant to any law regulating:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuance, purchase or sale of securities,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transactions on security or commodity exchanges or the over-the-counter markets,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>investment companies, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>investment advisors;</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 4 of 15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936102.gif" alt="(CNA LOGO)">
</DIV>

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of potential income including, but not limited to, interest and dividends not realized
by the INSURED or by any customer of the INSURED;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from indirect or consequential loss of any nature;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>damages of any type for which the INSURED is legally liable, except compensatory damages
(but not multiples thereof) arising from a loss covered under this bond;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from the effects of nuclear fission or fusion or radioactivity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from the theft of confidential information, material or data;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>costs, fees and expenses incurred by the INSURED in establishing the existence
or amount of loss under this bond, provided however, this EXCLUSION shall not apply to INSURING
CLAUSE 11.;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from voice requests or instructions received over the telephone, provided
however, this EXCLUSION shall not apply to INSURING CLAUSE 7. or 9.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SPECIFIC EXCLUSIONS APPLICABLE TO ALL INSURING CLAUSES EXCEPT INSURING
CLAUSE 1.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">This bond does not directly or indirectly cover:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss caused by an Employee, provided, however, this EXCLUSION shall not apply to loss
covered under INSURING CLAUSE 2. or 3. which results directly from misplacement, mysterious
unexplainable disappearance, or damage to or destruction of Property;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss through the surrender of Property away from an office of the INSURED as a result of a
threat:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to do bodily harm to any person, except loss of Property in transit in the custody of
any person acting as messenger of the INSURED, provided that when such transit was
initiated there was no knowledge by the INSURED of any such threat, and provided further
that this EXCLUSION shall not apply to INSURING CLAUSE 7., or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to do damage to the premises or property of the INSURED;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss involving Items of Deposit which are not finally paid for any reason provided however,
that this EXCLUSION shall not apply to INSURING CLAUSE 10.;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from payments made or withdrawals from any account involving erroneous
credits to such account;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of Property while in the mail:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of Property while in the custody of a Transportation Company, provided however, that
this EXCLUSION shall not apply to INSURING CLAUSE 3.;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from the failure for any reason of a financial or depository institution,
its receiver or other liquidator to pay or deliver funds or other Property to the INSURED
provided further that this EXCLUSION shall not apply to loss of Property resulting directly
from robbery, burglary, hold-up,</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 5 of 15<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936102.gif" alt="(CNA LOGO)">
</DIV>


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>misplacement, mysterious unexplainable disappearance, damage, destruction or abstraction
from the possession, custody or control of the INSURED.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>EXCLUSIONS APPLICABLE TO ALL INSURING CLAUSES EXCEPT INSURING CLAUSES 1., 4., 5.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">This bond does not directly or indirectly cover:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from forgery or any
alteration;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from the complete or partial non-payment of or default on any loan whether
such loan was procured in good faith or through trick, artifice, fraud or false pretenses;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss involving a counterfeit provided, however, this EXCLUSION shall not apply to INSURING
CLAUSE 5. or 6.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. DISCOVERY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">This bond applies only to loss first discovered by any partner, director, trustee, officer or
supervisory employee of the INSURED during the BOND PERIOD. Discovery occurs at the earlier of
such individuals being aware of;
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>facts which may subsequently result in a loss of a type covered by this bond, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an actual or potential claim in which it is alleged that the INSURED is liable to a third
party, regardless of when the act or acts causing or contributing to such loss occurred, even
though the amount of loss does not exceed the applicable DEDUCTIBLE AMOUNT or the exact amount
or details of loss may not then be known.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. NOTICE TO UNDERWRITER &#151; PROOF &#151; LEGAL PROCEEDINGS AGAINST UNDERWRITER</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the earliest practicable moment, not to exceed thirty (30)&nbsp;days after discovery of loss,
the INSURED shall give the UNDERWRITER notice thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Within six (6)&nbsp;months after such discovery, the INSURED shall furnish to the UNDERWRITER
proof of loss, duly sworn to, with full particulars.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities listed in a proof of loss shall be identified by certificate or bond numbers, if
issued with them.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Legal proceedings for the recovery of any loss under this bond shall not be brought prior to
the expiration of sixty (60)&nbsp;days after the proof of loss is filed with the UNDERWRITER or
after the expiration of twenty-four (24)&nbsp;months from the discovery of such loss.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This bond affords coverage only in favor of the INSURED. No claim, suit, action or legal
proceedings shall be brought under this bond by anyone other than the INSURED.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4. LIMIT OF LIABILITY/NON &#151; REDUCTION AND NON-ACCUMULATION OF LIABILITY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">At all times prior to termination of this bond, this bond shall continue in force for the limit
stated in the applicable sections of ITEM 3. of the DECLARATIONS, notwithstanding any previous
loss for which the UNDERWRITER may have paid or be liable to pay under this bond provided,
however, that the liability of the UNDERWRITER under this bond with respect to all loss
resulting from:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one act of burglary, robbery or hold-up, or attempt thereat, in which no Employee is
concerned or implicated, or</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 6 of 15<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936102.gif" alt="(CNA LOGO)">
</DIV>


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one unintentional or negligent act on the part of any one person resulting in damage to
or destruction or misplacement of Property, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all acts, other than those specified in a. above, of any one person, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one casualty or event other than those specified in a., b., or c. above,</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">shall be deemed to be one loss and shall be limited to the applicable LIMIT OF LIABILITY stated
in ITEM 3. of the DECLARATIONS of this bond irrespective of the total amount of such loss or
losses and shall not be cumulative in amounts from year to year or from period to period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">All acts, as specified in c. above, of any one person which
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>directly or indirectly aid in any way wrongful acts of any other person or persons, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>permit the continuation of wrongful acts of any other person or persons</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">whether such acts are committed with or without the knowledge of the wrongful acts of the
person so aided, and whether such acts are committed with or without the intent to aid such
other person, shall be deemed to be one loss with the wrongful acts of all persons so aided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5. DEDUCTIBLE</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The UNDERWRITER shall not be liable under any INSURING CLAUSES of this bond on account of loss
unless the amount of such loss, after deducting the net amount of all reimbursement and/or
recovery obtained or made by the INSURED, other than from any bond or policy of insurance
issued by an insurance company and covering such loss, or by the UNDERWRITER on account thereof
prior to payment by the UNDERWRITER of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth
in ITEM 4. of the DECLARATIONS, and then for such excess only, but in no event for more than
the applicable LIMIT OF LIABILITY stated in ITEM 3. of the DECLARATIONS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">There shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained by any
Investment Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6. COURT COSTS AND ATTORNEYS&#146; FEES</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The UNDERWRITER will indemnify the INSURED for court costs and reasonable attorneys&#146; fees
incurred and paid by the INSURED in defense, whether or not successful, whether or not fully
litigated on the merits and whether or not settled, of any claim, suit or legal proceeding with
respect to which the INSURED would be entitled to recovery under this bond. However, with
respect to INSURING CLAUSE 1. this Section shall only apply in the event that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Employee admits to being guilty of Larceny or Embezzlement,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Employee is adjudicated to be guilty of Larceny or Embezzlement, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the absence of a. or b. above, an arbitration panel agrees, after a review of an agreed
statement of facts between the UNDERWRITER and the INSURED, that an Employee would be found
guilty of Larceny or Embezzlement if such Employee were prosecuted.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The INSURED shall promptly give notice to the UNDERWRITER of any such suit or legal proceeding
and at the request of the UNDERWRITER shall furnish copies of all pleadings and pertinent
papers to the UNDERWRITER. The UNDERWRITER may, at its sole option, elect to conduct the
defense of all or part of such legal proceeding. The defense by the UNDERWRITER shall be in the
name of the INSURED through attorneys selected by the UNDERWRITER. The INSURED shall provide
all reasonable information and assistance as required by the UNDERWRITER for such defense.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 7 of 15<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936102.gif" alt="(CNA LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If the amount demanded in any such suit or legal proceeding is greater than the LIMIT OF
LIABILITY stated in ITEM 3. of the DECLARATIONS for the applicable INSURING CLAUSE, or if a
DEDUCTIBLE AMOUNT is applicable, or both, the UNDERWRITER&#146;S liability for court costs and
attorneys&#146; fees incurred in defending all or part of such legal proceeding is limited to the
proportion of such court costs and attorneys&#146; fees incurred that the LIMIT OF LIABILITY stated
in ITEM 3. of the DECLARATIONS for the applicable INSURING CLAUSE bears to the total of the
amount demanded in such suit or legal proceeding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Amounts paid by the UNDERWRITER for court costs and attorneys&#146; fees shall be in addition to the
LIMIT OF LIABILITY stated in ITEM 3. of the DECLARATIONS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If the UNDERWRITER declines to defend the INSURED, no settlement without the prior written
consent of the UNDERWRITER nor judgment against the INSURED shall determine the existence,
extent or amount of coverage under this bond, and the UNDERWRITER shall not be liable for any
costs, fees and expenses incurred by the INSURED.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7. VALUATION OF PROPERTY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The value of any loss of Property other than books of account or other records used by the
INSURED in the conduct of its business, for which a claim is made shall be determined by the
average market value of such Property on the business day immediately preceding discovery of
such loss provided, however, that the value of any Property replaced by the INSURED with the
consent of the UNDERWRITER and prior to the settlement of any claim for such Property shall be
actual market value at the time of replacement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">In the case of a loss of interim certificates, warrants, rights or other securities, the
production of which is necessary to the exercise of subscription, conversion, redemption or
deposit privileges, the value of them shall be the market value of such privileges immediately
preceding their expiration if said loss is not discovered until after their expiration. If no
market price is quoted for such Property or for such privileges, the value shall be fixed by
agreement between the parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The value of any loss of Property consisting of books of account or other records used by the
INSURED in the conduct of its business shall be the amount paid by the INSURED for blank books,
blank pages, or other materials which replace the lost books of account or other records, plus
the cost of labor paid by the INSURED for the actual transcription or copying of data to
reproduce such books of account or other records.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8. VALUATION OF PREMISES AND FURNISHINGS</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">In the case of loss or damage to any office of the INSURED or to the furnishings, fixtures,
stationery, supplies, equipment, safes or vaults, the UNDERWRITER shall not be liable for more
than the actual cash value thereof, or for more than the actual cost of replacement or repair.
The UNDERWRITER may, at its election, pay such actual cash value or make such replacement or
repair. If the UNDERWRITER and the INSURED cannot agree upon the actual cash value or the cost
of replacement or repair, it shall be determined by arbitration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9. SECURITIES SETTLEMENT</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->Page 8 of 15<!-- /Folio -->
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936102.gif" alt="(CNA LOGO)">
</DIV>





<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">In the event of a loss of securities covered under this bond, the UNDERWRITER may, at its sole
discretion, purchase replacement securities, tender the value of the securities in money, or
issue its indemnity to effect replacement securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The indemnity required from the INSURED under the terms of this Section against all loss, cost
or expense arising from the replacement of securities by the UNDERWRITER&#146;S indemnity shall be:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for securities having a value less than or equal to the applicable DEDUCTIBLE AMOUNT one
hundred (100% percent);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for securities having a value in excess of the DEDUCTIBLE AMOUNT but within the applicable LIMIT
OF LIABILITY- the percentage that the DEDUCTIBLE AMOUNT bears to the value of the
securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for securities having a value greater than the applicable LIMIT OF LIABILITY the percentage
that the DEDUCTIBLE AMOUNT and portion in excess of the applicable LIMIT OF LIABILITY bears to the value
of the securities.</TD>
</TR>

</TABLE>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The value referred to in a., b., and c. above is the value in accordance with SECTION 8,
VALUATION OF PROPERTY, regardless of the value of such securities at the time the loss under
the UNDERWRITER&#146;S indemnity is sustained.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The UNDERWRITER is not required to issue its indemnity for any portion of a loss of securities
which is not covered by this bond; however, the UNDERWRITER may do so as a courtesy to the
INSURED and at its sole discretion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The INSURED shall pay the proportion of the UNDERWRITER&#146;S premium charge for the UNDERWRITER&#146;S
indemnity as set forth in a., b., and c. above. No portion of the LIMIT OF LIABILITY shall be
used as payment of premium for any indemnity purchased by the INSURED to obtain replacement
securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10. SUBROGATION &#151; ASSIGNMENT-RECOVERY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">In the event of a payment under this bond, the UNDERWRITER shall be subrogated to all of the
INSURED&#146;S rights of recovery against any person or entity to the extent of such payment. On
request, the INSURED shall deliver to the UNDERWRITER an assignment of the INSURED&#146;S rights,
title and interest and causes of action against any person or entity to the extent of such
payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Recoveries, whether effected by the UNDERWRITER or by the INSURED, shall be applied net of the
expense of such recovery, first to the satisfaction of the INSURED&#146;S loss which would otherwise
have been paid but for the fact that it is in excess of the applicable LIMIT OF LIABILITY,
second, to the UNDERWRITER in satisfaction of amounts paid in settlement of the INSURED&#146;S claim
and third, to the INSURED in satisfaction of the applicable DEDUCTIBLE AMOUNT. Recovery from
reinsurance and/or indemnity of the UNDERWRITER shall not be deemed a recovery under this
section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11. COOPERATION OF INSURED</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">At the UNDERWRITER&#146;S request and at reasonable times and places designated by the UNDERWRITER
the INSURED shall submit to examination by the UNDERWRITER and subscribe to the same under
oath, produce for the UNDERWRITER&#146;S examination all pertinent records, and cooperate with the
UNDERWRITER in all matters pertaining to the loss.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 9 of 15<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936102.gif" alt="(CNA LOGO)">
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The INSURED shall execute all papers and render assistance to secure to 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. OTHER INSURANCE</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Coverage under this bond shall apply only as excess over any valid and collectible insurance,
indemnity or suretyship obtained by or on behalf of the INSURED, a Transportation Company, or
another entity on whose premises the loss occurred or which employed the person causing the
loss or engaged the messenger conveying the Property involved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. ADDITIONAL COMPANIES INCLUDED AS INSURED</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If more than one corporation, or Investment Company, or any combination of them is included as
the INSURED herein:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The total liability of the UNDERWRITER under this bond for loss or losses sustained by any
one or more or all of them shall not exceed the limit for which the UNDERWRITER would be liable
under this bond if all such losses were sustained by any one of them.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Only the first named INSURED shall be deemed to be the sole agent of the others for all
purposes under this bond, including but not limited to the giving or receiving of any notice or
proof required to be given and for the purpose of effecting or accepting any amendments to or
termination of this bond.
The UNDERWRITER shall furnish each Investment Company with a copy of the bond and with any
amendment thereto, together with a copy of each formal filing of claim by any other named
INSURED and notification of the terms of the settlement of each such claim prior to the
execution of such settlement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The UNDERWRITER shall not be responsible for the proper application of any payment made
hereunder to the first named INSURED.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Knowledge possessed or discovery made by any partner, director, trustee, officer or
supervisory employee of any INSURED shall constitute knowledge or discovery by all the INSUREDS
for the purposes of this bond.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the first named INSURED ceases for any reason to be covered under this bond, then
the INSURED next named shall thereafter be considered as the first named INSURED for the
purpose of this bond.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14. ADDITIONAL OFFICES OR EMPLOYEES &#151; CONSOLIDATION, MERGER OR PURCHASE OR
ACQUISITION OF ASSETS OR LIABILITIES &#151; NOTICE TO UNDERWRITER</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If the INSURED, other than an Investment Company, while this bond is in force, merges or
consolidates with, or purchases or acquires assets or liabilities of another institution, the
INSURED shall not have the coverage afforded under this bond for loss which:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has occurred or will occur in offices or on premises, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has been caused or will be caused by an employee or employees, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has arisen or will arise out of the assets or liabilities acquired</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">unless the INSURED
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>gives the UNDERWRITER written notice of the proposed consolidation, merger or
purchase or acquisition of assets or liabilities prior to the proposed effective date
of such action, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtains the written consent of the UNDERWRITER to extend some or all of the
coverage provided by this bond to such additional exposure, and</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 10 of 15<!-- /Folio -->
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936102.gif" alt="(CNA LOGO)">
</DIV>
<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">iii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on obtaining such consent pays to the UNDERWRITER an additional premium.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15. CHANGE OF CONTROL &#151; NOTICE TO UNDERWRITER</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">When the INSURED learns of a change in control (other than in an Investment Company), as set
forth in Section 2(a) (9)&nbsp;of the Investment Company Act of 1940, the INSURED shall within
thirty (30)&nbsp;days give written notice to the UNDERWRITER setting forth:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the names of the transferors and transferees (or the names of the beneficial owners if the
voting securities are registered in another name),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the total number of voting securities owned by the transferors and the transferees (or the
beneficial owners), both immediately before and after the transfer, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the total number of outstanding voting securities.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Failure to give the required notice shall result in termination of coverage for any loss
involving a transferee, to be effective on the date of such change in control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>16. REPRESENTATIONS MADE BY INSURED</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The INSURED represents that all information it has furnished in the APPLICATION for this bond
or otherwise is complete, true and correct. Such APPLICATION and other information constitute
part of this bond.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The INSURED must promptly notify the UNDERWRITER of any change in any fact or circumstance
which materially affects the risk assumed by the UNDERWRITER under this bond.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Any misrepresentation, omission, concealment or incorrect statement of a material fact, in the
APPLICATION or otherwise, shall be grounds for rescission of this bond.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>17. TERMINATION &#151; CANCELLATION</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If the bond is for a sole INSURED, it shall not be terminated or canceled unless written notice
shall have been given by the acting party to the affected party and to the Securities and
Exchange Commission, Washington, D.C., not less than sixty (60)&nbsp;days prior to the effective
date of such termination or cancellation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If the bond is for a joint INSURED, it shall not be terminated or canceled unless written
notice shall have been given by the acting party to the affected party, and by the UNDERWRITER
to all INSURED Investment Companies and to the Securities and Exchange Commission, Washington,
D.C., not less than sixty (60)&nbsp;days prior to the effective date of such termination or
cancellation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">This bond will terminate as to any one INSURED, other than an Investment Company, immediately
on the taking over of such INSURED by a receiver or other liquidator or by State or Federal
officials, or immediately on 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, or immediately upon such
INSURED ceasing to exist, whether through merger into another entity, disposition of all of its
assets or otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The UNDERWRITER shall refund the unearned premium computed at short rates in accordance with
the standard short rate cancellation tables if terminated by the INSURED or pro rata if
terminated for any other reason.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 11 of 15<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936102.gif" alt="(CNA LOGO)">
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Coverage will terminate as to any Employee:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately on any partner, director, trustee, or officer or supervisory employee not acting
in collusion with such Employee, learning of any dishonest act committed by such Employee at
any time, whether in the employment of the INSURED or otherwise, whether or not such act is of
the type covered under this bond, and whether against the INSURED or any other person or
entity, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sixty (60)&nbsp;days after the receipt by each INSURED and by the Securities and Exchange Commission,
Washington, D.C., of a written notice from the UNDERWRITER of its desire to terminate this
bond as to such Employee.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>18. CHANGE OR MODIFICATION</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">This bond or any instrument amending or affecting this bond may not be changed or modified
orally. No change in or modification of this bond shall be effective except when made by
written endorsement to this bond signed by an authorized representative of the UNDERWRITER.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If this bond is for a sole INSURED, no change or modification which would adversely affect the
rights of the INSURED shall be effective prior to sixty (60)&nbsp;days after written notice has been
furnished to the Securities and Exchange Commission, Washington, D.C., by the acting party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If this bond is for a joint INSURED, no change or modification which would adversely affect the
rights of the INSURED shall be effective prior to sixty (60)&nbsp;days after written notice has been
furnished to all insured Investment Companies and to the Securities and Exchange Commission,
Washington, D.C., by the UNDERWRITER.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DEFINITIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">As used in this bond:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Computer System </B>means:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>computers, with related peripheral and storage components, wherever located,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>systems and applications software,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>terminal devices, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>related communication networks by which data are electronically collected, transmitted,
processed, stored, and retrieved.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Counterfeit </B>means an imitation of an actual valid original which is intended to deceive and be
taken as the original.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Custodian </B>means the institution designed by an Investment Company to maintain possession and
control of its assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Customer </B>means an individual, corporate, partnership or trust customer shareholder or
subscriber of an Investment Company which has a written agreement with the INSURED for Voice
Initiated Transactions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Employee </B>means:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an officer of the INSURED,</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 12 of 15<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936102.gif" alt="(CNA LOGO)">
</DIV>

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a natural person while in the regular service of the INSURED at any of the INSURED&#146;S offices
and compensated directly by the INSURED 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 INSURED 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,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an attorney retained by the INSURED and an employee of such attorney while either is
performing legal services for the INSURED,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a person provided by an employment contractor to perform clerical, premises maintenance or
security duties for the INSURED under the INSURED&#146;S supervision at any of the INSURED&#146;S offices
or premises,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an employee of an institution merged or consolidated with the INSURED prior to the effective
date of this bond,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a guest student pursuing studies or performing duties in any of the INSURED&#146;S offices,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each natural person, partnership or corporation authorized by written agreement with the
INSURED to perform services as electronic data processor of checks or other accounting
records related to such checks but only while such person, partnership or corporation is
actually performing such services and not:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>creating, preparing, modifying or maintaining the INSURED&#146;S computer software or programs, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acting as transfer agent or in any other agency capacity in issuing checks, drafts or
securities for the INSURED,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a director or trustee of the INSURED, but only while performing acts within the scope of the
customary and usual duties of any officer or employee of the INSURED or while acting as a
member of any committee duly elected or appointed to examine or audit or have custody of or
access to Property of the INSURED, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any partner, officer or employee of an investment adviser, an underwriter (distributor), a
transfer agent or shareholder accounting recordkeeper, or an administrator, for an Investment
Company while performing acts coming within the scope of the customary and usual duties of an
officer or employee of an Investment Company or acting as a member of any committee duly
elected or appointed to examine, audit or have custody of or access to Property of an
Investment Company.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The term Employee shall not include any partner, officer or employee of a transfer agent,
shareholder accounting recordkeeper or administrator:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which is not an &#147;affiliated person&#148; (as defined in Section 2(a) of the Investment Company Act of
1940) of an Investment Company or of the investment adviser or underwriter (distributor)&nbsp;of such
Investment Company, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which is a &#147;bank&#148; (as defined in Section 2(a) of the Investment Company Act of 1940).</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">This bond does not afford coverage in favor of the employers of persons as set forth in 4. and 7.
above, and upon payment to the INSURED by the UNDERWRITER resulting directly from Larceny or
Embezzlement committed by any of the partners, officers or employees of such employers, whether
acting alone or in collusion with others, an assignment of such of the INSURED&#146;S rights and causes
of action as it may have against such employers by reason of such acts so committed shall, to the
extent of such payment, be given by the INSURED to the UNDERWRITER, and the INSURED shall execute
all papers necessary to secure to the UNDERWRITER the rights provided for herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Each employer of persons as set forth in 3., 4. and 7. above and the partners, officers and other
employees of such employers shall collectively be deemed to be one person for all the purposes of
this bond, excepting, however, the last paragraph of Section&nbsp;18.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 13 of 15<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936102.gif" alt="(CNA LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Independent contractors not specified in 3., 4.,7. above, intermediaries, agents, brokers or other
representatives of the same general character shall not be considered Employees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Forgery </B>means the signing of the name of another person or organization with the intent to deceive
but does not mean a signature which consists in whole or in part of one&#146;s own name, with or without
authority, in any capacity, for any purpose.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Investment Company </B>means an investment company registered under the Investment Company Act of 1940
and as listed under the NAME OF INSURED on the DECLARATIONS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Items of Deposit </B>means one or more checks or drafts drawn upon a financial institution in the
United States of America.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Larceny or Embezzlement </B>means larceny or embezzlement as set forth in Section&nbsp;37 of the Investment
Company Act of 1940.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Property </B>means money (i.e., currency, coin, bank notes, or Federal Reserve notes); postage and
revenue stamps; U.S. Savings Stamps; securities, including any note, stock, treasury stock, bond,
debenture, evidence of indebtedness, certificate of deposit, certificate of interest or
participation in any profit-sharing agreement, collateral trust certificate, preorganization
certificate or subscription, transferable share, investment contract, voting trust certificate,
certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral
rights, any interest or instruments commonly known as security under the Investment Company Act of
1940, any other certificate of interest or participation in, temporary or interim certificate for,
receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing;
bills of exchange; acceptances; checks; withdrawal orders; money orders; travelers&#146; letters of
credit; bills of lading; abstracts of title; insurance policies; deeds; mortgages on real estate
and/or upon chattels and interests therein; assignments of such policies, mortgages and
instruments; other valuable papers, including books of accounts and other records used by the
INSURED in the conduct of its business (but excluding all electronic data processing records); and,
all other instruments similar to or in the nature of the foregoing in which the INSURED acquired an
interest at the time of the INSURED&#146;S consolidation or merger with, or purchase of the principal
assets of, a predecessor or which are held by the INSURED for any purpose or in any capacity and
whether so held gratuitously or not and whether or not the INSURED is liable therefor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Relative </B>means the spouse of an Employee or partner of the INSURED and any unmarried child
supported wholly by, or living in the home of, such Employee or partner and being related to them
by blood, marriage or legal guardianship.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Securities</B>, documents or other written instruments means original (including original counterparts)
negotiable or non-negotiable instruments, or assignments thereof, which in and of themselves
represent an equitable interest, ownership, or debt and which are in the ordinary course of
business transferable by delivery of such instruments with any necessary endorsements or
assignments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Transportation Company </B>means any organization which provides its own or leased vehicles for
transportation or which provides freight forwarding or air express services.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Voice Initiated Election </B>means any election concerning dividend options available to Investment
Company shareholders or subscribers which is requested by voice over the telephone.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Voice Initiated Redemption </B>means any redemption of shares issued by an Investment Company which is
requested by voice over the telephone.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 14 of 15<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936102.gif" alt="(CNA LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Voice Initiated Transaction(s) </B>means any Voice Initiated Redemption or Voice Initiated
Election.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><IMG src="w79361w7936103.gif" alt="(SIGNATURE)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="w79361w7936104.gif" alt="(SIGNATURE)"></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chairman of the Board</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->Page 15 of 15<!-- /Folio -->
</DIV>



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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936105.gif" alt="(CNA)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POLICYHOLDER NOTICE<BR>
Economic and Trade Sanctions Conditions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ethics and proper business conduct has been the cornerstone of CNA since 1897. While much has
changed during the last century, our commitment to these core values has not wavered. We strongly
believe that proper business conduct is more than the practice of avoiding wrong; it is also a
matter of choosing to do right. Nowhere is this more essential than helping in the fight against
terrorism. As such, we are committed to complying with U.S. Department of Treasury Office of
Foreign Asset Control (OFAC)&nbsp;requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Through a variety of laws, OFAC administers and enforces economic sanctions against countries and
groups of individuals, such as terrorists and narcotics traffickers. These laws prohibit <u>all</u> United
States citizens (including corporations and other entities) and permanent residents from engaging
in transactions with sanctioned countries and with individuals and entities on the Specially
Designated Nationals (SDN)&nbsp;list. Because all U.S. citizens and companies are subject to this law,
we wanted to be sure you were aware of its scope and restrictions. If you haven&#146;t already done so,
you may want to consider discussing this issue with your legal counsel to ensure you are in
compliance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For insurance companies, accepting premium from, issuing a policy to, insuring property of, or
making a claim payment to an individual or entity that is the subject of U.S.-imposed economic
sanctions or trade embargoes usually are violations of these laws and regulations. Fines for
violating OFAC requirements can be substantial. CNA has established an OFAC compliance program part
which includes the use of exclusionary policy language. We believe this makes good business sense
for CNA and you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The purpose of this letter is to advise you that your policy includes OFAC exclusionary policy
language, which may reduce or eliminate certain coverage. Specifically, if it is determined that
your policy violates certain Federal or State laws or regulations, such as the U.S. list of
Specially Designated Nationals or Blocked Persons (organizations or individuals associated with
terrorist groups), any term or condition of your policy will be null and void to the extent it
violates the applicable laws or regulations of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We&#146;re sure you share our commitment to compliance and thank you for your cooperation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Your policy language reads as follows:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ECONOMIC AND TRADE SANCTIONS CONDITION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following condition is added to the Policy:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ECONOMIC AND TRADE SANCTIONS CONDITION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with laws and regulations of the United States concerning economic and trade
embargoes, this policy is void from its inception with respect to any term or condition of this
policy that violates any laws or regulations of the United States concerning economic and trade
embargoes including, but not limited to the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any insured, or any person or entity claiming the benefits of an insured, who is or becomes a
Specially Designated National or Blocked Person or who is otherwise subject to U.S. economic
or trade sanctions;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ENDORSEMENT NUMBER: 1<BR>
POLICY NUMBER: 425142168<BR>
ISSUED TO: Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated<BR>
EFFECTIVE DATE OF ENDORSEMENT:

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This endorsement, which forms a part of and is for attachment to the Policy issued by the
designated Insurers, takes effect on the effective date of said Policy at the hour stated in said
Policy and expires concurrently with said Policy unless another effective date is shown above.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">By Authorized Representative
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt">(No signature is required if this endorsement is issued with the Policy or if it is effective on
the Policy Effective Date)</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Page 1 of 2
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936105.gif" alt="(CNA)">
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any claim or &#147;suit&#148; that is brought in a Sanctioned Country or by a Sanctioned Country
Government, where any action in connection with such claim or suit is prohibited by U.S.
economic or trade sanctions;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any claim or &#147;suit&#148; that is brought by any Specially Designated National or Blocked Person or
any person or entity who is otherwise subject to U.S. economic or trade sanctions;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Property that is located in a Sanctioned Country or that is owned by, rented to or in the
care, custody or control of a Sanctioned Country Government, where any activities related to
such property are prohibited by U.S. economic or trade sanctions; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Property that is owned by, rented to or in the care, custody or control of a Specially
Designated National or Blocked Person, or any person or entity who is otherwise subject to
U.S. economic or trade sanctions.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As used in this endorsement a Specially Designated National or Blocked Person is any person or
entity that is on the list of Specially Designated Nationals and Blocked Persons issued by the U.S.
Treasury Department&#146;s Office of Foreign Asset Control (OFAC)&nbsp;as it may be from time to time
amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As used in this endorsement a Sanctioned Country is any country that is the subject of trade or
economic embargoes imposed by the laws or regulations of the United States of America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THIS DISCLOSURE NOTICE DOES NOT PROVIDE COVERAGE NOR DOES THIS NOTICE REPLACE ANY PROVISIONS OF
YOUR POLICY. YOU SHOULD READ YOUR POLICY AND REVIEW YOUR DECLARATIONS PAGE FOR COMPLETE
INFORMATION ON THE COVERAGE AND PRICE OF YOUR POLICY. IF THERE IS ANY CONFLICT BETWEEN THE POLICY
AND THIS NOTICE, <u>THE PROVISIONS OF THE POLICY SHALL PREVAIL</u>. YOUR INDEPENDENT INSURANCE AGENT WILL
BE ABLE TO EXPLAIN THE TERMS OF THE CONTRACT IN DETAIL.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ENDORSEMENT NUMBER: 1<BR>
POLICY NUMBER: 425142168<BR>
ISSUED TO: Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated<BR>
EFFECTIVE DATE OF ENDORSEMENT:

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This endorsement, which forms a part of and is for attachment to the Policy issued by the
designated Insurers, takes effect on the effective date of said Policy at the hour stated in said
Policy and expires concurrently with said Policy unless another effective date is shown above.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">By Authorized Representative
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt">(No signature is required if this endorsement is issued with the Policy or if it is effective on
the Policy Effective Date)</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Page 2 of 2
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w79361w7936105.gif" alt="(CNA)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ECONOMIC AND TRADE SANCTIONS CONDITION</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following condition is added to the Policy:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ECONOMIC AND TRADE SANCTIONS CONDITION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with laws and regulations of the United States concerning economic and trade
embargoes, this policy is void from its inception with respect to any term or condition of this
policy that violates any laws or regulations of the United States concerning economic and trade
embargoes including, but not limited to the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any insured under this Policy, or any person or entity claiming the benefits of such insured,
who is or becomes a Specially Designated National or Blocked Person or who is otherwise
subject to U.S. economic or trade sanctions;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any claim or suit that is brought in a Sanctioned Country or by a Sanctioned Country
Government, where any action in connection with such claim or suit is prohibited by U.S.
economic or trade sanctions;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any claim or suit that is brought by any Specially Designated National or Blocked Person or
any person or entity who is otherwise subject to U.S. economic or trade sanctions;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Property that is located in a Sanctioned Country or that is owned by, rented to or in the
care, custody or control of a Sanctioned Country Government, where any activities related to
such property are prohibited by U.S. economic or trade sanctions; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Property that is owned by, rented to or in the care, custody or control of a Specially
Designated National or Blocked Person, or any person or entity who is otherwise subject to
U.S. economic or trade sanctions.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As used in this endorsement a Specially Designated National or Blocked Person is any person or
entity that is on the list of Specially Designated Nationals and Blocked Persons issued by the U.S.
Treasury Department&#146;s Office of Foreign Asset Control (O.F.A.C.) as it may be from time to time
amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As used in this endorsement a Sanctioned Country is any country that is the subject of trade or
economic embargoes imposed by the laws or regulations of the United States of America.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ENDORSEMENT NUMBER: 2<BR>
POLICY NUMBER: 425142168<BR>
ISSUED TO: Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated<BR>
EFFECTIVE DATE OF ENDORSEMENT:

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This endorsement, which forms a part of and is for attachment to the Policy issued by the
designated Insurers, takes effect on the effective date of said Policy at the hour stated in said
Policy and expires concurrently with said Policy unless another effective date is shown above.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">By Authorized Representative
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt">(No signature is required if this endorsement is issued with the Policy or if it is effective on
the Policy Effective Date)</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Page 1 of 1
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ADDING OR DEDUCTING INSUREDS RIDER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is agreed that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;At the request of the Insured, the Underwriter adds the list of Insured under the attached
bond the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accepted:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ADDING OR DEDUCTING INSUREDS RIDER</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">FOR USE WITH ALL FORMS OF BONDS CONTAINING A JOINT<BR>
INSURED CLAUSE OR RIDER. TO ADD OR DEDUCT JOINT<BR>
INSUREDS.<BR>
REVISED TO MAY, 1957.

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This rider/endorsement, which forms part of and is for attachment to the following described
bond/policy issued by the designated Underwriter/Company takes effect on the effective date of said
bond/policy, unless another effective date is shown below, at the hour stated in said bond/policy
and expires concurrently with said bond/policy.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Complete only when this rider/endorsement is not prepared with the</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="5" style="border-bottom: 1px solid #000000">Must Be Completed</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">bond/policy or is not to be effective with the bond/policy</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rider/Endorsement No.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">Policy No.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Issued to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effective date of this rider/endorsement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">425142168</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="w79361w7936106.gif" alt="(CNA)"><br>
<B>For all the Commitments You Make</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B><FONT style="font-family: Symbol">&#226;</FONT></B></sup>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Countersigned by
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Authorized Representative</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Page 1 of 1
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESTMENT COMPANY BOND</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>GROWTH IN SIZE PROVISIONS</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In consideration of the premium paid, it is understood and agreed that <B>CONDITIONS AND LIMITATIONS,</B>
Section&nbsp;14. <B>ADDITIONAL OFFICES OR EMPLOYEES &#151; CONSOLIDATION, MERGER OR PURCHASE OR ACQUISITION OF
ASSETS OR LIABILITIES &#151; NOTICE TO UNDERWRITER </B>is amended by the addition of the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14. INCREASE IN SIZE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If an INSURED, other than an Investment Company as defined in the Policy, merges or consolidates
with or purchases or acquires assets or liabilities of another entity, there is no coverage under
this bond for loss which involves any assets or employees acquired as a result of that transaction
unless the INSURED gives the UNDERWRITER written notice of the proposed transaction prior to its
proposed effective date and obtains the written consent of the UNDERWRITER to include those assets
or employees under this bond and pays the UNDERWRITER any additional premium charged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If an INSURED creates, other than by acquisition, a new investment company required by the SEC Reg
17g-1 to have coverage of the type afforded by this bond, that investment company will be
automatically insured hereunder, provided that the total combined limit of liability for all
INSURED covered hereunder, as required by SEC Reg 17g-1, including the newly created investment
company does not exceed $10,000,000. If the coverage required for the newly created investment
company will exceed that limit, no coverage will be provided hereunder for the investment company
without the written consent of the UNDERWRITER.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If an Investment Company requires an increase in limits to comply with SEC Reg. 17g-1 due to an
increase in asset size, whether by growth of current funds insured under the bond or by the
addition of new funds, that increase in limits shall take place automatically and will be covered
until the next Annual Period without payment of additional premium, provided that the total
combined limit of liability for all INSUREDS under this bond does not exceed $10,000,000 after
including the increase in limits needed due to the increase in asset size. If the increase in
limits needed as a result of the increase in assets will exceed $10,000,000, then the increase will
not occur unless written consent of the UNDERWRITER is obtained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Within 15&nbsp;days of the end of each Annual Period, each Investment Company insured hereunder shall
advise the UNDERWRITER, in writing, of its current asset size as of the conclusion of that Annual
Period and shall pay to the UNDERWRITER any additional premium required by it for any newly created
investment companies or any increase in limits that will carry into the current Annual Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This endorsement, which forms a part of and is for attachment to the following described
Policy issued by the designated Insurers takes effect on the effective date of said Policy, unless
another effective date is shown below, at the hour stated in said Policy and expires concurrently
with said Policy.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Complete Only When This Endorsement Is Not Prepared with the Policy</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="5" style="border-bottom: 1px solid #000000">Must be Completed</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">or is Not to be Effective with the Policy</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ENDT. NO.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">POLICY NO.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ISSUED TO
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">EFFECTIVE DATE OF THIS ENDORSEMENT</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">425142168</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="w79361w7936106.gif" alt="(CNA)"><BR>
<B>For all the Commitments You Make</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B><FONT style="font-family: Symbol">&#226;</FONT></B></sup>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Countersigned by
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Authorized Representative</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>CNA INSURANCE COMPANIES</I></B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Page 1 of 2
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>DEFINITIONS </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Annual Period </B>means each consecutive twelve month period commencing on the effective date of this
bond.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This endorsement, which forms a part of and is for attachment to the following described
Policy issued by the designated Insurers takes effect on the effective date of said Policy, unless
another effective date is shown below, at the hour stated in said Policy and expires concurrently
with said Policy.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="center" colspan="3">Complete Only When This Endorsement Is Not Prepared with the Policy</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="5" style="border-bottom: 1px solid #000000">Must be Completed</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">or is Not to be Effective with the Policy</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ENDT. NO.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">POLICY NO.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ISSUED TO
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">EFFECTIVE DATE OF THIS ENDORSEMENT</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">425142168</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="w79361w7936106.gif" alt="(CNA)"><BR>
<B>For all the Commitments You Make</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B><FONT style="font-family: Symbol">&#226;</FONT></B></sup>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Countersigned by
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Authorized Representative</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>CNA INSURANCE COMPANIES</I></B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Page 2 of 2
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The following resolutions were adopted at the April&nbsp;22, 2010 Meeting of the Board of Directors
of Flaherty &#038; Crumrine Preferred Income Opportunity Fund Incorporated at which a majority of
Directors who are not &#147;interested persons&#148; approved the amount and form of the current bond for the
period from May&nbsp;15, 2010 to May&nbsp;15, 2011:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RESOLVED:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That the renewal of the fidelity bond coverage for the period from May&nbsp;15,
2010 to May&nbsp;15, 2011, which provides coverage in the aggregate amount of
$600,000, is hereby approved; and further</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RESOLVED:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That it is the finding of the Directors at this Meeting that the fidelity
bond (the &#147;Bond&#148;) issued through Continental Insurance Company in the amount of
$600,000 covering officers and employees of the Fund, in accordance with the
requirements of Rule&nbsp;17g-1 under the Investment Company Act of 1940, as amended
(the &#147;1940 Act&#148;), is reasonable in form and amount, after having given due
consideration to, among other things, the value of the aggregate assets of the
Fund to which any person covered under the Bond may have access, the custody
and safekeeping of the assets of the Fund&#146;s portfolio, and the nature of the
securities in the Fund&#146;s portfolio; and further</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RESOLVED:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That the premium in the amount of $2,000 paid by the Fund under the Bond
is hereby authorized; and further</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RESOLVED:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That the appropriate officers of the Fund be, and they hereby are,
authorized and directed to prepare, execute, and file such amendments and
supplements to the aforesaid agreement, and to take such other action as may
from time to time be necessary or appropriate in order to conform to the
provisions of the 1940 Act and the rules and regulations under that Act; and
further</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RESOLVED:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That the Secretary or Assistant Secretary of the Fund shall make such
filings concerning the Bond with the Securities and Exchange Commission (&#147;SEC&#148;)
and give such notices as required under paragraph (g)&nbsp;of Rule&nbsp;17g-1 promulgated
by the SEC under the 1940 Act.</TD>
</TR>
<!-- End Table Body -->
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