<SEC-DOCUMENT>0001206774-17-001758.txt : 20170601
<SEC-HEADER>0001206774-17-001758.hdr.sgml : 20170601
<ACCEPTANCE-DATETIME>20170601135415
ACCESSION NUMBER:		0001206774-17-001758
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20170601
DATE AS OF CHANGE:		20170601
EFFECTIVENESS DATE:		20170601

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:		17884256

	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>fandcpfo3262451-4017g.htm
<DESCRIPTION>FIDELITY BOND FILED PURSUANT TO RULE 17G-1(G)(1)
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><STRONG><FONT face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=left width="40%"><B><FONT face=Arial size=2>Chubb Group
      of Insurance Companies</FONT></B></TD>
    <TD noWrap align=left width="1%"><STRONG><FONT face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=left width="39%"><B><FONT face=Arial>DECLARATIONS</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%">&nbsp;</TD>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="39%"><B><FONT face=Arial>FINANCIAL
      INSTITUTION INVESTMENT</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="40%"><FONT face=Arial size=1>15 Mountain View
      Road, Warren, New Jersey 07059</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="39%"><B><FONT face=Arial>COMPANY ASSET
      PROTECTION BOND</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="40%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="39%"></TD></TR>
  <TR>
    <TD noWrap align=left width="60%" colSpan=2><FONT face=Arial size=2>NAME
      OF ASSURED (including its <STRONG>Subsidiaries</STRONG>):</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="39%"><FONT face=Arial size=2>Bond Number:
      82302720</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="60%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="39%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="100%" colSpan=4>
      <P align=justify><FONT face=Arial size=2>FLAHERTY &amp; CRUMRINE PREFERRED
      INCOME OPPORTUNITY FUND <BR>INCORPORATED <BR></FONT><FONT face=Arial size=2>301 EAST COLORADO BLVD., #720 </FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="60%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="39%"></TD></TR>
  <TR>
    <TD noWrap align=left width="60%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="39%"><STRONG><FONT face=Arial size=2>FEDERAL
      INSURANCE COMPANY</FONT></STRONG></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="60%" colSpan=2><FONT face=Arial size=2>PASADENA, CA 91101</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="39%">
      <P><FONT face=Arial size=1>Incorporated under the laws of Indiana<BR>a
      stock insurance company herein called the COMPANY</FONT></P>
      <P><FONT face=Arial size=1>Capital Center, 251 North Illinois, Suite
      1100<BR>Indianapolis, IN 46204-1927</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="60%" colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="39%"></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><B><FONT face=Arial size=2>ITEM
      1.</FONT></B></TD>
    <TD noWrap align=left width="68%"><FONT face=Arial size=2>BOND PERIOD:
      from 12:01 a.m. on May 15, 2017</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="68%">&nbsp;<FONT face=Arial size=2>to 12:01
      a.m. on May 15, 2018</FONT></TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="98%"></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><B><FONT face=Arial size=2>ITEM
      2.</FONT></B></TD>
    <TD noWrap align=left width="98%"><FONT face=Arial size=2>LIMITS OF
      LIABILITY--DEDUCTIBLE AMOUNTS:<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="98%">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>If "Not Covered" is inserted
      below opposite any specified INSURING CLAUSE, such INSURING
      CLAUSE&nbsp;and any other reference shall be deemed to be deleted.
      </FONT><B><FONT face=Arial size=2>There shall be no deductible applicable
      to any loss under INSURING CLAUSE 1. sustained by any Investment Company.
      </FONT></B></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="48%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%" colSpan=2><FONT face=Arial size=2>SINGLE
      LOSS</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="73%" colSpan=2><FONT face=Arial size=2>DEDUCTIBLE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="22%" colSpan=3><FONT face=Arial size=2>INSURING CLAUSE</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" colSpan=2><FONT face=Arial size=2>LIMIT OF LIABILITY</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="73%" colSpan=2><FONT face=Arial size=2>AMOUNT</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face=Arial size=2>Employee</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>600,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=Arial size=2>0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>2.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"><FONT face=Arial size=2>On
      Premises</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="72%"><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>3.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face=Arial size=2>In Transit</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>4.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="20%"><FONT face=Arial size=2>Forgery or
      Alteration</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="72%"><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>5.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face=Arial size=2>Extended Forgery</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>6.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="20%"><FONT face=Arial size=2>Counterfeit
      Money</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="72%"><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>7.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face=Arial size=2>Threats to Person</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>8.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="20%"><FONT face=Arial size=2>Computer
      System</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="72%"><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>9.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face=Arial size=2>Voice Initiated Funds Transfer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face=Arial size=2>Instruction</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>10.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="20%"><FONT face=Arial size=2>Uncollectible
      Items of Deposit</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>25,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="72%"><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>11.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face=Arial size=2>Audit Expense</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>25,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=left width="72%" bgColor=#c0c0c0><FONT face=Arial size=2>0</FONT></TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="98%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><B><FONT face=Arial size=2>ITEM 3.</FONT></B></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify"><FONT face=Arial size=2>THE
      LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING
      ENDORSEMENTS EXECUTED SIMULTANEOUSLY
HEREWITH:</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="15%"><FONT face=Arial size=2>O THE
      TERMS OF THE FOLLOWING<BR>SIMULTANEOUSLY HEREWITH:</FONT></TD>
    <TD vAlign=top noWrap align=left width="50%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="35%"><FONT face=Arial size=2>ENDORSEMENTS EXECUTED</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="15%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="50%"></TD>
    <TD vAlign=top noWrap align=left width="35%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="15%">
      <P align=center><FONT face=Arial size=2>1-9</FONT></P></TD>
    <TD vAlign=top noWrap align=left width="50%"></TD>
    <TD vAlign=top noWrap align=left width="35%"></TD></TR></TABLE><BR>
<P STYLE="text-align: justify"><B><FONT face=Arial size=2>IN WITNESS WHEREOF, THE
COMPANY</FONT></B><FONT face=Arial size=2> has caused this Bond to be signed by
its authorized officers, but it shall not be valid unless also signed by an
authorized representative of the Company. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="33%">
      <P align=center><IMG src="fandcpfo3262451-4017g1x1x1.jpg" border=0></P></TD>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap align=left width="34%">
      <P align=center><IMG src="fandcpfo3262451-4017g1x1x2.jpg" border=0></P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="33%"><FONT face=Arial size=1>Secretary</FONT></TD>
    <TD noWrap style="text-align: center" width="33%"></TD>
    <TD noWrap style="text-align: center" width="34%"><FONT face=Arial size=1>President</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="30%"></TD>
    <TD noWrap align=left width="27%"></TD>
    <TD noWrap align=left width="40%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT face=Arial size=1>Countersigned
      by&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="30%"><FONT face=Arial size=2>May 19, 2017</FONT></TD>
    <TD noWrap align=left width="27%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%">
      <P align=center><IMG src="fandcpfo3262451-4017g1x1x3.jpg" border=0></P></TD></TR>
  <TR>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap style="text-align: center" width="30%"></TD>
    <TD noWrap align=left width="27%"></TD>
    <TD noWrap style="text-align: center" width="40%"><FONT face=Arial size=1>Authorized Representative</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; padding-top:2pt" noWrap align=left width="55%"><FONT face=Arial size=1>ICAP Bond (5-98) - Federal</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page 1 of
      1</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="25%"></TD>
    <TD width="1%"></TD>
    <TD width="73%" colSpan=4>
      <P STYLE="text-align: justify"><FONT face=Arial size=2>The COMPANY, in consideration of
      payment of the required premium, and in reliance on the APPLICATION and
      all other statements made and information furnished to the COMPANY by the
      ASSURED, and subject to the DECLARATIONS made a part of this Bond and to
      all other terms and conditions of this Bond, agrees to pay the ASSURED
      for: </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" width="70%"></TD></TR>
  <TR>
    <TD width="25%">
      <P align=justify><B><I><FONT face=Arial>Insuring Clauses
      </FONT></I></B><FONT face=Arial size=2></FONT></P></TD>
    <TD width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><I><FONT face=Arial size=2>Employee </FONT></I></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>1.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="72%" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>Loss resulting directly from <B>Larceny </B>or <B>Embezzlement
      </B>committed by any <B>Employee</B>, alone or in collusion with
      others.</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><I><FONT face=Arial size=2>On Premises </FONT></I></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>2.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="72%" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>Loss of <B>Property </B>resulting directly from robbery, burglary,
      false pretenses, common law or statutory larceny, misplacement, mysterious
      unexplainable disappearance, damage, destruction or removal, from the
      possession, custody or control of the ASSURED, while such <B>Property
      </B>is lodged or deposited at premises located anywhere.</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><I><FONT face=Arial size=2>In Transit </FONT></I></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>3.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="72%" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>Loss of <B>Property </B>resulting directly from common law or
      statutory larceny, misplacement, mysterious unexplainable disappearance,
      damage or destruction, while the <B>Property </B>is in transit
      anywhere:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>in an armored motor vehicle, including loading and unloading
      thereof,</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%">
      <P>&nbsp;</P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>in the custody of a natural person acting as a messenger of the
      ASSURED, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>c.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>in the custody of a <B>Transportation Company </B>and being
      transported in a conveyance other than an armored motor vehicle provided,
      however, that covered <B>Property </B>transported in such manner is
      limited to the following:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>(1)</FONT></TD>
    <TD vAlign=top width="70%"><FONT face=Arial size=2>written
      records,</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>(2)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="70%" STYLE="text-align: justify"><FONT face=Arial size=2>securities issued in registered form, which are not endorsed or are
      restrictively endorsed, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%">
      <P><FONT face=Arial size=2>(3)</FONT></P></TD>
    <TD VALIGN="TOP" WIDTH="70%" STYLE="text-align: justify"><FONT face=Arial size=2>negotiable instruments not payable to bearer, which are not
      endorsed or are restrictively endorsed.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD VALIGN="TOP" WIDTH="72%" COLSPAN="3" STYLE="border-bottom: #cdcdcd 2pt solid; text-align: justify"><FONT face=Arial size=2>Coverage under this
      INSURING CLAUSE begins immediately on the receipt of such <B>Property
      </B>by the natural person or <B>Transportation Company </B>and ends
      immediately on delivery to the premises of the addressee or to any
      representative of the addressee located
  anywhere.<BR>&nbsp;</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; padding-top:2pt" noWrap align=left width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page 1 of
      19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="25%">
      <P align=justify><B><I><FONT face=Arial>Insuring Clauses
      <BR></FONT></I></B><I><FONT face=Arial size=2>(continued)</FONT></I><B><I><FONT face=Arial>
      </FONT></I></B></P></TD>
    <TD width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><I><FONT face=Arial size=2>Forgery Or Alteration
      </FONT></I></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>4.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="72%" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>Loss resulting directly from:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%">
      <P><FONT face=Arial size=2>a.</FONT></P></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT size=2 face="Times New Roman"><FONT face=Arial><STRONG>Forgery </STRONG>on, or fraudulent material alteration
      of, any bills of exchange, checks, drafts, acceptances, certificates of
      deposits, promissory notes, due bills, money orders, orders upon public
      treasuries, letters of credit, other written promises, orders or
      directions to pay sums certain in money, or receipts for the withdrawal of
      <B>Property</B>, or</FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD VALIGN="TOP" WIDTH="70%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>transferring, paying or delivering any funds or other
      <B>Property</B>, or establishing any credit or giving any value in
      reliance on any written instructions, advices or applications directed to
      the ASSURED authorizing or acknowledging the transfer, payment, delivery
      or receipt of funds or other <B>Property</B>, which instructions, advices
      or applications fraudulently purport to bear the handwritten signature of
      any customer of the ASSURED, or shareholder or subscriber to shares of an
      <B>Investment Company</B>, or of any financial institution or <B>Employee
      </B>but which instructions, advices or applications either bear a
      <B>Forgery </B>or have been fraudulently materially altered without the
      knowledge and consent of such customer, shareholder, subscriber, financial
      institution or <B>Employee</B>;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="72%" colSpan=3>
      <P STYLE="text-align: justify"><FONT face=Arial size=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.</FONT></P>
      <P STYLE="text-align: justify"><FONT face=Arial size=2>For the purpose of this INSURING CLAUSE, a
      mechanically reproduced facsimile signature is treated the same as a
      handwritten signature.</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><I><FONT face=Arial size=2>Extended Forgery
      </FONT></I></P>
      </TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>5.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="72%" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>Loss resulting directly from the ASSURED having, in good faith, and
      in the ordinary course of business, for its own account or the account of
      others in any capacity:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>a.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>acquired, accepted or received, sold or delivered, or given value,
      extended credit or assumed liability, in reliance on any original
      <B>Securities, documents or other written instruments </B>which prove
      to:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>(1)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="70%" STYLE="text-align: justify"><FONT face=Arial size=2>bear a
      <B>Forgery </B>or a fraudulently material alteration,</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>(2)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="70%" STYLE="text-align: justify"><FONT face=Arial size=2>have been
      lost or stolen, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>(3)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="70%" STYLE="text-align: justify"><FONT face=Arial size=2>be
      <B>Counterfeit</B>, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>b.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>guaranteed in writing or witnessed any signatures on any transfer,
      assignment, bill of sale, power of attorney, guarantee, endorsement or
      other obligation upon or in connection with any <B>Securities, documents
      or other written instruments</B>.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD VALIGN="TOP" WIDTH="72%" BGCOLOR="#ffffff" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>Actual physical possession, and continued actual
      physical possession if taken as collateral, of such <B>Securities,
      documents or other written instruments </B>by an <STRONG>Employee,
      Custodian</STRONG>, or a Federal or State chartered deposit institution of
      the ASSURED is a condition precedent to the ASSURED having relied on such
      items. Release or return of such collateral is an acknowledgment by the
      ASSURED that it no longer relies on such
collateral.</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; padding-top:2pt" noWrap align=left width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page 2 of
      19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="25%">
      <P align=justify><B><I><FONT face=Arial>Insuring
      Clauses</FONT></I></B></P></TD>
    <TD width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=left><I><FONT face=Arial size=2>Extended Forgery
      </FONT></I><BR><I><FONT face=Arial size=2>(continued)</FONT></I></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD vAlign=top width="72%" colSpan=3>
      <P STYLE="text-align: justify"><FONT face=Arial size=2>For the purpose of this INSURING
      CLAUSE, a mechanically reproduced facsimile signature is treated the same
      as a handwritten signature. </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><I><FONT face=Arial size=2>Counterfeit Money
      </FONT></I></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>6.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="72%" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>Loss resulting directly from the receipt by the ASSURED in good
      faith of any <STRONG>Counterfeit </STRONG><FONT face=Arial size=2>money.</FONT></FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><I><FONT face=Arial size=2>Threats To Person
      </FONT></I></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>7.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="72%" BGCOLOR="#ffffff" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>Loss resulting directly from surrender of <B>Property
      </B>away from an office of the ASSURED as a result of a threat
      communicated to the ASSURED to do bodily harm to an <B>Employee </B>as
      defined in SECTION 1.e. (1), (2) and (5), a <B>Relative </B>or invitee of
      such <B>Employee</B>, or a resident of the household of such
      <B>Employee</B>, who is, or allegedly is, being held captive provided,
      however, that prior to the surrender of such <B>Property</B>:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>a.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>the <B>Employee </B>who receives the threat has made a reasonable
      effort to notify an officer of the ASSURED who is not involved in such
      threat, and</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>b.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>the ASSURED has made a reasonable effort to notify the Federal
      Bureau of Investigation and local law enforcement authorities concerning
      such threat.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD VALIGN="TOP" WIDTH="72%" BGCOLOR="#ffffff" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>It is agreed that for purposes of this INSURING CLAUSE,
      any <B>Employee </B>of the ASSURED, as set forth in the preceding
      paragraph, shall be deemed to be an ASSURED hereunder, but only with
      respect to the surrender of money, securities and other tangible personal
      property in which such <B>Employee </B>has a legal or equitable
      interest.</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><I><FONT face=Arial size=2>Computer System
    </FONT></I></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>8.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="72%" BGCOLOR="#ffffff" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>Loss resulting directly from fraudulent:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>a.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>entries of data into, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff>
      <P><FONT face=Arial size=2>b.</FONT></P></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>changes of data elements or programs within,</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD VALIGN="TOP" WIDTH="72%" BGCOLOR="#ffffff" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>a <STRONG>Computer System</STRONG>, provided the
      fraudulent entry or change causes:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>(1)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="70%" STYLE="text-align: justify"><FONT face=Arial size=2>funds or
      other property to be transferred, paid or delivered,</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>(2)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="70%" STYLE="text-align: justify"><FONT face=Arial size=2>an
      account of the ASSURED or of its customer to be added, deleted, debited or
      credited, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"><FONT face=Arial size=2>(3)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="70%" STYLE="border-bottom: #cdcdcd 2pt solid; text-align: justify"><FONT face=Arial size=2>an unauthorized account or a
      fictitious account to be debited or
  credited.<BR>&nbsp;</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; padding-top:2pt" noWrap align=left width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page 3 of
      19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="25%">
      <P align=justify><I><FONT face=Arial><B>Insuring
      Clauses</B><BR><font size=2>(continued)</font></FONT></I></P></TD>
    <TD width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><I><FONT face=Arial size=2></FONT></I>&nbsp;</P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%" rowSpan=3>
      <P align=justify><I><FONT face=Arial size=2>Voice Initiated
      Funds<BR>Transfer
      Instruction</FONT></I></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>9.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="72%" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>Loss resulting directly from <B><FONT face=Arial size=2>Voice
      Initiated Funds Transfer Instruction </FONT></B><FONT face=Arial size=2>directed to the ASSURED authorizing the transfer of dividends or
      redemption proceeds of <STRONG>Investment Company </STRONG><FONT face=Arial size=2>shares from a </FONT><B><FONT face=Arial size=2>Customer's </FONT></B><FONT face=Arial size=2>account, provided
      such </FONT><B><FONT face=Arial size=2>Voice Initiated Funds Transfer
      Instruction </FONT></B><FONT face=Arial size=2>was:</FONT></FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>a.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>received at the ASSURED'S offices by those <B>Employees </B>of the
      ASSURED specifically authorized to receive the <B>Voice Initiated Funds
      Transfer Instruction</B>,</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>b.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>made by a person purporting to be a <B>Customer</B>,
  and</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>c.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>made by said person for the purpose of causing the ASSURED or
      <B>Customer </B>to sustain a loss or making an improper personal financial
      gain for such person or any other person.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD VALIGN="TOP" WIDTH="72%" BGCOLOR="#ffffff" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>In order for coverage to apply under this INSURING
      CLAUSE, all <B>Voice Initiated Funds Transfer Instructions </B>must be
      received and processed in accordance with the Designated Procedures
      outlined in the APPLICATION furnished to the COMPANY.</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><I><FONT face=Arial size=2>Uncollectible Items
      of<BR>Deposit</FONT></I></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>10.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="72%" BGCOLOR="#ffffff" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>Loss resulting directly from the ASSURED having credited
      an account of a customer, shareholder or subscriber on the faith of any
      <B><FONT face=Arial size=2>Items of Deposit </FONT></B><FONT face=Arial size=2>which prove to be uncollectible, provided that the crediting of
      such account causes:</FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>a.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>redemptions or withdrawals to be permitted,</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>b.</FONT></TD>
    <TD vAlign=top width="71%" colSpan=2><FONT face=Arial size=2>shares to be issued, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>c.</FONT></TD>
    <TD vAlign=top width="71%" colSpan=2><FONT face=Arial size=2>dividends to be paid,</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="72%" bgColor=#ffffff colSpan=3>
      <P STYLE="text-align: justify"><FONT face=Arial size=2>from an account of an </FONT><B><FONT face=Arial size=2>Investment Company</FONT></B><FONT face=Arial size=2>.</FONT></P>
      <P STYLE="text-align: justify"><FONT face=Arial size=2>In order for coverage to apply under this
      INSURING CLAUSE, the ASSURED must hold </FONT><B><FONT face=Arial size=2>Items of Deposit </FONT></B><FONT face=Arial size=2>for the minimum
      number of days stated in the APPLICATION before permitting any redemptions
      or withdrawals, issuing any shares or paying any dividends with respect to
      such </FONT><B><FONT face=Arial size=2>Items of Deposit</FONT></B><FONT face=Arial size=2>.</FONT></P>
      <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"><FONT face=Arial><STRONG>Items of Deposit </STRONG>shall
      not be deemed uncollectible until the ASSURED'S standard collection
      procedures have failed.</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><I><FONT face=Arial size=2>Audit
      Expense</FONT></I></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>11.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="72%" BGCOLOR="#ffffff" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>Expense incurred by the ASSURED for that part of the
      cost of audits or examinations required by any governmental regulatory
      authority or self-regulatory organization to be conducted by such
      authority, organization or their appointee by reason of the discovery of
      loss sustained by the ASSURED and covered by this Bond.</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="70%"></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; padding-top:2pt" noWrap align=left width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page 4 of
      19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="26%" colSpan=2>
      <P align=justify><B><I><FONT face=Arial>General
      Agreements</FONT></I></B></P></TD>
    <TD width="1%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><I><FONT face=Arial size=2></FONT></I>&nbsp;</P></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%" rowSpan=3>
      <P align=justify><I><FONT face=Arial size=2>Additional Companies
      <BR>Included As Assured </FONT></I></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>A.</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="72%" colSpan=3><FONT face=Arial size=2>If more than one corporation, or <B><FONT face=Arial size=2>Investment Company</FONT></B><FONT face=Arial size=2>, or any
      combination of them is included as the ASSURED
      herein:<BR>&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>(1)</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="71%" colSpan=2><FONT face=Arial size=2>The total liability of the COMPANY under this Bond for
      loss or losses sustained by any one or more or all of them shall not
      exceed the limit for which the COMPANY would be liable under this Bond if
      all such loss were sustained by any one of them.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>(2)</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="71%" colSpan=2><FONT face=Arial size=2>Only the first named ASSURED shall be deemed to be the
      sole agent of the others for all purposes under this Bond, including but
      not limited to the giving or receiving of any notice or proof required to
      be given and for the purpose of effecting or accepting any amendments to
      or termination of this Bond. The COMPANY shall furnish each <B>Investment
      Company </B>with a copy of the Bond and with any amendment thereto,
      together with a copy of each formal filing of claim by any other named
      ASSURED and notification of the terms of the settlement of each such claim
      prior to the execution of such settlement.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>(3)</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="71%" colSpan=2><FONT face=Arial size=2>The COMPANY shall not be responsible for the proper
      application of any payment made hereunder to the first named
      ASSURED.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>(4)</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="71%" colSpan=2><FONT face=Arial size=2>Knowledge possessed or discovery made by any partner,
      director, trustee, officer or supervisory employee of any ASSURED shall
      constitute knowledge or discovery by all the ASSUREDS for the purposes of
      this Bond.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>(5)</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="71%" colSpan=2><FONT face=Arial size=2>If the first named ASSURED ceases for any reason to be
      covered under this Bond, then the ASSURED next named on the APPLICATION
      shall thereafter be considered as the first named ASSURED for the purposes
      of this Bond.</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%" noWrap>
      <P align=left><I><FONT face=Arial size=2>Representation Made By
      <BR>Assured </FONT></I></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>B.</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top width="72%" bgColor=#ffffff colSpan=3><FONT face=Arial size=2>The ASSURED 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.</FONT>
      <P><FONT face=Arial size=2>The ASSURED must promptly notify the COMPANY of
      any change in any fact or circumstance which materially affects the risk
      assumed by the COMPANY under this Bond.</FONT></P>
      <P><FONT face=Arial size=2>Any intentional misrepresentation, omission,
      concealment or incorrect statement of a material fact, in the APPLICATION
      or otherwise, shall be grounds for recision of this Bond.</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="70%"></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; padding-top:2pt" noWrap align=left width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page 5 of
      19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="25%" noWrap>
      <P align=justify><I><FONT face=Arial><STRONG>General Agreements
      <BR></STRONG></FONT><FONT face=Arial size=2>(continued)</FONT></I></P></TD>
    <TD width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><I><FONT face=Arial size=2></FONT></I>&nbsp;</P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top align=left width="25%" rowSpan=8 noWrap>
      <P align=left><I><FONT face=Arial size=2>Additional Offices Or
      <BR>Employees - Consolidation, <BR>Merger Or Purchase Or <BR>Acquisition
      Of Assets Or <BR>Liabilities - Notice To <BR>Company
      </FONT></I></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>C.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="72%" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>If the ASSURED, other than an <B><FONT face=Arial size=2>Investment
      Company</FONT></B><FONT face=Arial size=2>, while this Bond is in force,
      merges or consolidates with, or purchases or acquires assets or
      liabilities of another institution, the ASSURED shall not have the
      coverage afforded under this Bond for loss which
      has:<BR>&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>(1)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>occurred or will occur on premises, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>(2)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>been caused or will be caused by an employee, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>(3)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>arisen or will arise out of the assets or liabilities,</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD VALIGN="TOP" WIDTH="72%" BGCOLOR="#ffffff" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>of such institution, unless the ASSURED:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>a.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>gives the COMPANY written notice of the proposed consolidation,
      merger or purchase or acquisition of assets or liabilities prior to the
      proposed effective date of such action, and</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>b.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>obtains the written consent of the COMPANY to extend some or all of
      the coverage provided by this Bond to such additional exposure,
    and</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>c.</FONT></TD>
    <TD vAlign=top width="71%" colSpan=2><FONT face=Arial size=2>on obtaining such consent, pays to the COMPANY an additional
      premium.</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%" rowSpan=2>
      <P align=justify><I><FONT face=Arial size=2>Change Of Control -<BR>Notice
      To Company </FONT></I></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>D.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="72%" BGCOLOR="#ffffff" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>When the ASSURED learns of a change in control (other
      than in an <B>Investment Company</B>), as set forth in Section 2(a) (9) of
      the Investment Company Act of 1940, the ASSURED shall within sixty (60)
      days give written notice to the COMPANY setting forth:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>(1)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>the names of the transferors and transferees (or the names of the
      beneficial owners if the voting securities are registered in another
      name),</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>(2)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>the total number of voting securities owned by the transferors and
      the transferees (or the beneficial owners), both immediately before and
      after the transfer, and</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>(3)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>the total number of outstanding voting securities.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD VALIGN="TOP" WIDTH="72%" BGCOLOR="#ffffff" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=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.</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%" rowSpan=4><EM><FONT face=Arial size=2>Court Costs And <BR>Attorneys&#146; Fees</FONT></EM></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%">
      <P><FONT face=Arial size=2>E.</FONT></P></TD>
    <TD VALIGN="TOP" WIDTH="72%" BGCOLOR="#ffffff" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>The COMPANY will indemnify the ASSURED for court costs
      and reasonable attorneys' fees incurred and paid by the ASSURED 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 ASSURED would be entitled to recovery under this
      Bond. However, with respect to INSURING CLAUSE 1., this Section shall only
      apply in the event that:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>(1)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>an <B>Employee </B>admits to being guilty of <B>Larceny or
      Embezzlement</B>,</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>(2)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>an <B>Employee </B>is adjudicated to be guilty of <B>Larceny or
      Embezzlement</B>, or</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; padding-top:2pt" noWrap align=left width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page 6 of
      19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="25%" noWrap>
      <P align=justify><I><FONT face=Arial><STRONG>General Agreements
      </STRONG></FONT></I></P></TD>
    <TD width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><I><FONT face=Arial size=2></FONT></I>&nbsp;</P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%" rowSpan=3>
      <P align=justify><I><FONT face=Arial size=2>Court Costs And <BR>Attorneys&#146;
      Fees <BR>(continued)</FONT></I></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>(3)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>in the absence of 1 or 2 above, an arbitration panel agrees, after
      a review of an agreed statement of facts between the COMPANY and the
      ASSURED, that an <B><FONT face=Arial size=2>Employee </FONT></B><FONT face=Arial size=2>would be found guilty of </FONT><B><FONT face=Arial size=2>Larceny or Embezzlement </FONT></B><FONT face=Arial size=2>if such
      </FONT><B><FONT face=Arial size=2>Employee </FONT></B><FONT face=Arial size=2>were prosecuted.</FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="72%" bgColor=#ffffff colSpan=3>
      <P STYLE="text-align: justify"><FONT face=Arial size=2>The ASSURED shall promptly give
      notice to the COMPANY of any such suit or legal proceeding and at the
      request of the COMPANY shall furnish copies of all pleadings and pertinent
      papers to the COMPANY. The COMPANY may, at its sole option, elect to
      conduct the defense of all or part of such legal proceeding. </FONT><FONT face=Arial size=2>The defense by the COMPANY shall be in the name of the
      ASSURED through attorneys selected by the COMPANY. The ASSURED shall
      provide all reasonable information and assistance as required by the
      COMPANY for such defense. </FONT></P>
      <P STYLE="text-align: justify"><FONT face=Arial size=2>If the COMPANY declines to defend
      the ASSURED, no settlement without the prior written consent of the
      COMPANY nor judgment against the ASSURED shall determine the existence,
      extent or amount of coverage under this Bond. </FONT></P>
      <P STYLE="text-align: justify"><FONT face=Arial size=2>If the amount demanded in any
      such suit or legal proceeding is within the DEDUCTIBLE AMOUNT, if any, the
      COMPANY shall have no liability for court costs and attorney's fees
      incurred in defending all or part of such suit or legal proceeding.
      </FONT></P>
      <P STYLE="text-align: justify"><FONT face=Arial size=2>If the amount demanded in any
      such suit or legal proceeding is in excess of the LIMIT OF LIABILITY
      stated in ITEM 2. of the DECLARATIONS for the applicable INSURING CLAUSE,
      the COMPANY'S liability for court costs and attorney's fees incurred in
      defending all or part of such suit or legal proceedings is limited to the
      proportion of such court costs and attorney's fees incurred that the LIMIT
      OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable
      INSURING </FONT><FONT face=Arial size=2>CLAUSE bears to the total of the
      amount demanded in such suit or legal proceeding. </FONT></P>
      <P STYLE="text-align: justify"><FONT face=Arial size=2>If the amount demanded is any
      such suit or legal proceeding is in excess of the DEDUCTIBLE AMOUNT, if
      any, but within the LIMIT OF LIABILITY stated in ITEM </FONT><FONT face=Arial size=2>2. of the DECLARATIONS for the applicable INSURING
      CLAUSE, the COMPANY'S liability for court costs and attorney's fees
      incurred in defending all or part of such suit or legal proceedings shall
      be limited to the proportion of such court costs or attorney's fees that
      the amount demanded that would be payable under this Bond after
      application of the DEDUCTIBLE AMOUNT, bears to the total amount demanded.
      </FONT></P>
      <P STYLE="text-align: justify"><FONT face=Arial size=2>Amounts paid by the COMPANY for
      court costs and attorneys' fees shall be in addition to the LIMIT OF
      LIABILITY stated in ITEM 2. of the DECLARATIONS.</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="70%"></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; padding-top:2pt" noWrap align=left width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page 7 of
      19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="25%">
      <P align=justify><B><I><FONT face=Arial>Conditions and
      <BR>Limitations</FONT></I></B></P></TD>
    <TD width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="1%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><I><FONT face=Arial size=2></FONT></I>&nbsp;</P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><I><FONT face=Arial size=2>Definitions</FONT></I></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>1.</FONT></TD>
    <TD vAlign=top width="72%" bgColor=#ffffff colSpan=3><FONT face=Arial size=2>As used in this Bond:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>a.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT size=2 face="Times New Roman"><FONT face=Arial><STRONG>Computer System </STRONG>means a computer and all
      input, output, processing, storage, off-line media libraries, and
      communication facilities which are connected to the computer and which are
      under the control and supervision of the operating system(s) or
      application(s) software used by the ASSURED.</FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>b.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT size=2 face="Times New Roman"><FONT face=Arial><STRONG>Counterfeit </STRONG>means an imitation of an actual
      valid original which is intended to deceive and be taken as the
      original.</FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff>
      <P><FONT face=Arial size=2>c.</FONT></P></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT size=2 face="Times New Roman"><FONT face=Arial><STRONG>Custodian </STRONG>means the institution designated by
      an <B>Investment Company </B>to maintain possession and control of its
      assets.</FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>d.</FONT></TD>
    <TD VALIGN="TOP" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT size=2 face="Times New Roman"><FONT face=Arial><STRONG>Customer </STRONG>means an individual, corporate,
      partnership, trust customer, shareholder or subscriber of an <B>Investment
      Company </B>which has a written agreement with the ASSURED for <B>Voice
      Initiated Funds Transfer Instruction</B>.</FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff><FONT face=Arial size=2>e.</FONT></TD>
    <TD vAlign=top width="71%" colSpan=2><FONT size=2 face="Times New Roman"><FONT face=Arial><STRONG>Employee </STRONG>means:</FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>(1)</FONT></TD>
    <TD vAlign=top width="70%"><FONT face=Arial size=2>an
      officer of the ASSURED,</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>(2)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="70%" STYLE="text-align: justify"><FONT face=Arial size=2>a natural
      person while in the regular service of the ASSURED at any of the ASSURED'S
      premises and compensated directly by the ASSURED through its payroll
      system and subject to the United States Internal Revenue Service Form W-2
      or equivalent income reporting plans of other countries, and whom the
      ASSURED has the right to control and direct both as to the result to be
      accomplished and details and means by which such result is accomplished in
      the performance of such service,</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>(3)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="70%" STYLE="text-align: justify"><FONT face=Arial size=2>a guest
      student pursuing studies or performing duties in any of the ASSURED'S
      premises,</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>(4)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="70%" STYLE="text-align: justify"><FONT face=Arial size=2>an
      attorney retained by the ASSURED and an employee of such attorney while
      either is performing legal services for the ASSURED,</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>(5)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="70%" STYLE="text-align: justify"><FONT face=Arial size=2>a natural
      person provided by an employment contractor to perform employee duties for
      the ASSURED under the ASSURED'S supervision at any of the ASSURED'S
      premises,</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>(6)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="70%" STYLE="text-align: justify"><FONT face=Arial size=2>an
      employee of an institution merged or consolidated with the ASSURED prior
      to the effective date of this Bond,</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="70%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top width="1%"><FONT face=Arial size=2>(7)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="70%" STYLE="text-align: justify"><FONT face=Arial size=2>a
      director or trustee of the ASSURED, but only while performing acts within
      the scope of the customary and usual duties of any officer or other
      employee of the ASSURED or while acting as a member of any committee duly
      elected or appointed to examine or audit or have custody of or access to
      <B>Property </B>of the ASSURED, or</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; padding-top:2pt" noWrap align=left width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page 8 of
      19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<!--PART 02-->
<P align=justify><B><I><FONT face=Arial>Conditions and <BR>Limitations </FONT></I></B></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="25%"><EM><FONT face=Arial size=2>Definitions<BR>(continued)</FONT></EM></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>(8)</FONT></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify" width="71%" colSpan=2><FONT face=Arial size=2>each natural person, partnership or corporation authorized by
      written agreement with the ASSURED 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:</FONT></TD></TR>
  <TR>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify" noWrap></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"></TD></TR>
  <TR vAlign=bottom>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify" noWrap><FONT face=Arial size=2>a.</FONT></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"><FONT face=Arial size=2>creating,
      preparing, modifying or maintaining the ASSURED'S computer software or
      programs, or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify" noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"></TD></TR>
  <TR vAlign=bottom>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify" noWrap><FONT face=Arial size=2>b.</FONT></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"><FONT face=Arial size=2>acting as
      transfer agent or in any other agency capacity in issuing checks, drafts
      or securities for the ASSURED,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="25%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify" noWrap></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"></TD></TR>
  <TR>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>(9)</FONT></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify" width="71%" colSpan=2><FONT face=Arial size=2>any
      partner, officer or employee of an investment advisor, an underwriter
      (distributor), a transfer agent or shareholder accounting recordkeeper, or
      an administrator, for an <STRONG>Investment Company</STRONG> while
      performing acts coming within the scope of the customary and usual duties
      of an officer or employee of an <STRONG>Investment Company</STRONG> or
      acting as a member of any committee duly elected or appointed to examine,
      audit or have custody of or access to <STRONG>Property of an Investment
      Company</STRONG>.</FONT></TD></TR>
  <TR>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="25%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify" noWrap></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"></TD></TR>
  <TR>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify" width="71%" colSpan=2><FONT face=Arial size=2>The
      term <B>Employee </B>shall not include any partner, officer or employee of
      a transfer agent, shareholder accounting recordkeeper or
      administrator:</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5><FONT face=Arial size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify" noWrap><FONT face=Arial size=2>a.</FONT></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"><FONT face=Arial size=2>which is not an
      "affiliated person" (as defined in Section 2(a) of the Investment Company
      Act of 1940) of an <B>Investment Company</B> or of the investment advisor
      or underwriter (distributor) of such <B>Investment Company</B>,
    or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="25%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify" noWrap></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify" noWrap><FONT face=Arial size=2>b.</FONT></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"><P ><FONT face=Arial size=2>which is a "bank" (as defined in Section 2(a) of the Investment Company Act of 1940).</FONT></P>


    <P><FONT face=Arial size=2>This Bond does not afford coverage in favor of the employers of
      persons as set forth in e. (4), (5) and (8) above, and upon payment to the
      ASSURED by the COMPANY resulting directly from </FONT><B><FONT face=Arial size=2>Larceny or </FONT></B><B><FONT face=Arial size=2>Embezzlement
      </FONT></B><FONT face=Arial size=2>committed by any of the partners,
      officers or employees of such employers, whether acting alone or in
      collusion with others, an assignment of such of the ASSURED'S rights and
      causes of action as it may have against such employers by reason of such
      acts so committed shall, to the extent of such payment, be given by the
      ASSURED to the COMPANY, and the ASSURED shall execute all papers necessary
      to secure to the COMPANY the rights provided for herein.</FONT></P></TD></TR>

  <TR>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="25%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify" noWrap></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"></TD></TR>
  <TR>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify" width="71%" colSpan=2><FONT face=Arial size=2>Each employer of persons as set forth in e.(4), (5) and (8) above
      and the partners, officers and other employees of such employers shall
      collectively </FONT><FONT face=Arial size=2>be deemed to be one person for
      all the purposes of this Bond; excepting, </FONT><FONT face=Arial size=2>however, the fifth paragraph of Section 13.</FONT></TD></TR>
  <TR>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="25%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify" width="71%" colSpan=2></TD></TR>
  <TR>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify" width="71%" colSpan=2><FONT face=Arial size=2>Independent contractors not specified in e.(4), (5) or (8) above,
      intermediaries, agents, brokers or other representatives of the same
      general </FONT><FONT face=Arial size=2>character shall not be considered
      </FONT><B><FONT face=Arial size=2>Employees</FONT></B><FONT face=Arial size=2>.</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 55%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 44%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page 9 of
      19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><FONT face=Arial>Conditions and <BR>Limitations </FONT></I></B></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="25%"><EM><FONT face=Arial size=2>Definitions<BR>(continued)</FONT></EM></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>f.</FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><B><FONT face=Arial size=2>Forgery</FONT></B><FONT face=Arial size=2> means the signing of the name of another natural person
      with the intent to deceive but does not mean a signature which consists in
      whole or in part of one's own name, with or without authority, in any
      capacity for any purpose.</FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>g.</FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><B><FONT face=Arial size=2>Investment
      Company</FONT></B><FONT face=Arial size=2> means any investment company
      registered under the Investment Company Act of 1940 and listed under the
      NAME OF ASSURED on the DECLARATIONS.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>h.</FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><B><FONT face=Arial size=2>Items of
      Deposit</FONT></B><FONT face=Arial size=2> means one or more checks or
      drafts drawn upon a financial institution in the United States of
      America.</FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>i.</FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><B><FONT face=Arial size=2>Larceny or
      Embezzlement</FONT></B><FONT face=Arial size=2> means larceny or
      embezzlement as defined in Section 37 of the Investment Company Act of
      1940.</FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2></TD></TR>
  <TR>
    <TD noWrap align=left width="25%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>j.</FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2> means money, revenue and other stamps; securities;
      including any note, stock, treasury stock, bond, debenture, evidence of
      indebtedness, certificate of deposit, certificate of interest or
      participation in any profit-sharing agreement, collateral trust
      certificate, preorganization certificate or subscription, transferable
      share, investment contract, voting trust certificate, certificate of
      deposit for a security, fractional undivided interest in oil, gas, or
      other mineral rights, any interest or instruments commonly known as a
      security under the Investment Company Act of 1940, any other certificate
      of 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' letters of credit; bills of lading;
      abstracts of title; insurance policies, deeds, mortgages on real estate
      and/or upon chattels and interests therein; assignments of such policies,
      deeds or mortgages; other valuable papers, including books of accounts and
      other records used by the ASSURED in the conduct of its business (but
      excluding all electronic data processing records); and, all other
      instruments similar to or in the nature of the foregoing in which the
      ASSURED acquired an interest at the time of the ASSURED'S consolidation or
      merger with, or purchase of the principal assets of, a predecessor or
      which are held by the ASSURED for any purpose or in any capacity and
      whether so held gratuitously or not and whether or not the ASSURED is
      liable therefor.</FONT></P></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;&nbsp;<FONT face=Arial size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>k.
      </FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><B><FONT face=Arial size=2>Relative</FONT></B><FONT face=Arial size=2> means the spouse of an </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2> or partner of the
      ASSURED and any unmarried child supported wholly by, or living in the home
      of, such </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2> or partner and being related to them by blood, marriage
      or legal guardianship.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"><FONT face=Arial size=2>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>l.</FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><B><FONT face=Arial size=2>Securities, documents or other
      written instruments</FONT></B><FONT face=Arial size=2> means original
      (including original counterparts) negotiable or non-negotiable
      instruments, or assignments thereof, which in and of themselves represent
      an equitable interest, ownership, or debt and which are in the ordinary
      course of business transferable by delivery of such instruments with any
      necessary endorsements or assignments. </FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="25%">&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%"></TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page&nbsp;10 of
      19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><FONT face=Arial>Conditions and <BR>Limitations </FONT></I></B></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap align=left width="25%"><EM><FONT face=Arial size=2>Definitions<BR>(continued)</FONT></EM></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"><FONT face=Arial size=2>m.</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><B><FONT face=Arial size=2>Subsidiary</FONT></B><FONT face=Arial size=2> means any organization that, at the inception date of
      this Bond, is named in the APPLICATION or is created during the BOND
      PERIOD and of which more than fifty percent (50%) of the outstanding
      securities or voting rights representing the present right to vote for
      election of directors is owned or controlled by the ASSURED either
      directly or through one or more of its subsidiaries.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp;</TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"><FONT face=Arial size=2>n.</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><B><FONT face=Arial size=2>Transportation Company</FONT></B><FONT face=Arial size=2> means any
      organization which provides its own or its leased vehicles for
      transportation or which provides freight forwarding or air express
      services.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"><FONT face=Arial size=2>o.
      </FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><B><FONT face=Arial size=2>Voice Initiated
      Election</FONT></B><FONT face=Arial size=2> means any election concerning
      dividend options available to </FONT><B><FONT face=Arial size=2>Investment
      Company</FONT></B><FONT face=Arial size=2> shareholders or subscribers
      which is requested by voice over the telephone.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"><FONT face=Arial size=2>p.
      </FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><B><FONT face=Arial size=2>Voice Initiated
      Redemption</FONT></B><FONT face=Arial size=2> means any redemption of
      shares issued by an </FONT><B><FONT face=Arial size=2>Investment
      Company</FONT></B><FONT face=Arial size=2> which is requested by voice
      over the telephone.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"><FONT face=Arial size=2>q.
      </FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><B><FONT face=Arial size=2>Voice Initiated Funds Transfer
      Instruction</FONT></B><FONT face=Arial size=2> means any </FONT><B><FONT face=Arial size=2>Voice Initiated Redemption</FONT></B><FONT face=Arial size=2> or </FONT><B><FONT face=Arial size=2>Voice Initiated
      Election</FONT></B><FONT face=Arial size=2>. </FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>For the purposes of these definitions, the singular includes the
      plural and the plural includes the singular, unless otherwise
      indicated.</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="2%" STYLE="border-bottom: #cdcdcd 2pt solid; text-align: justify">&nbsp;</TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="border-bottom: #cdcdcd 2pt solid; text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%" rowSpan=4>
      <P align=justify><I><FONT face=Arial size=2>General Exclusions
      -<BR>Applicable to All Insuring<BR>Clauses </FONT></I></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>2.
      </FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><B><FONT face=Arial size=2>This bond does not directly or
      indirectly cover:</FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"><FONT face=Arial size=2>a.</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"><FONT face=Arial size=2>loss not
      reported to the COMPANY in writing within sixty (60) days after
      termination of this Bond as an entirety;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"><FONT face=Arial size=2>b. </FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"><FONT face=Arial size=2>loss due to
      riot or civil commotion outside the United States of America
      and&nbsp;Canada, or any loss due to military, naval or usurped power, war
      or insurrection. This Section 2.b., however, shall not apply to loss which
      occurs in transit in the circumstances recited in INSURING CLAUSE 3.,
      provided that when such transit was initiated there was no knowledge on
      the part of any person acting for the ASSURED of such riot, civil
      commotion, military, naval or usurped power, war or
  insurrection;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"><FONT face=Arial size=2>c.</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>loss resulting from the
      effects of nuclear fission or fusion or radioactivity;</FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"><FONT face=Arial size=2>d.</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>loss of potential income
      including, but not limited to, interest and dividends not realized by the
      ASSURED or by any customer of the ASSURED;</FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"><FONT face=Arial size=2>e. </FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"><FONT face=Arial size=2>damages of
      any type for which the ASSURED is legally liable, except compensatory
      damages, but not multiples thereof, arising from a loss covered under this
      Bond;</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"><FONT face=Arial size=2>f. </FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"><FONT face=Arial size=2>costs, fees
      and expenses incurred by the ASSURED in establishing the existence of or
      amount of loss under this Bond, except to the extent covered under
      INSURING CLAUSE 11.;</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="2%" STYLE="text-align: justify"><FONT face=Arial size=2>g.</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"><FONT face=Arial size=2>loss
      resulting from indirect or consequential loss of any nature;
  </FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 55%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 44%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page 11 of
      19</FONT></TD></TR></TABLE><BR>

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

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><FONT face=Arial>Conditions and <BR>Limitations </FONT></I></B></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap align=left width="25%" rowSpan=5>
      <P align=justify><I><FONT face=Arial size=2>General Exclusions
      -<BR>Applicable to All Insuring<BR></FONT></I><I><FONT face=Arial size=2>Clauses<BR>(continued)</FONT></I></P></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="3%"><FONT face=Arial size=2>h.
      </FONT></TD>
    <TD vAlign=top align=left width="69%" colSpan=3>
      <P align=justify><FONT face=Arial size=2>loss resulting from dishonest
      acts by any member of the Board of Directors </FONT><FONT face=Arial size=2>or Board of Trustees of the ASSURED who is not an </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2>, acting
      </FONT><FONT face=Arial size=2>alone or in collusion with
      others;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="3%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="63%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="3%"><FONT face=Arial size=2>i. </font></TD>
    <TD vAlign=top align=left width="69%" colSpan=3>
      <P align=justify><FONT face=Arial size=2>loss, or that part of any loss,
      resulting solely from any violation by the ASSURED or by any
      </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2>:</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="3%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="63%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%">
      <P align=justify><FONT face=Arial size=2>(1)</FONT></P></TD>
    <TD vAlign=top align=left width="66%" colSpan=2><FONT face=Arial size=2>of
      any law regulating:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><FONT face=Arial size=2>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top align=left width="3%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top align=left width="63%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD vAlign=top align=left width="63%">
      <P align=justify><FONT face=Arial size=2>the issuance, purchase or sale of
      securities,</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD vAlign=top align=left width="63%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%"><FONT face=Arial size=2>b. </FONT></TD>
    <TD vAlign=top align=left width="63%">
      <P align=justify><FONT face=Arial size=2>securities transactions on
      security or commodity exchanges or the over the counter
    market,</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="63%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"><FONT face=Arial size=2>c. </FONT></TD>
    <TD vAlign=top align=left width="63%">
      <P align=justify><FONT face=Arial size=2>investment
    companies,</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="63%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"><FONT face=Arial size=2>d. </FONT></TD>
    <TD vAlign=top align=left width="63%">
      <P align=justify><FONT face=Arial size=2>investment advisors, or
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="63%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"><FONT face=Arial size=2>(2)</FONT></TD>
    <TD vAlign=top align=left width="66%" colSpan=2>
      <P align=justify><FONT face=Arial size=2>of any rule or regulation made
      pursuant to any such law; or</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD vAlign=top align=left width="66%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%">
      <P align=justify><FONT face=Arial size=2>j. </FONT></P></TD>
    <TD vAlign=top align=left width="69%" colSpan=3><FONT face=Arial size=2>loss of confidential information, material or data;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="63%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"><FONT face=Arial size=2>k. </FONT></TD>
    <TD vAlign=top align=left width="69%" colSpan=3>
      <P align=justify><FONT face=Arial size=2>loss resulting from voice
      requests or instructions received over the telephone, provided however,
      this Section 2.k. shall not apply to INSURING CLAUSE 7. or 9.
    </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="25%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top align=left width="3%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top align=left width="69%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%" rowSpan=4>
      <P><FONT face=Arial size=2><EM>Specific Exclusions -<BR>Applicable To All
      Insuring<BR></EM></FONT><FONT face=Arial size=2><EM>Clauses Except
      Insuring<BR></EM><FONT face=Arial size=2><EM>Clause
      1.</EM></FONT></FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%">
      <P align=justify><I><FONT face=Arial size=2>&nbsp;</FONT></I><FONT face=Arial size=2>3.&nbsp;</FONT><B><FONT face=Arial size=2>
      </FONT></B></P></TD>
    <TD vAlign=top align=left width="72%" colSpan=4><STRONG><FONT face=Arial size=2>This Bond does not directly or indirectly
  cover:</FONT></STRONG></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="69%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"><FONT face=Arial size=2>a. </FONT></TD>
    <TD vAlign=top align=left width="69%" colSpan=3>
      <P align=justify><FONT face=Arial size=2>loss caused by an </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2>, provided,
      however, this Section 3.a. shall not </FONT><FONT face=Arial size=2>apply
      to loss covered under INSURING CLAUSE 2. or 3. which
      results </FONT><I></I><FONT face=Arial size=2>directly from misplacement, mysterious unexplainable disappearance,
      or damage or destruction of </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2>;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="69%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"><FONT face=Arial size=2>b. </FONT></TD>
    <TD vAlign=top align=left width="69%" colSpan=3>
      <P align=justify><FONT face=Arial size=2>loss through the surrender of
      property away from premises of the ASSURED as a result of a
      threat:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="69%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"><FONT face=Arial size=2></FONT></TD>
    <TD vAlign=top align=left width="3%"><FONT face=Arial size=2>(1)</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="66%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>to
      do bodily harm to any natural person, except loss of </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2> in transit
      in the custody of any person acting as messenger of the ASSURED, provided
      that when such transit was initiated there was no knowledge by the ASSURED
      of any such threat, and provided further that this Section 3.b. shall not
      apply to INSURING CLAUSE 7., or </FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="66%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"><FONT face=Arial size=2>(2)</FONT></TD>
    <TD vAlign=top align=left width="66%" colSpan=2>
      <P align=justify><FONT face=Arial size=2>to do damage to the premises or
      </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2> of the ASSURED;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="66%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"><FONT face=Arial size=2>c.</FONT></TD>
    <TD vAlign=top align=left width="69%" colSpan=3>
      <P align=justify><FONT face=Arial size=2>loss resulting from payments made
      or withdrawals from any account involving erroneous credits to such
      account;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="66%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"><FONT face=Arial size=2>d. </FONT></TD>
    <TD vAlign=top align=left width="69%" colSpan=3>
      <P align=justify><FONT face=Arial size=2>loss involving </FONT><B><FONT face=Arial size=2>Items of Deposit</FONT></B><FONT face=Arial size=2>
      which are not finally paid for any reason provided however, that this
      Section 3.d. shall not apply to INSURING CLAUSE 10.;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"></TD>
    <TD vAlign=top align=left width="69%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="3%"><FONT face=Arial size=2>e. </FONT></TD>
    <TD vAlign=top align=left width="69%" colSpan=3>
      <P align=justify><FONT face=Arial size=2>loss of property while in the
      mail; </FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 55%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 44%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page&nbsp;12 of
      19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><FONT face=Arial>Conditions and <BR>Limitations </FONT></I></B></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap align=left width="25%" rowSpan=3>
      <P align=justify><I><FONT face=Arial size=2>Specific Exclusions
      -<BR>Applicable To All Insuring <BR>Clauses Except Insuring<BR>Clause
      1.<BR></FONT></I><I><FONT face=Arial size=2>(continued)</FONT></I><I><FONT face=Arial size=2> </FONT></I></P></TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>f.
      </FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><FONT face=Arial size=2>loss resulting from the failure
      for any reason of a financial or depository institution, its receiver or
      other liquidator to pay or deliver funds or other </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2> to the
      ASSURED provided further that this Section 3.f. shall not apply to loss of
      </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2> resulting directly from robbery, burglary, misplacement,
      mysterious unexplainable disappearance, damage, destruction or removal
      from the possession, custody or control of the ASSURED.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>g.</FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><FONT face=Arial size=2>loss of </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2> while in the
      custody of a </FONT><B><FONT face=Arial size=2>Transportation
      Company</FONT></B><FONT face=Arial size=2>, provided however, that this
      Section 3.g. shall not apply to INSURING CLAUSE 3.;</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>h.
      </FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P style="TEXT-ALIGN: justify"><FONT face=Arial size=2>loss resulting from
      entries or changes made by a natural person with authorized access to a
      </FONT><B><FONT face=Arial size=2>Computer System</FONT></B><FONT face=Arial size=2> who acts in good faith on instructions, unless such
      instructions are given to that person by a software contractor or its
      partner, officer, or employee authorized by the ASSURED to design,
      develop, prepare, supply, service, write or implement programs for the
      ASSURED's </FONT><B><FONT face=Arial size=2>Computer
      System</FONT></B><FONT face=Arial size=2>; or</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR>
    <TD noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>i.
      </FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P style="TEXT-ALIGN: justify"><FONT face=Arial size=2>loss resulting
      directly or indirectly from the input of data into a </FONT><B><FONT face=Arial size=2>Computer System</FONT></B><FONT face=Arial size=2>
      terminal, either on the premises of the customer of the ASSURED or under
      the control of such a customer, by a customer or other person who had
      authorized access to the customer's authentication mechanism.
    </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" noWrap align=left width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top align=left width="69%"></TD></TR>
  <TR>
    <TD style="VERTICAL-ALIGN: top; WIDTH: 25%; TEXT-ALIGN: left" noWrap width="25%" rowSpan=6>
      <P align=justify><I><FONT face=Arial size=2>Specific Exclusions
      -<BR>Applicable To All Insuring<BR>Clauses Except Insuring<BR>Clauses 1.,
      4., And 5. </FONT></I></P></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>4.
      </FONT></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P align=justify><B><FONT face=Arial size=2>This bond does not directly or
      indirectly cover: </FONT></B></P></TD></TR>
  <TR>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="2%" rowSpan=2>&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="2%">&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="2%">&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" colSpan=2> </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>a. </FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top align=left width="69%"><FONT face=Arial size=2>loss resulting from the complete or partial non-payment
      of or default on any loan whether such loan was procured in good faith or
      through trick, artifice, fraud or false pretenses; provided, however, this
      Section 4.a. shall not apply to INSURING CLAUSE 8.;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>b. </FONT></TD>
    <TD vAlign=top align=left width="69%"><FONT face=Arial size=2>loss
      resulting from forgery or any alteration;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR>
    <TD noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>c. </FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"><FONT face=Arial size=2>loss
      involving a counterfeit provided, however, this Section 4.c. shall not
      apply to INSURING CLAUSE 5. or 6. </FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" noWrap align=left width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top align=left width="71%" colSpan=2></TD></TR>
  <TR>
    <TD style="VERTICAL-ALIGN: top; WIDTH: 25%; TEXT-ALIGN: left" noWrap width="25%" rowSpan=4>
      <P align=justify><I><FONT face=Arial size=2>Limit Of
      Liability/Non-<BR>Reduction And Non-<BR>Accumulation Of
      Liability&nbsp;</FONT></I></P></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>5.
      </FONT></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P align=justify><FONT face=Arial size=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 2. of the DECLARATIONS, notwithstanding
      any previous loss for which the COMPANY may have paid or be liable to pay
      under this Bond provided, however, that the liability of the COMPANY under
      this Bond with respect to all loss resulting from:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>a. </FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><FONT face=Arial size=2>any one act of burglary, robbery
      or hold-up, or attempt thereat, in which no </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2> is concerned or
      implicated, or</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR>
    <TD noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>b. </FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><FONT face=Arial size=2>any one unintentional or
      negligent act on the part of any one person resulting in damage to or
      destruction or misplacement of </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2>, or</FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR>
    <TD noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>c. </FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><FONT face=Arial size=2>all acts, other than those
      specified in a. above, of any one person, or
</FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 55%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 44%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page 13 of
      19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><FONT face=Arial>Conditions and <BR>Limitations </FONT></I></B></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap align=left width="25%" rowSpan=3>
      <P align=justify><I><FONT face=Arial size=2>Limit Of
      Liability/Non-<BR>Reduction And Non-<BR>Accumulation Of Liability
      </FONT></I><I><FONT face=Arial size=2><BR>(continued)</FONT></I><I><FONT face=Arial size=2> </FONT></I></P></TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>d.
      </FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><FONT face=Arial size=2>any one casualty or event other
      than those specified in a., b., or c. above, shall be deemed to be one
      loss and shall be limited to the applicable LIMIT OF LIABILITY stated in
      ITEM 2. of the DECLARATIONS of this Bond irrespective of the total amount
      of such loss or losses and shall not be cumulative in amounts from year to
      year or from period to period. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P align=justify><FONT face=Arial size=2>All acts, as specified in c.
      above, of any one person which</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>i.</FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><FONT face=Arial size=2>directly or indirectly aid in any
      way wrongful acts of any other person or persons, or</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>ii.
      </FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P style="TEXT-ALIGN: justify"><FONT face=Arial size=2>permit the
      continuation of wrongful acts of any other person or
  persons</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%" ></TD>
    <TD vAlign=top noWrap align=left width="2%" ></TD>
    <TD vAlign=top noWrap align=left width="2%" ></TD>
    <TD vAlign=top noWrap align=left width="2%" ></TD>
    <TD vAlign=top align=left width="69%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%" ></TD>
    <TD vAlign=top noWrap align=left width="2%" ></TD>
    <TD vAlign=top noWrap align=left width="2%" ></TD>
    <TD vAlign=top align=left width="71%"  colSpan=2>
      <P style="TEXT-ALIGN: justify"><FONT face=Arial size=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. </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top align=left width="69%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">
      <P align=justify><I><FONT face=Arial size=2>Discovery </FONT></I></P></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>6.
      </FONT></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P style="TEXT-ALIGN: justify"><FONT face=Arial size=2>This Bond applies
      only to loss first discovered by an officer of the ASSURED during the BOND
      PERIOD. Discovery occurs at the earlier of an officer of the ASSURED being
      aware of:</FONT></P></TD></TR>
  <TR>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="25%">&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="2%">&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap width="2%">&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>a. </FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top align=left width="69%"><FONT face=Arial size=2>facts which may subsequently result in a loss of a type
      covered by this Bond, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>b. </FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top align=left width="69%"><FONT face=Arial size=2>an actual or potential claim in which it is alleged that
      the ASSURED is liable to a third party,</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top align=left width="71%" colSpan=2><FONT face=Arial size=2>regardless of when the act or acts
      causing or contributing to such loss occurred, even though the amount of
      loss does not exceed the applicable DEDUCTIBLE AMOUNT, or the exact amount
      or details of loss may not then be known. </FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="25%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top align=left width="71%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%" rowSpan=3>
      <P align=justify><I><FONT face=Arial size=2>Notice To Company -<BR>Proof -
      Legal Proceedings<BR>Against Company </FONT></I></P></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>7.
      </FONT></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top align=left width="69%"><FONT face=Arial size=2>The ASSURED shall give the COMPANY notice thereof at the
      earliest practicable moment, not to exceed sixty (60) days after discovery
      of loss, in an amount that is in excess of 50% of the applicable
      DEDUCTIBLE AMOUNT, as stated in ITEM 2. of the DECLARATIONS.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="2%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>b. </FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P style="TEXT-ALIGN: justify"><FONT face=Arial size=2>The ASSURED shall
      furnish to the COMPANY proof of loss, duly sworn to, with full particulars
      within six (6) months after such discovery.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>c. </FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><FONT face=Arial size=2>Securities listed in a proof of
      loss shall be identified by certificate or bond numbers, if issued with
      them.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>d. </FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><FONT face=Arial size=2>Legal proceedings for the
      recovery of any loss under this Bond shall not be brought prior to the
      expiration of sixty (60) days after the proof of loss is filed with the
      COMPANY or after the expiration of twenty-four (24) months from the
      discovery of such loss.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>e. </FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P style="TEXT-ALIGN: justify"><FONT face=Arial size=2>This Bond affords
      coverage only in favor of the ASSURED. No claim, suit, action or legal
      proceedings shall be brought under this Bond by anyone other than the
      ASSURED. </FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 55%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 44%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page 14 of
      19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><FONT face=Arial size=3>Conditions and <BR>Limitations </FONT></I></B></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap align=left width="25%">
      <P align=justify><I><FONT face=Arial size=2>Notice To Company -<BR>Proof -
      Legal Proceedings<BR>Against Company </FONT></I><I><FONT face=Arial size=2><BR>
(continued)</FONT></I><I><FONT face=Arial size=2>
</FONT></I></P></TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>f.
      </FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><FONT face=Arial size=2>Proof of loss involving
      </FONT><B><FONT face=Arial size=2>Voice Initiated Funds Transfer
      Instruction</FONT></B><FONT face=Arial size=2> shall include electronic
      recordings of such instructions. </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top align=left width="69%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%">
      <P align=justify><I><FONT face=Arial size=2>Deductible Amount
      </FONT></I></P></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>8.</font></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P align=justify><FONT face=Arial size=2>The COMPANY 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 ASSURED, other than from any Bond
      or policy of insurance issued by an insurance company and covering such
      loss, or by the COMPANY on account thereof prior to payment by the COMPANY
      of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in ITEM 3. of
      the DECLARATIONS, and then for such excess only, but in no event for more
      than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the
      DECLARATIONS. </FONT></P><FONT face=Arial size=2></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P align=justify><FONT face=Arial size=2>There shall be no deductible
      applicable to any loss under INSURING CLAUSE 1. sustained by any
      </FONT><B><FONT face=Arial size=2>Investment Company</FONT></B><FONT face=Arial size=2>.</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="25%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top align=left width="69%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">
      <P align=justify><I><FONT face=Arial size=2>Valuation</FONT></I></P></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>9.
      </FONT></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P align=justify><B><FONT face=Arial size=2>BOOKS OF ACCOUNT OR OTHER
      RECORDS</FONT></B><FONT face=Arial size=2> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P align=justify><FONT face=Arial size=2>The value of any loss of
      </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2> consisting of books of account or other records used by the
      ASSURED in the conduct of its business shall be the amount paid by the
      ASSURED for blank books, blank pages, or other materials which replace the
      lost books of account or other records, plus the cost of labor paid by the
      ASSURED for the actual transcription or copying of data to reproduce such
      books of account or other records. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P align=justify><FONT face=Arial size=2>The value of any loss of
      </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2> other than books of account or other records used by the ASSURED
      in the conduct of its business, for which a claim is made shall be
      determined by the average market value of such </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2> on the business day
      immediately preceding discovery of such loss provided, however, that the
      value of any </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2> replaced by the ASSURED with the consent of the COMPANY
      and prior to the settlement of any claim for such </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2> shall be the
      actual market value at the time of replacement. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P align=justify><FONT face=Arial size=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 </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2> or for such privileges, the value shall be fixed by agreement
      between the parties. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2><FONT face=Arial size=2><STRONG>OTHER PROPERTY</STRONG></FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P align=justify><FONT face=Arial size=2>The value of any loss of
      </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2>, other than as stated above, shall be the actual cash value or the
      cost of repairing or replacing such </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2> with </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2> of like
      quality and value, whichever is less. </FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 55%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 44%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page 15 of
      19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><FONT face=Arial size=3>Conditions and
<BR>
Limitations<BR></FONT></I></B><I><FONT face=Arial size=2>(continued)</FONT></I><B><I><FONT face=Arial size=2> </FONT></I></B></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap align=left width="25%">
      <P align=justify><I><FONT face=Arial size=2>Securities Settlement
      </FONT></I></P></TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>10.</FONT> </TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P STYLE="text-align: justify"><FONT face=Arial size=2>In the event of a loss of
      securities covered under this Bond, the COMPANY may, at its sole
      discretion, purchase replacement securities, tender the value of the
      securities in money, or issue its indemnity to effect replacement
      securities.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>The indemnity required from the ASSURED under the terms of this
      Section against all loss, cost or expense arising from the replacement of
      securities by the COMPANY'S indemnity shall be:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"><FONT face=Arial size=2>for
      securities having a value less than or equal to the applicable <FONT face=Arial size=2>DEDUCTIBLE AMOUNT - one hundred (100%)
      percent;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>b.
      </FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"><FONT face=Arial size=2>for
      securities having a value in excess of the DEDUCTIBLE AMOUNT but within
      the applicable LIMIT OF LIABILITY - the percentage that the DEDUCTIBLE
      AMOUNT bears to the value of the securities;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%">&nbsp;</TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>c.</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"><FONT face=Arial size=2>for
      securities having a value greater than the applicable LIMIT OF LIABILITY -
      the percentage that the DEDUCTIBLE AMOUNT and portion in excess of the
      applicable LIMIT OF LIABILITY bears to the value of the securities.
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P STYLE="text-align: justify"><FONT face=Arial size=2>The value referred to in Section
      10.a., b., and c. is the value in accordance with Section 9, Valuation,
      regardless of the value of such securities at the time the loss under the
      COMPANY'S indemnity is sustained. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P STYLE="text-align: justify"><FONT face=Arial size=2>The COMPANY is not required to
      issue its indemnity for any portion of a loss of securities which is not
      covered by this Bond; however, the COMPANY may do so as a courtesy to the
      ASSURED and at its sole discretion. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P STYLE="text-align: justify"><FONT face=Arial size=2>The ASSURED shall pay the
      proportion of the Company's premium charge for the Company's indemnity as
      set forth in Section 10.a., b., and c. No portion of the </FONT><FONT face=Arial size=2>LIMIT OF LIABILITY shall be used as payment of premium
      for any indemnity purchased by the ASSURED to obtain replacement
      securities. </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="border-bottom: #cdcdcd 2pt solid; text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">
      <P align=justify><I><FONT face=Arial size=2>Subrogation -
      Assignment &#150;<BR>Recovery </FONT></I></P></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>11.
      </FONT></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P STYLE="text-align: justify"><FONT face=Arial size=2>In the event of a payment under
      this Bond, the COMPANY shall be subrogated to all of the ASSURED'S rights
      of recovery against any person or entity to the extent of such payment. On
      request, the ASSURED shall deliver to the COMPANY an assignment of the
      ASSURED'S rights, title and interest and causes of action against any
      person or entity to the extent of such payment. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P STYLE="text-align: justify"><FONT face=Arial size=2>Recoveries, whether effected by
      the COMPANY or by the ASSURED, shall be applied net of the expense of such
      recovery in the following order:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>a. </FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>first, to the satisfaction of the
      ASSURED'S loss which would otherwise have been paid but for the fact that
      it is in excess of the applicable LIMIT OF LIABILITY,</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>b. </FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>second, to the COMPANY in
      satisfaction of amounts paid in settlement of the ASSURED'S
      claim,</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>c. </FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="69%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>third, to the ASSURED in
      satisfaction of the applicable DEDUCTIBLE AMOUNT, and
  </FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 55%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 44%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page 16 of
      19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><FONT face=Arial size=3>Conditions and <BR>Limitations </FONT></I></B></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%" bgColor=#ffffff rowSpan=3><I><FONT face=Arial size=2>Subrogation - Assignment
      &#150;<BR>Recovery<BR>(continued)</FONT></I></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>d.</FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><FONT face=Arial size=2>fourth, to the ASSURED in
      satisfaction of any loss suffered by the ASSURED which was not covered
      under this Bond. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P align=justify><FONT face=Arial size=2>Recovery from reinsurance or
      indemnity of the COMPANY shall not be deemed a recovery under this
      section. </FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="25%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top align=left width="69%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><I><FONT face=Arial size=2>Cooperation Of Assured</FONT></I></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>12.</FONT></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P align=justify><FONT face=Arial size=2>At the COMPANY'S request and at
      reasonable times and places designated by the COMPANY, the ASSURED shall:
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="2%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD vAlign=top width="69%">
      <P align=justify><FONT face=Arial size=2>submit to examination by the
      COMPANY and subscribe to the same under oath, </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="2%">&nbsp;</TD>
    <TD vAlign=top width="2%">&nbsp;</TD>
    <TD vAlign=top width="69%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="2%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD vAlign=top width="69%">
      <P align=justify><FONT face=Arial size=2>produce for the COMPANY'S
      examination all pertinent records, and </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="69%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="2%"><FONT face=Arial size=2>c.</FONT></TD>
    <TD vAlign=top width="69%">
      <P align=justify><FONT face=Arial size=2>cooperate with the COMPANY in all
      matters pertaining to the loss. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="69%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="71%" colSpan=2>
      <P align=justify><FONT face=Arial size=2>The ASSURED shall execute all papers and
      render assistance to secure to the COMPANY the rights and causes of action
      provided for under this Bond. The  ASSURED shall do nothing after
      loss to prejudice such rights or causes of action. </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><I><FONT face=Arial size=2>Termination</FONT></I></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>13.</FONT></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P align=justify><FONT face=Arial size=2>If the Bond is for a sole
      ASSURED, it shall not be terminated 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) days prior
      to the effective date of such termination. </FONT></P>
      <P align=justify><FONT face=Arial size=2>If the Bond is for a joint
      ASSURED, it shall not be terminated unless written notice shall have been
      given by the acting party to the affected party, and by the COMPANY to all
      ASSURED </FONT><B><FONT face=Arial size=2>Investment
      Companies</FONT></B><FONT face=Arial size=2> and to the Securities and
      Exchange Commission, Washington, D.C., not less than sixty (60) days prior
      to the effective date of such termination. </FONT></P>
      <P align=justify><FONT face=Arial size=2>This Bond will terminate as to
      any one ASSURED, other than an </FONT><B><FONT face=Arial size=2>Investment Company</FONT></B><FONT face=Arial size=2>:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><FONT face=Arial size=2>immediately on the taking over of
      such ASSURED by a receiver or other liquidator or by State or Federal
      officials, or </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><FONT face=Arial size=2>immediately on the filing of a
      petition under any State or Federal statute relative to bankruptcy or
      reorganization of the ASSURED, or assignment for the benefit of creditors
      of the ASSURED, or </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"><FONT face=Arial size=2>c.</FONT></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><FONT face=Arial size=2>immediately upon such ASSURED
      ceasing to exist, whether through merger into another entity, disposition
      of all of its assets or otherwise. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="69%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P align=justify><FONT face=Arial size=2>The COMPANY shall refund the
      unearned premium computed at short rates in accordance with the standard
      short rate cancellation tables if terminated by the ASSURED or pro rata if
      terminated for any other reason. </FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 55%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 44%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page&nbsp;17 of
      19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><FONT face=Arial size=3>Conditions and
<BR></FONT></I></B><FONT face=Arial size=2></FONT><B><I><FONT face=Arial size=3>Limitations </FONT></I></B></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><I><FONT face=Arial size=2>Termination<BR>(continued)</FONT></I></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P align=justify><FONT face=Arial size=2>If any partner, director,
      trustee, or officer or supervisory employee of an ASSURED not acting in
      collusion with an </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2> learns of any dishonest
      act committed by such </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2> at any time, whether in
      the employment of the ASSURED or otherwise, whether or not such act is of
      the type covered under this Bond, and whether against the ASSURED or any
      other person or entity, the ASSURED: </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%">
      <P align=justify><FONT face=Arial size=2>a.</FONT><FONT face=Arial size=2>&nbsp;</FONT></P></TD>
    <TD vAlign=top align=left width="69%">
      <P align=justify><FONT face=Arial size=2>shall immediately remove such
      </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2> from a position that would enable such </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2> to cause the ASSURED to
      suffer a loss covered by this Bond; and </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="69%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="2%">
      <P align=justify><FONT face=Arial size=2>b.</FONT></P></TD>
    <TD vAlign=top width="69%">
      <P align=justify><FONT face=Arial size=2>within forty-eight (48) hours of
      learning that an </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2> has committed any
      dishonest act, shall notify the COMPANY, of such action and provide full
      particulars of such dishonest act. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="2%">&nbsp;</TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="69%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="71%" colSpan=2>
      <P align=justify><FONT face=Arial size=2>The COMPANY may terminate
      coverage as respects any </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2> sixty (60) days after
      written notice is received by each ASSURED </FONT><B><FONT face=Arial size=2>Investment Company</FONT></B><FONT face=Arial size=2> and the
      Securities and Exchange Commission, Washington, D.C. of its desire to
      terminate this Bond as to such </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2>. </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><I><FONT face=Arial size=2>Other Insurance</FONT></I></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>14.</FONT></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P align=justify><FONT face=Arial size=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: </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="2%"><FONT face=Arial size=2>a.</FONT></TD>
    <TD vAlign=top width="69%">
      <P align=justify><FONT face=Arial size=2>the ASSURED, </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="69%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="2%"><FONT face=Arial size=2>b.</FONT></TD>
    <TD vAlign=top width="69%"><FONT face=Arial size=2>a <B>Transportation
      Company</B>, or </FONT></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="69%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="2%"><FONT face=Arial size=2>c.</FONT></TD>
    <TD vAlign=top width="69%">
      <P align=justify><FONT face=Arial size=2>another entity on whose premises
      the loss occurred or which employed the person causing the loss or engaged
      the messenger conveying the </FONT><B><FONT face=Arial size=2>Property</FONT></B><FONT face=Arial size=2> involved.
  </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="25%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top width="69%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><I><FONT face=Arial size=2>Conformity</FONT></I></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>15.</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="71%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>If
      any limitation within this Bond is prohibited by any law controlling this
      Bond's construction, such limitation shall be deemed to be amended so as
      to equal the minimum period of limitation provided by such law.
  </FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="25%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #cdcdcd 2pt solid" vAlign=top align=left width="69%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><EM><FONT face=Arial size=2>Change or Modification</FONT></EM></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>16.</FONT></TD>
    <TD vAlign=top align=left width="71%" colSpan=2>
      <P align=justify><FONT face=Arial size=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 COMPANY. </FONT></P>
      <P align=justify><FONT face=Arial size=2>If this Bond is for a sole
      ASSURED, no change or modification which would adversely affect the rights
      of the ASSURED shall be effective prior to sixty (60) days after written
      notice has been furnished to the Securities and Exchange Commission,
      Washington, D.C., by the acting party.
</FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 55%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="55%"><FONT face=Arial size=1>ICAP Bond (5-98)</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; WIDTH: 44%; PADDING-TOP: 2pt; TEXT-ALIGN: left" noWrap width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="55%"><FONT face=Arial size=1>Form 17-02-1421
      (Ed. 5-98)</FONT></TD>
    <TD noWrap align=right width="44%"><FONT face=Arial size=1>Page&nbsp;18 of
      19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<!--PART 03-->
<P align=justify><B><I><FONT face=Arial>Conditions And <BR></FONT></I></B><FONT face=Arial size=2></FONT><B><I><FONT face=Arial>Limitations </FONT></I></B></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><I><FONT face=Arial size=2>Change or
      Modification<BR>(continued)</FONT></I></TD>
    <TD vAlign=top align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="74%">
      <P align=justify><FONT face=Arial size=2>If this Bond is for a joint
      ASSURED, no charge or modification which would adversely affect the rights
      of the ASSURED shall be effective prior to sixty (60) days after written
      notice has been furnished to all insured </FONT><B><FONT face=Arial size=2>Investment Companies</FONT></B><FONT face=Arial size=2> and to the
      Securities and Exchange Commission, Washington, D.C., by the COMPANY.
      </FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; text-align: left; width: 49%; padding-top: 2pt"><FONT face=Arial size=1>ICAP Bond (5-98)<BR>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; text-align: right; width: 50%; padding-top: 2pt"><FONT face=Arial size=1>Page 19 of 19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=right><B><FONT face=Arial size=2>ENDORSEMENT/RIDER </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial size=2>Effective date of<BR>this endorsement/rider:
      May 15, 2017</FONT></TD>
    <TD noWrap align=left width="49%" colSpan=2><B><FONT face=Arial size=2>FEDERAL
      INSURANCE COMPANY</FONT></B></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="9%"><FONT face=Arial size=2>Endorsement/Rider
      No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="40%"><FONT face=Arial size=2>1</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="9%"><FONT face=Arial size=2>To be attached to and</FONT></TD>
    <TD noWrap align=left width="40%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="9%"><FONT face=Arial size=2>form a part of Bond No.</FONT></TD>
    <TD noWrap align=left width="40%"><FONT face=Arial size=2>82302720</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"><FONT face=Arial size=2>Issued
      to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="97%"><FONT face=Arial size=2>FLAHERTY &amp; CRUMRINE
      PREFERRED INCOME OPPORTUNITY FUND INCORPORATED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%"></TD></TR></TABLE><BR>
<P align=center><FONT face=Arial size=2>DELETING VALUATION-OTHER PROPERTY AND
AMENDING CHANGE OR MODIFICATION <BR>ENDORSEMENT </FONT></P>
<P align=justify><FONT face=Arial size=2>In consideration of the premium
charged, it is agreed that this Bond is amended as follows: </FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>1.</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>The paragraph titled
      Other Property in Section 9, Valuation, is deleted in its
    entirety.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>2.</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>The third paragraph in
      Section 16, Change or Modification, is deleted in its entirety and
      replaced with the following:</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>If this Bond is for a
      joint ASSURED, no change or modification which would adversely affect the
      rights of the ASSURED shall be effective prior to sixty (60) days after
      written notice has been furnished to all insured </FONT><B><FONT face=Arial size=2>Investment Companies </FONT></B><FONT face=Arial size=2>and the Securities and Exchange Commission, Washington, D.C., by
      the COMPANY.</FONT></TD></TR></TABLE>
<P align=justify><FONT face=Arial size=2>The title and any headings in this
endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage. </FONT></P>
<P align=justify><FONT face=Arial size=2>All other terms, conditions and
limitations of this Bond shall remain unchanged. </FONT></P>
<BR>

<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR>
    <TD noWrap style="text-align: center" width="100%"><IMG src="fandcpfo3262451-4017g1x1x3.jpg" border=0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="100%"><FONT face=Arial size=2>Authorized
Representative</FONT></TD></TR></TABLE></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=Arial size=2>17-02-2437 (12/2006) rev.</FONT></TD>
    <TD noWrap align=right width="53%"><FONT face=Arial size=2>Page 1</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=right><B><FONT face=Arial size=2>ENDORSEMENT/RIDER</FONT></B><B><FONT face=Arial size=2> </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial size=2>Effective date of<BR>this endorsement/rider:
      May 15, 2017</FONT></TD>
    <TD noWrap align=left width="49%" colSpan=2><FONT face=Arial size=2>FEDERAL
      INSURANCE COMPANY</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="9%"><FONT face=Arial size=2>Endorsement/Rider
      No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="40%"><FONT face=Arial size=2>2</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="9%"><FONT face=Arial size=2>To be attached to and</FONT></TD>
    <TD noWrap align=left width="40%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="9%"><FONT face=Arial size=2>form a part of Policy No.</FONT></TD>
    <TD noWrap align=left width="40%"><FONT face=Arial size=2>82302720</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=Arial size=2>Issued
      to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>FLAHERTY &amp; CRUMRINE PREFERRED INCOME
      OPPORTUNITY FUND INCORPORATED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%">&nbsp;</TD></TR></TABLE><BR>
<P align=center><B><FONT face=Arial size=2>COMPLIANCE WITH APPLICABLE TRADE
SANCTION LAWS</FONT></B><FONT face=Arial size=2> </FONT></P>
<P align=justify><FONT face=Arial size=2>It is agreed that this insurance does
not apply to the extent that trade or economic sanctions or other similar laws
or regulations prohibit the coverage provided by this insurance. </FONT></P>
<P align=justify><FONT face=Arial size=2>The title and any headings in this
endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage. </FONT></P>
<P align=justify><FONT face=Arial size=2>All other terms, conditions and
limitations of this Policy shall remain unchanged. </FONT></P>
<BR>

<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="70%"><IMG src="fandcpfo3262451-4017g1x1x3.jpg" border=0></TD>
    <TD noWrap align=left width="30%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="70%"><FONT face=Arial size=2>Authorized Representative</FONT></TD>
    <TD noWrap align=left width="30%">&nbsp;</TD></TR></TABLE></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=Arial size=2>14-02-9228 (2/2010)</FONT></TD>
    <TD noWrap align=right width="50%"><FONT face=Arial size=2>Page 1</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><B><FONT face=Arial size=2>FEDERAL
      INSURANCE COMPANY</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 9%"><FONT face=Arial size=2>Endorsement
      No:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="85%"><FONT face=Arial size=2>3</FONT></TD></TR>
  <TR>
    <TD NOWRAP STYLE="text-align: left; width: 9%">&nbsp;</TD>
    <TD noWrap align=left width="85%"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 9%"><FONT face=Arial size=2>Bond Number:</FONT></TD>
    <TD noWrap align=left width="85%"><FONT face=Arial size=2>82302720</FONT></TD></TR></TABLE></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=Arial size=2>NAME OF
      ASSURED:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>Flaherty &amp; Crumrine Preferred Income
      Opportunity Fund Incorporated</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%">&nbsp;</TD></TR></TABLE><BR>
<P align=center><B><FONT face=Arial size=2>PREMIUM ENDORSEMENT </FONT></B></P>
<P align=left><FONT face=Arial size=2>It is agreed that: </FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>1.</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>The premium for this
      Bond for the period May 15, 2017 to May 15, 2018 is:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>Premium:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One thousand seven hundred
      ninety one dollars and 00/100 ($1,791.00)</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>2.</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>It is further agreed
      that this premium is subject to change during this period if amendments
      are made to this Bond at the request of the
ASSURED.</FONT></TD></TR></TABLE>
<P align=justify><FONT face=Arial size=2>This Endorsement applies to loss
discovered after 12:01 a.m. on May 15, 2017. </FONT></P>
<P align=justify><FONT face=Arial size=2>ALL OTHER TERMS AND CONDITIONS OF THIS
BOND REMAIN UNCHANGED. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial size=2>Date: May 19, 2017</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>By&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%">
      <P align=center><IMG src="fandcpfo3262451-4017g1x1x3.jpg" border=0></P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="49%"><FONT face=Arial size=1>Authorized
  Representative</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=Arial size=2>ICAP Bond<BR></FONT><FONT face=Arial size=2>Form 17-02-0735 (Rev. 1-97)</FONT><FONT face=Arial> </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=right><B><FONT face=Arial size=2>ENDORSEMENT/RIDER </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial size=2>Effective date of<BR>this endorsement/rider:
      May 15, 2017</FONT></TD>
    <TD noWrap align=left width="49%" colSpan=2><B><FONT face=Arial size=2>FEDERAL
      INSURANCE COMPANY</FONT></B></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="9%"><FONT face=Arial size=2>Endorsement/Rider
      No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="40%"><FONT face=Arial size=2>4</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="9%"><FONT face=Arial size=2>To be attached to and</FONT></TD>
    <TD noWrap align=left width="40%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="9%"><FONT face=Arial size=2>form a part of Bond No.</FONT></TD>
    <TD noWrap align=left width="40%"><FONT face=Arial size=2>82302720</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=Arial size=2>Issued
      to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>Flaherty &amp; Crumrine Preferred Income
      Opportunity Fund Incorporated</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%">&nbsp;</TD></TR></TABLE><BR>
<P align=center><FONT face=Arial size=2>AUTOMATIC INCREASE IN LIMITS ENDORSEMENT
</FONT></P>
<P align=justify><FONT face=Arial size=2>In consideration of the premium
charged, it is agreed that GENERAL AGREEMENTS, Section C. Additional Offices Or
Employees-Consolidation, Merger Or Purchase Or Acquisition Of Assets Or
Liabilities-Notice To Company, is amended by adding the following subsection:
</FONT></P>
<P align=justify><FONT face=Arial size=2>Automatic Increase in Limits for
Investment Companies</FONT></P>

<P align=justify><FONT face=Arial size=2>If an increase in bonding limits is required pursuant to
rule 17g-1 of the Investment Company Act of 1940 (&#147;the Act&#148;), due to:</FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(i)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>the creation of a new
      </FONT><B><FONT face=Arial size=2>Investment Company</FONT></B><FONT face=Arial size=2>, other than by consolidation or merger with, or
      purchase or acquisition of assets or liabilities of, another institution;
      or</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(ii)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>an increase in asset size of
      current </FONT><B><FONT face=Arial size=2>Investment Companies
      </FONT></B><FONT face=Arial size=2>covered under this
  Bond,</FONT></TD></TR></TABLE>
<P align=justify><FONT face=Arial size=2>then the minimum required increase in
limits shall take place automatically without payment of additional premium for
the remainder of the BOND PERIOD.</FONT></P>
<P align=justify><FONT face=Arial size=2>The title and any headings in this
endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.</FONT></P>
<P align=justify><FONT face=Arial size=2>All other terms, conditions and
limitations of this Bond shall remain unchanged. </FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR>
    <TD noWrap style="text-align: center" width="100%"><IMG src="fandcpfo3262451-4017g1x1x3.jpg" border=0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="100%"><FONT face=Arial size=2>Authorized
Representative</FONT></TD></TR></TABLE></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=Arial size=2>14-02-14098 (04/2008)</FONT></TD>
    <TD noWrap align=right width="50%"><FONT face=Arial size=2>Page 1</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=right><B><FONT face=Arial size=2>ENDORSEMENT/RIDER </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial size=2>Effective date of<BR>this endorsement/rider:
      May 15, 2017</FONT></TD>
    <TD noWrap align=left width="49%" colSpan=2><B><FONT face=Arial size=2>FEDERAL
      INSURANCE COMPANY</FONT></B></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="9%"><FONT face=Arial size=2>Endorsement/Rider
      No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="40%"><FONT face=Arial size=2>5</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="9%"><FONT face=Arial size=2>To be attached to and</FONT></TD>
    <TD noWrap align=left width="40%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="9%"><FONT face=Arial size=2>form a part of Bond No.</FONT></TD>
    <TD noWrap align=left width="40%"><FONT face=Arial size=2>82302720</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><FONT face=Arial size=2>Issued
      to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face=Arial size=2>FLAHERTY &amp; CRUMRINE
      PREFERRED INCOME OPPORTUNITY FUND INCORPORATED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"></TD></TR></TABLE><BR>
<P align=center><FONT face=Arial size=2>PRO RATA CANCELLATION ENDORSEMENT
</FONT></P>
<P align=justify><FONT face=Arial size=2>In consideration of the premium
charged, it is agreed that, notwithstanding anything to the contrary in the
policy or any endorsements thereto, in the event that this policy is cancelled,
any premium refund due to the insured shall be computed on a pro rata basis.
However, the refund may be less than pro rata if the insurer has made a loan to
the insured for the purpose of payment of premiums for this policy. </FONT></P>
<P align=justify><FONT face=Arial size=2>The cancellation will be effective even
if a refund has not been made or offered. </FONT></P>
<P align=justify><FONT face=Arial size=2>The title and any headings in this
endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage. </FONT></P>
<P align=justify><FONT face=Arial size=2>All other terms, conditions and
limitations of this Bond shall remain unchanged. </FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR>
    <TD noWrap style="text-align: center" width="100%"><IMG src="fandcpfo3262451-4017g1x1x3.jpg" border=0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="100%"><FONT face=Arial size=2>Authorized
Representative</FONT></TD></TR></TABLE></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=Arial size=2>14-02-19726 (01/2013)</FONT></TD>
    <TD noWrap align=right width="50%"><FONT face=Arial size=2>Page 1</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><B><FONT face=Arial size=2>FEDERAL
      INSURANCE COMPANY</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 9%"><FONT face=Arial size=2>Endorsement
      No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="85%"><FONT face=Arial size=2>6</FONT></TD></TR>
  <TR>
    <TD NOWRAP STYLE="text-align: left; width: 9%">&nbsp;</TD>
    <TD noWrap align=left width="85%"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 9%"><FONT face=Arial size=2>Bond Number:</FONT></TD>
    <TD noWrap align=left width="85%"><FONT face=Arial size=2>82302720</FONT></TD></TR></TABLE></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=Arial size=2>NAME OF
      ASSURED:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>FLAHERTY &amp; CRUMRINE PREFERRED INCOME
      OPPORTUNITY FUND INCORPORATED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"></TD></TR></TABLE><BR>
<P align=center><B><FONT face=Arial size=2>EXTENDED COMPUTER SYSTEMS ENDORSEMENT
</FONT></B></P>
<P align=justify><FONT face=Arial size=2>It is agreed that this Bond is amended
as follows: </FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>1.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=4><FONT face=Arial size=2>By adding
      the following INSURING CLAUSE:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>12.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face=Arial size=2>Extended
      Computer Systems</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>A.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=Arial size=2>Electronic
      Data, Electronic Media, Electronic Instruction</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=Arial size=2>Loss
      resulting directly from:</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(1)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>the fraudulent
      modification of </FONT><B><FONT face=Arial size=2>Electronic Data,
      Electronic Media </FONT></B><FONT face=Arial size=2>or </FONT><B><FONT face=Arial size=2>Electronic Instruction </FONT></B><FONT face=Arial size=2>being stored within or being run within any system covered under
      this INSURING CLAUSE,</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(2)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>robbery, burglary,
      larceny or theft of </FONT><B><FONT face=Arial size=2>Electronic Data,
      Electronic Media </FONT></B><FONT face=Arial size=2>or <STRONG>Electronic
      Instructions</STRONG><FONT face=Arial size=2>,</FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(3)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>the acts of a hacker
      causing damage or destruction of </FONT><B><FONT face=Arial size=2>Electronic Data, Electronic Media </FONT></B><FONT face=Arial size=2>or </FONT><B><FONT face=Arial size=2>Electronic Instruction
      </FONT></B><FONT face=Arial size=2>owned by the ASSURED or for which the
      ASSURED is legally liable, while stored within a </FONT><B><FONT face=Arial size=2>Computer System </FONT></B><FONT face=Arial size=2>covered under this INSURING CLAUSE, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(4)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>the damage or
      destruction of </FONT><B><FONT face=Arial size=2>Electronic Data,
      Electronic Media </FONT></B><FONT face=Arial size=2>or </FONT><B><FONT face=Arial size=2>Electronic Instruction </FONT></B><FONT face=Arial size=2>owned by the ASSURED or for which the ASSURED is legally liable
      while stored within a </FONT><B><FONT face=Arial size=2>Computer System
      </FONT></B><FONT face=Arial size=2>covered under INSURING CLAUSE 12,
      provided such damage or destruction was caused by a computer program or
      similar instruction which was written or altered to intentionally
      incorporate a hidden instruction designed to damage or destroy
      </FONT><B><FONT face=Arial size=2>Electronic Data, Electronic
      Media</FONT></B><FONT face=Arial size=2>, or <STRONG>Electronic
      Instruction </STRONG><FONT face=Arial size=2>in the </FONT><B><FONT face=Arial size=2>Computer System </FONT></B><FONT face=Arial size=2>in
      which the computer program or instruction so written or so altered is
      used.</FONT></FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=Arial size=2>ICAP2 Bond<BR>Form 17-02-2976 (Ed.
      1-02)</FONT></TD>
    <TD noWrap align=right width="39%"><FONT face=Arial size=2>Page 1</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>B.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=Arial size=2>Electronic
  Communication</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=Arial size=2>Loss resulting directly from the
      ASSURED having transferred, paid or delivered any funds or property,
      established any credit, debited any account or given any value on the
      faith of any electronic communications directed to the ASSURED, which were
      transmitted or appear to have been transmitted through:</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(1)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>an </FONT><B><FONT face=Arial size=2>Electronic Communication System</FONT></B><FONT face=Arial size=2>,</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(2)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>an automated clearing house or
      custodian, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(3)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>a Telex, TWX, or similar means of
      communication,</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=Arial size=2>directly into the ASSURED'S
      </FONT><B><FONT face=Arial size=2>Computer System </FONT></B><FONT face=Arial size=2>or </FONT><B><FONT face=Arial size=2>Communication
      Terminal</FONT></B><FONT face=Arial size=2>, and fraudulently purport to
      have been sent by a customer, automated clearing house, custodian, or
      financial institution, but which communications were either not sent by
      said customer, automated clearing house, custodian, or financial
      institution, or were fraudulently modified during physical transit of
      </FONT><B><FONT face=Arial size=2>Electronic Media </FONT></B><FONT face=Arial size=2>to the ASSURED or during electronic transmission to the
      ASSURED'S </FONT><B><FONT face=Arial size=2>Computer System
      </FONT></B><FONT face=Arial size=2>or <STRONG>Communication
      Terminal</STRONG><FONT face=Arial size=2>.</FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>C.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=Arial size=2>Electronic
  Transmission</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=Arial size=2>Loss resulting directly from a
      customer of the ASSURED, any automated clearing house, custodian, or
      financial institution having transferred, paid or delivered any funds or
      property, established any credit, debited any account or given any value
      on the faith of any electronic communications, purporting to have been
      directed by the ASSURED to such customer, automated clearing house,
      custodian, or financial institution initiating, authorizing, or
      acknowledging, the transfer, payment, delivery or receipt of funds or
      property, which communications were transmitted through:</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(1)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>an </FONT><B><FONT face=Arial size=2>Electronic Communication System</FONT></B><FONT face=Arial size=2>,</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(2)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>an automated clearing house or
      custodian, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(3)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>a Telex, TWX, or similar means of
      communication,</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=Arial size=2>directly into a </FONT><B><FONT face=Arial size=2>Computer System </FONT></B><FONT face=Arial size=2>or
      </FONT><B><FONT face=Arial size=2>Communication Terminal </FONT></B><FONT face=Arial size=2>of said customer, automated clearing house, custodian,
      or financial institution, and fraudulently purport to have been directed
      by the ASSURED, but which communications were either not sent by the
      ASSURED, or were fraudulently modified during physical transit of
      </FONT><B><FONT face=Arial size=2>Electronic Media </FONT></B><FONT face=Arial size=2>from the ASSURED or during electronic transmission from
      the ASSURED'S </FONT><B><FONT face=Arial size=2>Computer System
      </FONT></B><FONT face=Arial size=2>or </FONT><B><FONT face=Arial size=2>Communication Terminal</FONT></B><FONT face=Arial size=2>, and for
      which loss the ASSURED is held to be legally
liable.</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=Arial size=2>ICAP2 Bond<BR>Form 17-02-2976 (Ed.
      1-02)</FONT></TD>
    <TD noWrap align=right width="50%"><FONT face=Arial size=2>Page 2</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>2.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face=Arial size=2>By adding to
      Section 1., Definitions, the following:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>r.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><B><FONT face=Arial size=2>Communication Terminal </FONT></B><FONT face=Arial size=2>means a
      teletype, teleprinter or video display terminal, or similar device capable
      of sending or receiving information electronically. </FONT><B><FONT face=Arial size=2>Communication Terminal </FONT></B><FONT face=Arial size=2>does not mean a telephone.</FONT></TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>s.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><B><FONT face=Arial size=2>Electronic Communication System </FONT></B><FONT face=Arial size=2>means electronic communication operations by Fedwire, Clearing
      House Interbank Payment System (CHIPS), Society of Worldwide International
      Financial Telecommunication (SWIFT), similar automated interbank
      communication systems, and Internet access facilities.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>t.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><B><FONT face=Arial size=2>Electronic Data </FONT></B><FONT face=Arial size=2>means facts or
      information converted to a form usable in </FONT><B><FONT face=Arial size=2>Computer Systems </FONT></B><FONT face=Arial size=2>and which is
      stored on </FONT><B><FONT face=Arial size=2>Electronic Media
      </FONT></B><FONT face=Arial size=2>for use by computer
  programs.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>u.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><B><FONT face=Arial size=2>Electronic Instruction </FONT></B><FONT face=Arial size=2>means
      computer programs converted to a form usable in a </FONT><B><FONT face=Arial size=2>Computer System </FONT></B><FONT face=Arial size=2>to
      act upon </FONT><B><FONT face=Arial size=2>Electronic Data</FONT></B><FONT face=Arial size=2>.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>v.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><B><FONT face=Arial size=2>Electronic Media </FONT></B><FONT face=Arial size=2>means the
      magnetic tape, magnetic disk, optical disk, or any other bulk media on
      which data is recorded.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>3.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face=Arial size=2>By adding
      the following Section after Section 4., Specific Exclusions-Applicable to
      All INSURING CLAUSES except 1., 4., and 5.:</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face=Arial size=2>Section 4.A.
      Specific Exclusions-Applicable to INSURING CLAUSE 12</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=3><B><FONT face=Arial size=2>This Bond
      does not directly or indirectly cover:</FONT></B></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>a.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=Arial size=2>loss
      resulting directly or indirectly from </FONT><B><FONT face=Arial size=2>Forged</FONT></B><FONT face=Arial size=2>, altered or fraudulent
      negotiable instruments, securities, documents or written instruments used
      as source documentation in the preparation of </FONT><B><FONT face=Arial size=2>Electronic Data</FONT></B><FONT face=Arial size=2>;</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>b.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=Arial size=2>loss of
      negotiable instruments, securities, documents or written instruments
      except as converted to </FONT><B><FONT face=Arial size=2>Electronic Data
      </FONT></B><FONT face=Arial size=2>and then only in that converted
      form;</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>c.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=Arial size=2>loss
      resulting from mechanical failure, faulty construction, error in design,
      latent defect, wear or tear, gradual deterioration, electrical
      disturbance, </FONT><B><FONT face=Arial size=2>Electronic Media
      </FONT></B><FONT face=Arial size=2>failure or breakdown or any malfunction
      or error in programming or error or omission in processing;</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>d.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=Arial size=2>loss
      resulting directly or indirectly from the input of </FONT><B><FONT face=Arial size=2>Electronic Data </FONT></B><FONT face=Arial size=2>at an
      authorized electronic terminal of an </FONT><B><FONT face=Arial size=2>Electronic Funds Transfer System </FONT></B><FONT face=Arial size=2>or a </FONT><B><FONT face=Arial size=2>Customer Communication
      System </FONT></B><FONT face=Arial size=2>by a person who had authorized
      access from a customer to that customer's authentication mechanism;
      or</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>e.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=Arial size=2>liability
      assumed by the ASSURED by agreement under any contract, unless such
      liability would have attached to the ASSURED even in the absence of such
      agreement; or</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>f.</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face=Arial size=2>loss
      resulting directly or indirectly from:</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(1)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>written instruction
      unless covered under this INSURING CLAUSE; or</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(2)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face=Arial size=2>instruction by voice
      over the telephone, unless covered under this INSURING
  CLAUSE.</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face=Arial size=2>ICAP2 Bond<BR>Form 17-02-2976 (Ed.
      1-02)</FONT></TD>
    <TD noWrap align=right width="39%"><FONT face=Arial size=2>Page 3</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>4.</FONT></TD>
    <TD width="100%"><FONT face=Arial size=2>By adding to Section 9.,
      Valuation, the following:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD width="100%"><FONT face=Arial size=2>Electronic Data, Electronic
      Media, Or Electronic Instruction</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD width="100%"><FONT face=Arial size=2>In case of loss of, or damage to,
      </FONT><B><FONT face=Arial size=2>Electronic Data, Electronic Media
      </FONT></B><FONT face=Arial size=2>or </FONT><B><FONT face=Arial size=2>Electronic Instruction </FONT></B><FONT face=Arial size=2>used by
      the ASSURED in its business, the COMPANY shall be liable under this Bond
      only if such items are actually reproduced form other </FONT><B><FONT face=Arial size=2>Electronic Data, Electronic Media </FONT></B><FONT face=Arial size=2>or </FONT><B><FONT face=Arial size=2>Electronic
      Instruction </FONT></B><FONT face=Arial size=2>of the same kind or quality
      and then for not more than the cost of the blank media and/or the cost of
      labor for the actual transcription or copying of data which shall have
      been furnished by the ASSURED in order to reproduce such </FONT><B><FONT face=Arial size=2>Electronic Data, Electronic Media </FONT></B><FONT face=Arial size=2>or </FONT><B><FONT face=Arial size=2>Electronic
      Instruction </FONT></B><FONT face=Arial size=2>subject to the applicable
      SINGLE LOSS LIMIT OF LIABILITY.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD width="100%"><FONT face=Arial size=2>However, if such </FONT><B><FONT face=Arial size=2>Electronic Data </FONT></B><FONT face=Arial size=2>can
      not be reproduced and said </FONT><B><FONT face=Arial size=2>Electronic
      Data </FONT></B><FONT face=Arial size=2>represents </FONT><B><FONT face=Arial size=2>Securities </FONT></B><FONT face=Arial size=2>or
      financial instruments having a value, then the loss will be valued as
      indicated in the SECURITIES and OTHER PROPERTY paragraphs of this
      Section.</FONT></TD></TR></TABLE>
<P align=justify><FONT face=Arial size=2>This Endorsement applies to loss
discovered after 12:01 a.m. on May 15, 2017. </FONT></P>
<P align=justify><FONT face=Arial size=2>ALL OTHER TERMS AND CONDITIONS OF THIS
BOND REMAIN UNCHANGED. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial size=2>Date: May 19, 2017</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>By&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%">
      <P align=center><IMG src="fandcpfo3262451-4017g1x1x3.jpg" border=0></P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="49%"><FONT face=Arial size=1>Authorized
  Representative</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=Arial size=2>ICAP2 Bond<BR>Form 17-02-2976 (Ed.
      1-02)</FONT></TD>
    <TD noWrap align=right width="50%"><FONT face=Arial size=2>Page 4</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><B><FONT face=Arial size=2>FEDERAL
      INSURANCE COMPANY</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 9%"><FONT face=Arial size=2>Endorsement
      No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="85%"><FONT face=Arial size=2>7</FONT></TD></TR>
  <TR>
    <TD NOWRAP STYLE="text-align: left; width: 9%">&nbsp;</TD>
    <TD noWrap align=left width="85%"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 9%"><FONT face=Arial size=2>Bond Number:</FONT></TD>
    <TD noWrap align=left width="85%"><FONT face=Arial size=2>82302720</FONT></TD></TR></TABLE></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=Arial size=2>NAME OF
      ASSURED:&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>FLAHERTY &amp; CRUMRINE PREFERRED INCOME
      OPPORTUNITY FUND INCORPORATED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"></TD></TR></TABLE><BR>
<P STYLE="text-align: center"><B><FONT face=Arial size=2>REVISE ITEM 2.
ENDORSEMENT</FONT></B><FONT face=Arial size=2> </FONT></P>
<P align=justify><FONT face=Arial size=2>It is agreed that this Bond is amended
by deleting ITEM 2. in its entirety on the DECLARATIONS and substituting the
following: </FONT></P>
<P align=justify><B><FONT face=Arial size=2>ITEM 2. </FONT></B><FONT face=Arial size=2>LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:</FONT></P>
<P align=justify><FONT face=Arial size=2>If "Not Covered" is inserted below
opposite any specified INSURING CLAUSE, such INSURING CLAUSE and any other
reference to such INSURING CLAUSE in this Bond shall be deemed to be deleted.
</FONT><B><FONT face=Arial size=2>There shall be no deductible applicable to any
loss under INSURING CLAUSE 1 sustained by any Investment Company</FONT></B><FONT face=Arial size=2>. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="86%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%" colSpan=3><FONT face=Arial size=2>SINGLE LOSS</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD align=left width="3%" colSpan=2><FONT face=Arial size=2>DEDUCTIBLE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="7%" colSpan=3><FONT face=Arial size=2>INSURING CLAUSE</FONT></TD>
    <TD noWrap align=left width="81%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" colSpan=3><FONT face=Arial size=2>LIMIT OF LIABILITY</FONT></TD>
    <TD align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="3%" colSpan=2><FONT face=Arial size=2>AMOUNT</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>1.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0 colSpan=2><FONT face=Arial size=2>Employee</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>2.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="86%" colSpan=2><FONT face=Arial size=2>On Premises</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>3.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0 colSpan=2><FONT face=Arial size=2>In
      Transit</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>4.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="86%" colSpan=2><FONT face=Arial size=2>Forgery or
      Alteration</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>5.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0 colSpan=2><FONT face=Arial size=2>Extended Forgery</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>6.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="86%" colSpan=2><FONT face=Arial size=2>Counterfeit
Money</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>7.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0 colSpan=2><FONT face=Arial size=2>Threats to Person</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>8.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="86%" colSpan=2><FONT face=Arial size=2>Computer System</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>9.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0 colSpan=2><FONT face=Arial size=2>Voice Initiated Funds Transfer Instruction</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>10.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="86%" colSpan=2><FONT face=Arial size=2>Uncollectible Items of
      Deposit</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>25,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>11.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0 colSpan=2><FONT face=Arial size=2>Audit Expense</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>25,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>12.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="86%" colSpan=2><FONT face=Arial size=2>Extended Computer
      Systems</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>600,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>10,000</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=Arial size=2>This Endorsement applies to loss
discovered after 12:01 a.m. on May 15, 2017. </FONT></P>
<P align=justify><FONT face=Arial size=2>ALL OTHER TERMS AND CONDITIONS OF THIS
BOND REMAIN UNCHANGED. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial size=2>Date: May 19, 2017</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>By&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%">
      <P align=center><IMG src="fandcpfo3262451-4017g1x1x3.jpg" border=0></P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="49%"><FONT face=Arial size=1>Authorized
  Representative</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=Arial size=2>ICAP Bond<BR>Form 17-02-1582 (Ed.
      5-98)</FONT></TD>
    <TD noWrap align=right width="50%"><FONT face=Arial size=2>Page 1</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<!--PART 04-->
<P align=right><B><FONT face=Arial size=2>ENDORSEMENT/RIDER</FONT></B><B><FONT face=Arial size=2> </FONT></B></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial size=2>Effective date of<BR></FONT><FONT face=Arial size=2>this endorsement/rider: May 15, 2017</FONT></TD>
    <TD noWrap align=left width="50%"><FONT face=Arial size=2>FEDERAL INSURANCE COMPANY</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD noWrap align=left width="50%"></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%">
      <P align=left><FONT face=Arial size=2>Endorsement/Rider No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8
    </FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%">
      <P align=left><FONT face=Arial size=2>To be attached to and<BR>form a part
      of Bond No. &nbsp;&nbsp;&nbsp;&nbsp;82302720</FONT></P></TD></TR></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>Issued to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="98%"><FONT face=Arial size=2>FLAHERTY &amp; CRUMRINE PREFERRED INCOME OPPORTUNITY FUND
      INCORPORATED<BR>&nbsp;</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=Arial size=2>FRAUDULENT TRANSFER INSTRUCTIONS
ENDORSEMENT<BR>(For use with the ICAP bond) </FONT></P>
<P align=left><FONT face=Arial size=2>In consideration of the premium charged,
it is agreed that this bond is amended as follows: </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>(1)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="98%" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>The
      following Insuring Clause is added:<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="98%" COLSPAN="3" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>FRAUDULENT TRANSFER
      INSTRUCTIONS<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" COLSPAN="3" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>Loss resulting directly from the
      ASSURED having, in good faith, transferred money on deposit in a
      <STRONG>Customer&rsquo;s</STRONG>&nbsp;account, or a
      <STRONG>Customer&rsquo;s</STRONG>&nbsp;</FONT><B><FONT face=Arial size=2>Certificated Security</FONT></B><FONT face=Arial size=2> or
      </FONT><B><FONT face=Arial size=2>Uncertificated Security</FONT></B><FONT face=Arial size=2>, in reliance upon a fraudulent instruction transmitted
      to the ASSURED via telefacsimile, telephone or electronic mail; provided,
      however, that: </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>A.&nbsp;</FONT></P></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="97%" COLSPAN="2" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>the fraudulent instruction purports,
      and reasonably appears, to have originated from: </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>i.</FONT></P></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>such </FONT><B><FONT face=Arial size=2>Customer</FONT></B><FONT face=Arial size=2>, or</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>ii.</FONT></P></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>an </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2> acting on instructions
      of such </FONT><B><FONT face=Arial size=2>Customer</FONT></B><FONT face=Arial size=2>, or</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>iii. </FONT></P></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>another financial institution acting
      on behalf of such </FONT><B><FONT face=Arial size=2>Customer</FONT></B><FONT face=Arial size=2> with authority to make
      such instructions; and </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="96%" STYLE="text-align: justify"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>B.</FONT></P></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="97%" COLSPAN="2" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>the sender of the fraudulent
      instruction verified the instruction with the password, PIN, or other
      security code of such </FONT><B><FONT face=Arial size=2>Customer</FONT></B><FONT face=Arial size=2>;
      and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>C.</FONT></P></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="97%" COLSPAN="2" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>the sender was not, in fact, such
      </FONT><B><FONT face=Arial size=2>Customer</FONT></B><FONT face=Arial size=2>, was not authorized to act on behalf of such </FONT><B><FONT face=Arial size=2>Customer</FONT></B><FONT face=Arial size=2>, and was not
      an </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2>; and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>D.</FONT></P></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="97%" COLSPAN="2" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>the instruction was received by an
      </FONT><B><FONT face=Arial size=2>Employee</FONT></B><FONT face=Arial size=2> specifically authorized by the ASSURED to receive and act upon
      such instructions; and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>E. </FONT></P></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="97%" COLSPAN="2" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>for any transfer exceeding the
      amount set forth in paragraph (8) of this endorsement, the ASSURED
      verified the instructions via a call back to a predetermined telephone
      number set forth in the ASSURED&#146;s written agreement with such </FONT><B><FONT face=Arial size=2>Customer</FONT></B><FONT face=Arial size=2> or other verification
      procedure approved in writing by the COMPANY; and
</FONT></P></TD></TR></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial size=2>14-02-21330 (10/2014)</FONT></TD>
    <TD noWrap align=right width="49%"><FONT face=Arial size=2>Page 1</FONT>
</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap width="1%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD VALIGN="TOP" NOWRAP WIDTH="2%" STYLE="text-align: justify"><FONT face=Arial size=2>F.&nbsp;</FONT></TD>
    <TD VALIGN="TOP" WIDTH="97%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>the ASSURED preserved a
      contemporaneous record of the call back, if any, and the instruction which
      verifies use of the authorized password, PIN or other security code of the
      </FONT><B><FONT face=Arial size=2>Customer</FONT></B><FONT face=Arial size=2>.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="TOP" NOWRAP WIDTH="2%" STYLE="text-align: justify"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="TOP" WIDTH="97%" COLSPAN="2" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"><FONT face=Arial size=2>(2)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="99%" COLSPAN="3" STYLE="text-align: justify"><FONT face=Arial size=2>For the purposes of the coverage
      afforded by this endorsement, the following terms shall have the following
      meanings:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=4><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"><FONT face=Arial size=2>&nbsp;</FONT></TD>
    <TD VALIGN="TOP" WIDTH="99%" COLSPAN="3" STYLE="text-align: justify"><B><FONT face=Arial size=2>Certificated Security
      </FONT></B><FONT face=Arial size=2>means a share, participation or other
      interest in property of, or an enterprise of, the issuer or an obligation
      of the issuer, which is:<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP WIDTH="2%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>(1)</FONT></P></TD>
    <TD VALIGN="TOP" WIDTH="97%" COLSPAN="2" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>represented by an instrument issued
      in bearer or registered form, and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP WIDTH="2%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>(2) </FONT></P></TD>
    <TD VALIGN="TOP" WIDTH="97%" COLSPAN="2" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>of a type commonly dealt in on
      securities exchanges or markets or commonly recognized in any area in
      which it is issued or dealt in as a medium for investment,
      and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP WIDTH="2%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>(3)</FONT></P></TD>
    <TD VALIGN="TOP" WIDTH="97%" COLSPAN="2" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>either one of a class or series or
      by its terms divisible into a class or series of shares, participations,
      interests or obligations.<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD VALIGN="TOP" WIDTH="99%" COLSPAN="3" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><B><FONT face=Arial size=2>Customer </FONT></B><FONT face=Arial size=2>means any individual, corporate partnership, proprietor,
      trust customer, shareholder or subscriber of an </FONT><B><FONT face=Arial size=2>Investment Company</FONT></B><FONT face=Arial size=2> which has a
      written agreement with the ASSURED authorizing the ASSURED to transfer
      </FONT><B><FONT face=Arial size=2>Money</FONT></B><FONT face=Arial size=2>
      on deposit in an account or </FONT><B><FONT face=Arial size=2>Certificated
      Security </FONT></B><FONT face=Arial size=2>or </FONT><B><FONT face=Arial size=2>Uncertificated Security</FONT></B><FONT face=Arial size=2> in
      reliance upon instructions transmitted to the ASSURED via telefacsimile,
      telephone or electronic mail to transmit the fraudulent
      instruction.<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD VALIGN="TOP" WIDTH="99%" COLSPAN="3" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><B><FONT face=Arial size=2>Uncertificated Security
      </FONT></B><FONT face=Arial size=2>means a share, participation or other
      interest in property of or an enterprise of the issuer or an obligation of
      the issuer, which is:<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP WIDTH="2%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>(1)</FONT></P></TD>
    <TD VALIGN="TOP" WIDTH="97%" COLSPAN="2" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>not represented by an instrument and
      the transfer of which is registered on books maintained for that purpose
      by or on behalf of the issuer, and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP WIDTH="2%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>(2)</FONT></P></TD>
    <TD VALIGN="TOP" WIDTH="97%" COLSPAN="2" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>of a type commonly dealt in on
      securities exchanges or markets, and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP WIDTH="2%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>(3)</FONT></P></TD>
    <TD VALIGN="TOP" WIDTH="97%" COLSPAN="2" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>either one of a class or series or
      by its terms divisible into a class or series of shares, participations,
      interests or obligations.<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%">
      <P align=left><FONT face=Arial size=2>(3) </FONT></P></TD>
    <TD VALIGN="TOP" WIDTH="99%" COLSPAN="3" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>It shall be a condition precedent to
      coverage under this Insuring Clause that the ASSURED assert any available
      claims, offsets or defenses against such </FONT><B><FONT face=Arial size=2>Customer</FONT></B><FONT face=Arial size=2>, any financial
      institution or any other party to the
  transaction.<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%">
      <P align=left><FONT face=Arial size=2>(4) </FONT></P></TD>
    <TD VALIGN="TOP" WIDTH="99%" COLSPAN="3" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>Solely with respect to the
      Fraudulent Transfer Instruction Insuring Clause, the following Exclusions
      are added:<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP WIDTH="2%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>A.</FONT></P></TD>
    <TD VALIGN="TOP" WIDTH="97%" COLSPAN="2" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>Loss resulting directly or
      indirectly from a fraudulent instruction if the sender, or anyone acting
      in collusion with the sender, ever had authorized access to such
      </FONT><B><FONT face=Arial size=2>Customer&rsquo;s</FONT></B><FONT face=Arial size=2>
      password, PIN or other security code; and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP WIDTH="2%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>B.</FONT></P></TD>
    <TD VALIGN="TOP" WIDTH="97%" COLSPAN="2" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>Loss resulting directly or
      indirectly from the fraudulent alteration of an instruction to initiate an
      automated clearing house (ACH) entry, or group of ACH entries, transmitted
      as an electronic message, or as an attachment to an electronic message,
      sent via the internet, unless:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD VALIGN="TOP" WIDTH="2%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" WIDTH="1%" STYLE="text-align: justify"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="TOP" WIDTH="96%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD VALIGN="TOP" WIDTH="2%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" WIDTH="1%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>i.</FONT></P></TD>
    <TD VALIGN="TOP" WIDTH="96%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>each ACH entry was individually
      verified via the call back procedure without regard to the amount of the
      entry; or<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD VALIGN="TOP" WIDTH="2%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" WIDTH="1%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>ii.</FONT></P></TD>
    <TD VALIGN="TOP" WIDTH="96%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>the instruction was formatted,
      encoded or encrypted so that any altercation in the ACH entry or group of
      ACH entries would be apparent to the ASSURED.
</FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial size=2>14-02-21330 (10/2014)</FONT></TD>
    <TD noWrap align=right width="49%"><FONT face=Arial size=2>Page 2</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(5)</FONT></TD>
    <TD WIDTH="100%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>Solely with respect to
      the Fraudulent Transfer Instruction Insuring Clause, Exclusion 2.k. is
      deleted and replaced with the following:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH="100%" COLSPAN="2" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT face=Arial size=2>k.</FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face=Arial size=2>loss resulting from voice
      requests or instructions received over the telephone, provided however,
      this Section 2.k. shall not apply to INSURING CLAUSE 7. or 9. or the
      Fraudulent Transfer Instruction Insuring Clause.</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD VALIGN="TOP" NOWRAP STYLE="text-align: justify"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(6)</FONT></TD>
    <TD WIDTH="100%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>For the purposes of the
      Fraudulent Transfer Instruction Insuring Clause, all loss or losses
      involving one natural person or entity, or one group of natural persons or
      entities acting together, shall be a Single Loss without regard to the
      number of transfers or the number of instructions involved.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(7)</FONT></TD>
    <TD WIDTH="100%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>For the purposes of the
      Fraudulent Transfer Instruction Insuring Clause, the Single Loss Limit of
      Liability shall be $ 600,000. The Deductible Amount shall be $
      10,000.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(8)</FONT></TD>
    <TD WIDTH="100%" COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>The amount of any
      single transfer for which verification via call back will be required is:
      $ 10,000.</FONT></TD></TR></TABLE>
<P STYLE="text-align: justify"><FONT face=Arial size=2>The title and any headings in this
endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage. </FONT></P>
<P align=left><FONT face=Arial size=2>All other terms, conditions and
limitations of this Bond shall remain unchanged. </FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="fandcpfo3262451-4017g1x1x3.jpg"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=Arial size=2>Authorized Representative</FONT></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD></TR></TABLE></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial size=2>14-02-21330 (10/2014)</FONT></TD>
    <TD noWrap align=right width="49%"><FONT face=Arial size=2>Page 3</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=right><B><FONT face=Arial size=2>ENDORSEMENT/RIDER</FONT></B><B><FONT face=Arial size=2> </FONT></B></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"><FONT face=Arial size=2>Effective date of<BR>this endorsement/rider:
      May 15, 2017</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face=Arial size=2>FEDERAL INSURANCE COMPANY</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="49%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="49%">
      <P align=left><FONT face=Arial size=2>Endorsement/Rider No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9
    </FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="49%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="49%">
      <P align=left><FONT face=Arial size=2>To be attached to and<BR>form a part
      of Policy No. &nbsp;&nbsp;&nbsp;82302720</FONT></P></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>Issued to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="98%"><FONT face=Arial size=2>FLAHERTY &amp; CRUMRINE PREFERRED INCOME OPPORTUNITY FUND
      INCORPORATED<BR>&nbsp;</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=Arial size=2>ADDRESS CHANGE ENDORSEMENT </FONT></P><BR>

<P STYLE="text-align: justify"><FONT face=Arial size=2>Effective October 1, 2016, the address of
your insurance company is changing. </FONT></P>
<P STYLE="text-align: justify"><FONT face=Arial size=2>The address of 15 Mountain View Road,
Warren, NJ 07059, wherever it appears, is changed to: </FONT></P>
<P STYLE="text-align: justify"><FONT face=Arial size=2>202B Hall&rsquo;s Mill Road<BR>Whitehouse
Station, NJ 08889 </FONT></P>
<P STYLE="text-align: justify"><FONT face=Arial size=2>The title and any headings in this
endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage. </FONT></P>
<P STYLE="text-align: justify"><FONT face=Arial size=2>All other terms, conditions and
limitations of this Policy shall remain unchanged. </FONT></P>
<BR>

<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><IMG src="fandcpfo3262451-4017g1x1x3.jpg"></TD>
    <TD noWrap align=left width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face=Arial size=2>Authorized Representative</FONT></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD></TR></TABLE></DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial size=2>10-02-2543 (08/2016)</FONT></TD>
    <TD noWrap align=right width="49%"><FONT face=Arial size=2>Page 1</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face=Arial size=2>IMPORTANT POLICYHOLDER INFORMATION
</FONT></B></P>
<P STYLE="text-align: justify"><FONT face=Arial size=2>Inquiries concerning your policy should be
directed to your insurance agent. The name, address and telephone number of your
agent, if one is involved, is shown on the policy and/or in the material
accompanying the policy. </FONT></P>
<P STYLE="text-align: justify"><FONT face=Arial size=2>If you require additional information you
may contact the California Insurance Department at either the following address
or phone number: </FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="48%"></TD>
    <TD noWrap align=left width="3%">
      <P align=left><FONT face=Arial size=2>California Insurance
      Department<BR>300 South Spring Street<BR>Los Angeles, CA
      90012<BR>1-800-927-HELP </FONT></P></TD>
    <TD noWrap align=left width="48%"></TD></TR></TABLE>
<P align=left><FONT face=Arial size=2>Form 14-02-1495 (Ed. 1/94) </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=center><B><FONT size=3 face=Arial>IMPORTANT NOTICE </FONT></B></P>
 <P STYLE="text-align: justify"><FONT size=2 face=Arial>The premium shown on this policy or premium
statement may be subject to adjustment in accordance with the provisions of
California law recently adopted by ballot initiative. You will be informed about
any adjustment as soon as the requirements of the law and their effect on your
premium can be determined. </FONT></P>

<P align=left><FONT size=2 face=Arial>Form 99-10-0267 (Ed. 2/98) </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face=Arial size=5>POLICYHOLDER<BR>DISCLOSURE NOTICE
OF<BR></FONT></B><B><FONT face=Arial size=5>TERRORISM INSURANCE
COVERAGE<BR></FONT></B><B><FONT face=Arial size=3>(for policies with no
terrorism exclusion or sublimit)<BR>Insuring Company: FEDERAL
INSURANCE<BR></FONT></B><B><FONT face=Arial size=3>COMPANY</FONT></B><FONT face=Arial size=2> </FONT></P>
<P STYLE="text-align: justify"><FONT face=Arial size=2>You are hereby notified that, under the
Terrorism Risk Insurance Act (the &ldquo;Act&rdquo;), this policy makes available to you insurance
for losses arising out of certain acts of terrorism. Terrorism is defined as any
act certified by the Secretary of the Treasury of the United States, to be an
act of terrorism; to be a violent act or an act that is dangerous to human life,
property or infrastructure; to have resulted in damage within the United States,
or outside the United States in the case of an air carrier or vessel or the
premises of a United States Mission; and to have been committed by an individual
or individuals as part of an effort to coerce the civilian population of the
United States or to influence the policy or affect the conduct of the United
States Government by coercion. </FONT></P>
<P STYLE="text-align: justify"><FONT face=Arial size=2>You should know that the insurance
provided by your policy for losses caused by acts of terrorism is partially
reimbursed by the United States under the formula set forth in the Act. Under
this formula, the United States pays 85% of covered terrorism losses that exceed
the statutorily established deductible to be paid by the insurance company
providing the coverage. Beginning in 2016, the Federal share will be reduced by
1% per year until it reaches 80%, where it will remain. </FONT></P>
<P STYLE="text-align: justify"><FONT face=Arial size=2>However, if aggregate insured losses
attributable to terrorist acts certified under the Act exceed $100 billion in a
calendar year, the Treasury shall not make any payment for any portion of the
amount of such losses that exceeds $100 billion. </FONT></P>
<P align=left><FONT face=Arial size=2>10-02-1281 (Ed. 03/2015) </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P STYLE="text-align: justify"><FONT size=2 face=Arial>If aggregate insured losses attributable to
terrorist acts certified under the Act exceed $100 billion in a calendar year
and we have met our insurer deductible under the Act, we shall not be liable for
the payment of any portion of the amount of such losses that exceeds $100
billion, and in such case insured losses up to that amount are subject to pro
rata allocation in accordance with procedures established by the Secretary of
the Treasury. </FONT></P>
<P STYLE="text-align: justify"><FONT size=2 face=Arial>The portion of your policy&rsquo;s annual premium that is
attributable to insurance for such acts of terrorism is: $ </FONT><B><FONT size=2 face=Arial>-0-.</FONT></B><FONT size=2 face=Arial> </FONT></P>
<P STYLE="text-align: justify"><FONT size=2 face=Arial>If you have any questions about this notice,
please contact your agent or broker. </FONT></P>
<P align=left><FONT size=2 face=Arial>10-02-1281 (Ed. 03/2015) </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><I><FONT face=Arial size=2>Important Notice:
</FONT></I></B></P>
<P align=left><B><FONT face=Arial size=2>The SEC Requires Proof of Your Fidelity
Insurance Policy </FONT></B></P>
<P STYLE="text-align: justify"><FONT face=Arial size=2>Your company is now required to file an
electronic copy of your fidelity insurance coverage (Chubb&rsquo;s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to rules adopted by the SEC on June 12, 2006. </FONT></P>
<P STYLE="text-align: justify"><FONT face=Arial size=2>Chubb is in the process of providing your
agent/broker with an electronic copy of your insurance policy as well as
instructions on how to submit this proof of fidelity insurance coverage to the
SEC. You can expect to receive this information from your agent/broker shortly.
</FONT></P>
<P STYLE="text-align: justify"><FONT face=Arial size=2>The electronic copy of your policy is
provided by Chubb solely as a convenience and does not affect the terms and
conditions of coverage as set forth in the paper policy you receive by mail. The
terms and conditions of the policy mailed to you, which are the same as those
set forth in the electronic copy, constitute the entire agreement between your
company and Chubb. </FONT></P>
<P STYLE="text-align: justify"><FONT face=Arial size=2>If you have any questions, please contact
your agent or broker. </FONT></P>
<P align=left><FONT face=Arial size=2>Form 14-02-12160 (ed. 7/2006) </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face=Arial size=4>IMPORTANT NOTICE TO
POLICYHOLDERS</FONT></B></P>
<P STYLE="text-align: justify; text-indent: 15pt"><FONT face=Arial size=2>All of the members of the Chubb Group of
Insurance companies doing business in the United States (hereinafter &ldquo;Chubb&rdquo;) distribute their products through licensed insurance brokers and agents (&ldquo;producers&rdquo;). Detailed information regarding the types of compensation paid by Chubb to producers
on US insurance transactions is available under the Producer Compensation link
located at the bottom of the page at www.chubb.com, or by calling
1-866-588-9478. Additional information may be available from your producer.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Thank you for choosing Chubb. </FONT></P>
<P align=left><FONT face=Arial size=2>10-02-1295 (ed. 6/2007) </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P STYLE="text-align: justify"><B><FONT face=Arial size=2>The following resolutions were adopted at the April 19, 2017 Meeting of the Board of
Directors of Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated at which a majority of Directors who are
not &ldquo;interested persons&rdquo; approved the amount and form of the current bond for the period of May 15, 2017 to May
15, 2018. </FONT></B></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="1%">
      <P align=left><B><FONT face=Arial size=2>RESOLVED:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></P></TD>
    <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>That the renewal of the fidelity bond coverage for the period from May 15,
      2017 to May 15, 2018, which provides coverage in the aggregate amount of $600,000, is hereby approved; and further
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%">
      <P align=left><B><FONT face=Arial size=2>RESOLVED:</FONT></B></P></TD>
    <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>That it is the finding of the Directors at this Meeting that the fidelity bond (the &ldquo;Bond&rdquo;) issued through Federal Insurance Company in the amount of $600,000 covering officers and employees of the Fund, in accordance with the requirements of Rule 17g-1 under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), is fair and 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&rsquo;s portfolio, and the nature of the securities in the Fund&rsquo;s portfolio; and further<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"><P align=left><B><FONT face=Arial size=2>RESOLVED:</FONT></B></P></TD>
    <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>That the premium in the amount of $1,791 paid by the Fund under the Bond is hereby authorized; and further</FONT><B><FONT face=Arial size=2></FONT></B><FONT face=Arial size=2><BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"><P align=left><B><FONT face=Arial size=2>RESOLVED:</FONT></B></P></TD>
    <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>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<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"><P align=left><B><FONT face=Arial size=2>RESOLVED:</FONT></B></P></TD>
    <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify">
      <P STYLE="text-align: justify"><FONT face=Arial size=2>That the Secretary or Assistant Secretary of the Fund shall make such filings concerning the Bond with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) and give such notices as required under paragraph (g) of Rule 17g-1 promulgated by the SEC under the 1940 Act.<BR>&nbsp;</FONT></P></TD></TR></TABLE><BR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
