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<SEC-DOCUMENT>0001010521-10-000090.txt : 20100212
<SEC-HEADER>0001010521-10-000090.hdr.sgml : 20100212
<ACCEPTANCE-DATETIME>20100212142804
ACCESSION NUMBER:		0001010521-10-000090
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20100212
DATE AS OF CHANGE:		20100212
EFFECTIVENESS DATE:		20100212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HANCOCK JOHN INVESTORS TRUST
		CENTRAL INDEX KEY:			0000759828
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04173
		FILM NUMBER:		10597807

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

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

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     <TD noWrap align=left colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=2>Chubb Group of Insurance Companies</FONT></B></TD>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>DECLARATIONS</FONT></B></TD>
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     <TD noWrap align=left colSpan=3><B><FONT face=sans-serif size=2>FINANCIAL INSTITUTION INVESTMENT</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>15 Mountain View Road, Warren, New Jersey 07059</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><B><FONT face=sans-serif size=2>COMPANY ASSET PROTECTION BOND</FONT></B></TD></TR>
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     <TD colSpan=8>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=4><FONT face=sans-serif size=2>NAME OF ASSURED (including its </FONT><B><FONT face=sans-serif size=2>Subsidiaries):</FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><B><FONT face=sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>
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     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>JOHN HANCOCK FUNDS</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Incorporated under the laws of Indiana</FONT></TD></TR>
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     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>a stock insurance company herein called the</FONT></TD></TR>
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     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>601 CONGRESS STREET</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>COMPANY</FONT></TD>
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     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>BOSTON, MA 02210</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Capital Center, 251 North Illinois, Suite 1100</FONT></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Indianapolis, IN 46204-1927</FONT></TD>
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     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Bond Number: 81906724</FONT></TD>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>ITEM 1.</FONT></B></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>BOND PERIOD: from</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>12:01 a.m. on July 15, 2009</FONT></TD>
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     <TD noWrap align=center><FONT face=sans-serif size=2>to</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>12:01 a.m. on July 15, 2010</FONT></TD>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>ITEM 2.</FONT></B></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:</FONT></TD>
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     <TD noWrap align=left colSpan=7>&nbsp; &nbsp;<FONT face=sans-serif size=2>If "Not Covered" is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=7>&nbsp; &nbsp;<FONT face=sans-serif size=2>and any other reference shall be deemed to be deleted. </FONT><B><FONT face=sans-serif size=2>There shall be no deductible applicable to any</FONT></B></TD></TR>
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     <TD noWrap align=left colSpan=5>&nbsp; &nbsp;<B><FONT face=sans-serif size=2>loss under INSURING CLAUSE 1. sustained by any Investment Company.</FONT></B></TD>
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     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=2>DEDUCTIBLE</FONT></TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>INSURING CLAUSE</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left colSpan=2><FONT face=sans-serif size=2>LIMIT OF LIABILITY</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center colSpan=2><FONT face=sans-serif size=2>AMOUNT</FONT></TD></TR>
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     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<FONT face=sans-serif size=2>1.&nbsp;&nbsp;&nbsp;&nbsp; Employee</FONT></TD>
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<P style="MARGIN-LEFT: 0pt">&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>15,000,000</FONT></P>
</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>2.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>On Premises</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>15,000,000</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>150,000</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>3.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>In Transit</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>15,000,000</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>150,000</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>4.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Forgery or Alteration</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>15,000,000</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>150,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>5.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Extended Forgery</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>15,000,000</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>150,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>6.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Counterfeit Money</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>15,000,000</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>150,000</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>7.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Threats to Person</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>15,000,000</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>150,000</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>8.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Computer System</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>15,000,000</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>150,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>9.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Voice Initiated Funds Transfer Instruction</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>15,000,000</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>150,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>10.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Uncollectible Items of Deposit</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>15,000,000</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>150,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>11.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Audit Expense</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>150,000</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</FONT></TD></TR></TABLE><BR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>ITEM 3.</FONT></B></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:</FONT></TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>ENDORSEMENTS 1 - 11</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=2>IN WITNESS WHEREOF, THE COMPANY </FONT></B><FONT face=sans-serif 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>
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     <TD width="49%"><FONT style="FONT-SIZE: 10pt">/s/ W. Andrew Mason</FONT></TD>
     <TD width="40%"><FONT style="FONT-SIZE: 10pt">/s/ John J. Degnan</FONT></TD>
     <TD width="9%"></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Secretary&nbsp;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>President</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD colSpan=3>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT style="FONT-SIZE: 10pt">/s/ Robert Hamburger</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Countersigned by ________________________________</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Authorized Representative</FONT></TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98) - Federal Form 17-02-</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>1421 (Ed. 5-98)</FONT></TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Page 1 of 1</FONT></TD></TR></TABLE><BR>
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     <TD noWrap align=left colSpan=4><FONT face=sans-serif size=2>The COMPANY, in consideration of payment of the required premium, and in reliance</FONT></TD></TR>
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     <TD noWrap align=left colSpan=4><FONT face=sans-serif size=2>on the APPLICATION and all other statements made and information furnished to the</FONT></TD></TR>
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     <TD noWrap align=left colSpan=4><FONT face=sans-serif size=2>COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=4><FONT face=sans-serif size=2>Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED</FONT></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>for:</FONT></TD>
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     <TD noWrap align=left><B><I><FONT face=sans-serif size=2>Insuring Clauses</FONT></I></B></TD>
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     <TD noWrap align=left><I><FONT face=sans-serif size=2>Employee</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>1.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Loss resulting directly from </FONT><B><FONT face=sans-serif size=2>Larceny </FONT></B><FONT face=sans-serif size=2>or </FONT><B><FONT face=sans-serif size=2>Embezzlement </FONT></B><FONT face=sans-serif size=2>committed by any</FONT></TD></TR>
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     <TD noWrap align=left colSpan=3><B><FONT face=sans-serif size=2>Employee, </FONT></B><FONT face=sans-serif size=2>alone or in collusion with others.</FONT></TD></TR>
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     <TD noWrap align=left><I><FONT face=sans-serif size=2>On Premises</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>2.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Loss of </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>resulting directly from robbery, burglary, false pretenses,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>common law or statutory larceny, misplacement, mysterious unexplainable</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>disappearance, damage, destruction or removal, from the possession, custody or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>control of the ASSURED, while such </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>is lodged or deposited at premises</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>located anywhere.</FONT></TD></TR>
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     <TD noWrap align=left><I><FONT face=sans-serif size=2>In Transit</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>3.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Loss of </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>resulting directly from common law or statutory larceny,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>misplacement, mysterious unexplainable disappearance, damage or destruction,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>while the </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>is in transit anywhere:</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>in an armored motor vehicle, including loading and unloading thereof,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>in the custody of a natural person acting as a messenger of the ASSURED,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=2>or</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>c.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>in the custody of a </FONT><B><FONT face=sans-serif size=2>Transportation Company </FONT></B><FONT face=sans-serif size=2>and being transported in a</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>conveyance other than an armored motor vehicle provided, however, that</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>covered </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>transported in such manner is limited to the following:</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>written records,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>securities issued in registered form, which are not endorsed or are</FONT></TD></TR>
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     <TD align=center colSpan=5><FONT face=sans-serif size=2>restrictively endorsed, or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(3)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>negotiable instruments not payable to bearer, which are not endorsed</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>or are restrictively endorsed.</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Coverage under this INSURING CLAUSE begins immediately on the receipt of</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>such </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>by the natural person or </FONT><B><FONT face=sans-serif size=2>Transportation Company </FONT></B><FONT face=sans-serif size=2>and ends</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>immediately on delivery to the premises of the addressee or to any representative</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>of the addressee located anywhere.</FONT></TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 1 of 19</FONT></TD></TR></TABLE><BR>
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     <TD noWrap align=left><B><I><FONT face=sans-serif size=2>Insuring Clauses</FONT></I></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><I><FONT face=sans-serif size=2>(continued)</FONT></I></TD>
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     <TD noWrap align=left><I><FONT face=sans-serif size=2>Forgery Or Alteration</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>4.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Loss resulting directly from:</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Forgery </FONT></B><FONT face=sans-serif size=2>on, or fraudulent material alteration of, any bills of exchange,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>checks, drafts, acceptances, certificates of deposits, promissory notes, due</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>bills, money orders, orders upon public treasuries, letters of credit, other</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>written promises, orders or directions to pay sums certain in money, or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>receipts for the withdrawal of </FONT><B><FONT face=sans-serif size=2>Property, </FONT></B><FONT face=sans-serif size=2>or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>transferring, paying or delivering any funds or other </FONT><B><FONT face=sans-serif size=2>Property, </FONT></B><FONT face=sans-serif size=2>or establishing</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>any credit or giving any value in reliance on any written instructions, advices</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>or applications directed to the ASSURED authorizing or acknowledging the</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>transfer, payment, delivery or receipt of funds or other </FONT><B><FONT face=sans-serif size=2>Property, </FONT></B><FONT face=sans-serif size=2>which</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>instructions, advices or applications fraudulently purport to bear the</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>handwritten signature of any customer of the ASSURED, or shareholder or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>subscriber to shares of an </FONT><B><FONT face=sans-serif size=2>Investment Company, </FONT></B><FONT face=sans-serif size=2>or of any financial</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>institution or </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>but which instructions, advices or applications either</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>bear a </FONT><B><FONT face=sans-serif size=2>Forgery </FONT></B><FONT face=sans-serif size=2>or have been fraudulently materially altered without the</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>knowledge and consent of such customer, shareholder, subscriber, financial</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>institution or </FONT><B><FONT face=sans-serif size=2>Employee;</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>excluding, however, under this INSURING CLAUSE any loss covered under</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING</FONT></TD></TR>
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     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>CLAUSE 5. is provided for in the DECLARATIONS of this Bond.</FONT></TD></TR>
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     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</FONT></TD></TR>
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     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>signature is treated the same as a handwritten signature.</FONT></TD></TR>
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     <TD noWrap align=left><I><FONT face=sans-serif size=2>Extended Forgery</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>5.&nbsp;</FONT>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Loss resulting directly from the ASSURED having, in good faith, and in the</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>ordinary course of business, for its own account or the account of others in any</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>capacity:</FONT></TD>
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     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>acquired, accepted or received, accepted or received, sold or delivered, or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>given value, extended credit or assumed liability, in reliance on any original</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Securities, documents or other written instruments </FONT></B><FONT face=sans-serif size=2>which prove to:</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>bear a </FONT><B><FONT face=sans-serif size=2>Forgery </FONT></B><FONT face=sans-serif size=2>or a fraudulently material alteration,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>have been lost or stolen, or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(3)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>be </FONT><B><FONT face=sans-serif size=2>Counterfeit, </FONT></B><FONT face=sans-serif size=2>or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>guaranteed in writing or witnessed any signatures on any transfer,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>assignment, bill of sale, power of attorney, guarantee, endorsement or other</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>obligation upon or in connection with any </FONT><B><FONT face=sans-serif size=2>Securities, documents or other</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>written instruments.</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Actual physical possession, and continued actual physical possession if taken as</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>collateral, of such </FONT><B><FONT face=sans-serif size=2>Securities, documents or other written instruments </FONT></B><FONT face=sans-serif size=2>by an</FONT></TD></TR>
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     <TD noWrap align=left colSpan=3><B><FONT face=sans-serif size=2>Employee, Custodian, </FONT></B><FONT face=sans-serif size=2>or a Federal or State chartered deposit institution of the</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>ASSURED is a condition precedent to the ASSURED having relied on such items.</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Release or return of such collateral is an acknowledgment by the ASSURED that it</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>no longer relies on such collateral.</FONT></TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 2 of 19</FONT></TD></TR></TABLE><BR>
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     <TD noWrap align=left><B><I><FONT face=sans-serif size=2>Insuring Clauses</FONT></I></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Extended Forgery</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>(continued)</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>signature is treated the same as a handwritten signature.</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
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     <TD noWrap align=left><I><FONT face=sans-serif size=2>Counterfeit Money</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>6.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Loss resulting directly from the receipt by the ASSURED in good faith of any</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><B><FONT face=sans-serif size=2>Counterfeit </FONT></B><FONT face=sans-serif size=2>money.</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
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     <TD noWrap align=left><I><FONT face=sans-serif size=2>Threats To Person</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>7.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Loss resulting directly from surrender of </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>away from an office of the</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>ASSURED as a result of a threat communicated to the ASSURED to do bodily</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>harm to an </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>as defined in Section 1.e. (1), (2) and (5), a </FONT><B><FONT face=sans-serif size=2>Relative </FONT></B><FONT face=sans-serif size=2>or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>invitee of such </FONT><B><FONT face=sans-serif size=2>Employee, </FONT></B><FONT face=sans-serif size=2>or a resident of the household of such </FONT><B><FONT face=sans-serif size=2>Employee, </FONT></B><FONT face=sans-serif size=2>who</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>is, or allegedly is, being held captive provided, however, that prior to the surrender</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>of such </FONT><B><FONT face=sans-serif size=2>Property:</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>the </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>who receives the threat has made a reasonable effort to notify</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>an officer of the ASSURED who is not involved in such threat, and</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>the ASSURED has made a reasonable effort to notify the Federal Bureau of</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Investigation and local law enforcement authorities concerning such threat.</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>It is agreed that for purposes of this INSURING CLAUSE, any </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>of the</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>ASSURED, as set forth in the preceding paragraph, shall be deemed to be an</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>ASSURED hereunder, but only with respect to the surrender of money, securities</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>and other tangible personal property in which such </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>has a legal or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>equitable interest.</FONT></TD></TR>
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     <TD colSpan=5>&nbsp;</TD></TR>
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     <TD noWrap align=left><I><FONT face=sans-serif size=2>Computer System</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>8.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Loss resulting directly from fraudulent:</FONT></TD></TR>
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     <TD colSpan=5>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>entries of data into, or</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>changes of data elements or programs within, a </FONT><B><FONT face=sans-serif size=2>Computer System,</FONT></B></TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>&nbsp;&nbsp; provided the fraudulent entry or change causes:</FONT></TD></TR>
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     <TD colSpan=5>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>funds or other property to be transferred, paid or delivered,</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>an account of the ASSURED or of its customer to be added, deleted,</FONT></TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>debited or credited, or</FONT></TD></TR>
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     <TD align=center colSpan=5><FONT face=sans-serif size=2></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(3)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>an unauthorized account or a fictitious account to be debited or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>credited.</FONT></TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 3 of 19</FONT></TD></TR></TABLE><BR>
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     <TD noWrap align=left><B><I><FONT face=sans-serif size=2>Insuring Clauses</FONT></I></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>(continued)</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=3><I><FONT face=sans-serif size=2>Voice Initiated Funds&nbsp;&nbsp;</FONT></I><FONT face=sans-serif size=2>9. Loss resulting directly from </FONT><B><FONT face=sans-serif size=2>Voice Initiated Funds Transfer Instruction </FONT></B><FONT face=sans-serif size=2>directed</FONT></TD></TR>
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     <TD noWrap align=left><I><FONT face=sans-serif size=2>Transfer Instruction</FONT></I></TD>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>to the ASSURED authorizing the transfer of dividends or redemption proceeds of</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Company </FONT></B><FONT face=sans-serif size=2>shares from a </FONT><B><FONT face=sans-serif size=2>Customer's </FONT></B><FONT face=sans-serif size=2>account, provided such </FONT><B><FONT face=sans-serif size=2>Voice</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=sans-serif size=2>Initiated Funds Transfer Instruction </FONT></B><FONT face=sans-serif size=2>was:</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>received at the ASSURED'S offices by those </FONT><B><FONT face=sans-serif size=2>Employees </FONT></B><FONT face=sans-serif size=2>of the ASSURED</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>specifically authorized to receive the </FONT><B><FONT face=sans-serif size=2>Voice Initiated Funds Transfer</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Instruction,</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>made by a person purporting to be a </FONT><B><FONT face=sans-serif size=2>Customer, </FONT></B><FONT face=sans-serif size=2>and</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>c.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>made by said person for the purpose of causing the ASSURED or </FONT><B><FONT face=sans-serif size=2>Customer</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>to sustain a loss or making an improper personal financial gain for such</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>person or any other person.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>In order for coverage to apply under this INSURING CLAUSE, all </FONT><B><FONT face=sans-serif size=2>Voice Initiated</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=2>Funds Transfer Instructions </FONT></B><FONT face=sans-serif size=2>must be received and processed in accordance with</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>the Designated Procedures outlined in the APPLICATION furnished to the</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>COMPANY.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><I><FONT face=sans-serif size=2>Uncollectible Items of&nbsp;&nbsp;</FONT></I><FONT face=sans-serif size=2>10. Loss resulting directly from the ASSURED having credited an account of a</FONT></TD></TR>
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     <TD noWrap align=left><I><FONT face=sans-serif size=2>Deposit</FONT></I></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>customer, shareholder or subscriber on the faith of any </FONT><B><FONT face=sans-serif size=2>Items of Deposit </FONT></B><FONT face=sans-serif size=2>which</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>prove to be uncollectible, provided that the crediting of such account causes:</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>redemptions or withdrawals to be permitted,</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>shares to be issued, or</FONT></TD></TR>
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     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>c.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>dividends to be paid, from an account of</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>an </FONT><B><FONT face=sans-serif size=2>Investment Company.</FONT></B></TD></TR>
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     <TD colSpan=3>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>In order for coverage to apply under this INSURING CLAUSE, the ASSURED</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>must hold </FONT><B><FONT face=sans-serif size=2>Items of Deposit </FONT></B><FONT face=sans-serif size=2>for the minimum number of days stated in the</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>APPLICATION before permitting any redemptions or withdrawals, issuing any</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>shares or paying any dividends with respect to such </FONT><B><FONT face=sans-serif size=2>Items of Deposit.</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=2>Items of Deposit </FONT></B><FONT face=sans-serif size=2>shall not be deemed uncollectible until the ASSURED'S</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>standard collection procedures have failed.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
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     <TD noWrap align=left><I><FONT face=sans-serif size=2>Audit Expense</FONT></I></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense incurred by the ASSURED for that part of the cost of audits or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>examinations required by any governmental regulatory authority or self-regulatory</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>organization to be conducted by such authority, organization or their appointee by</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>reason of the discovery of loss sustained by the ASSURED and covered by this</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Bond.</FONT></TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 4 of 19</FONT></TD></TR></TABLE><BR>
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     <TD noWrap align=left><B><I><FONT face=sans-serif size=2>General Agreements</FONT></I></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><I><FONT face=sans-serif size=2>Additional Companies&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=sans-serif size=2>A. If more than one corporation, or </FONT><B><FONT face=sans-serif size=2>Investment Company, </FONT></B><FONT face=sans-serif size=2>or any combination of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Included As Assured</FONT></I></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>them is included as the ASSURED herein:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>The total liability of the COMPANY under this Bond for loss or losses</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>sustained by any one or more or all of them shall not exceed the limit for</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>which the COMPANY would be liable under this Bond if all such loss were</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>sustained by any one of them.</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Only the first named ASSURED shall be deemed to be the sole agent of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>others for all purposes under this Bond, including but not limited to the giving</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>or receiving of any notice or proof required to be given and for the purpose of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>effecting or accepting any amendments to or termination of this Bond. The</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>COMPANY shall furnish each </FONT><B><FONT face=sans-serif size=2>Investment Company </FONT></B><FONT face=sans-serif size=2>with a copy of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bond and with any amendment thereto, together with a copy of each formal</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>filing of claim by any other named ASSURED and notification of the terms of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the settlement of each such claim prior to the execution of such settlement.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(3)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>The COMPANY shall not be responsible for the proper application of any</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>payment made hereunder to the first named ASSURED.</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(4)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Knowledge possessed or discovery made by any partner, director, trustee,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>officer or supervisory employee of any ASSURED shall constitute knowledge</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>or discovery by all the ASSUREDS for the purposes of this Bond.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(5)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>If the first named ASSURED ceases for any reason to be covered under this</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bond, then the ASSURED next named on the APPLICATION shall thereafter</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>be considered as the first named ASSURED for the purposes of this Bond.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><I><FONT face=sans-serif size=2>Representation Made By&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><FONT face=sans-serif size=2>B. The ASSURED represents that all information it has furnished in the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Assured</FONT></I></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>APPLICATION for this Bond or otherwise is complete, true and correct. Such</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>APPLICATION and other information constitute part of this Bond.</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>The ASSURED must promptly notify the COMPANY of any change in any fact or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>circumstance which materially affects the risk assumed by the COMPANY under</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>this Bond.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Any intentional misrepresentation, omission, concealment or incorrect statement of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>a material fact, in the APPLICATION or otherwise, shall be grounds for recision of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>this Bond.</FONT></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 833px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="53%"></TD>
     <TD width="2%"></TD>
     <TD width="44%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 5 of 19</FONT></TD></TR></TABLE><BR>
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     <TD width="24%"></TD>
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     <TD width="5%"></TD>
     <TD width="65%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=2>General Agreements</FONT></I></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>(continued)</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Additional Offices Or</FONT></I></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>C.&nbsp;&nbsp;&nbsp; If the ASSURED, other than an </FONT><B><FONT face=sans-serif size=2>Investment Company, </FONT></B><FONT face=sans-serif size=2>while this Bond is in force,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Employees - Consolidation,</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>merges or consolidates with, or purchases or acquires assets or liabilities of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Merger Or Purchase Or</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>another institution, the ASSURED shall not have the coverage afforded under this</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Acquisition Of Assets Or</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>Bond for loss which has:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Liabilities - Notice To</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>occurred or will occur on premises, or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Company</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>been caused or will be caused by an employee, or</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>(3)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>arisen or will arise out of the assets or liabilities, of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>such institution, unless the ASSURED:</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>gives the COMPANY written notice of the proposed consolidation, merger or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>purchase or acquisition of assets or liabilities prior to the proposed effective</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>date of such action, and</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>obtains the written consent of the COMPANY to extend some or all of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>coverage provided by this Bond to such additional exposure, and</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>c.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>on obtaining such consent, pays to the COMPANY an additional premium.</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Change Of Control -</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>D.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>When the ASSURED learns of a change in control (other than in an </FONT><B><FONT face=sans-serif size=2>Investment</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Notice To Company</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Company), </FONT></B><FONT face=sans-serif size=2>as set forth in Section 2(a) (9) of the Investment Company Act of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>1940, the ASSURED shall within sixty (60) days give written notice to the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>COMPANY setting forth:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the names of the transferors and transferees (or the names of the beneficial</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>owners if the voting securities are registered in another name),</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the total number of voting securities owned by the transferors and the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>transferees (or the beneficial owners), both immediately before and after the</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>transfer, and</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>(3)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the total number of outstanding voting securities.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>Failure to give the required notice shall result in termination of coverage for any</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>loss involving a transferee, to be effective on the date of such change in control.</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Court Costs And</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>E.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>The COMPANY will indemnify the ASSURED for court costs and reasonable</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Attorneys' Fees</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>attorneys' fees incurred and paid by the ASSURED in defense, whether or not</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>successful, whether or not fully litigated on the merits and whether or not settled,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>of any claim, suit or legal proceeding with respect to which the ASSURED would</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>be entitled to recovery under this Bond. However, with respect to INSURING</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>CLAUSE 1., this Section shall only apply in the event that:</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>an </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>admits to being guilty of </FONT><B><FONT face=sans-serif size=2>Larceny or Embezzlement,</FONT></B></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>an </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>is adjudicated to be guilty of </FONT><B><FONT face=sans-serif size=2>Larceny or Embezzlement, </FONT></B><FONT face=sans-serif size=2>or</FONT></TD></TR></TABLE><BR>
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     <TD width="2%"></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 6 of 19</FONT></TD></TR></TABLE><BR>
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     <TD noWrap><B><I><FONT face=sans-serif size=2>General Agreements</FONT></I></B></TD></TR></TABLE></P>
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     <TD>
<P><I><FONT face=sans-serif size=2>Court Costs And Attorneys' Fees (continued)</FONT></I></P>
</TD>
     <TD>&nbsp;</TD>
     <TD>
<P><FONT face=sans-serif size=2>(3) 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 </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>would be found guilty of </FONT><B><FONT face=sans-serif size=2>Larceny or Embezzlement </FONT></B><FONT face=sans-serif size=2>if such </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>were prosecuted.</FONT></P>
<P><FONT face=sans-serif 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. 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. 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><FONT face=sans-serif 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><FONT face=sans-serif 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 CLAUSE bears to the total of the amount demanded in such suit or legal proceeding.</FONT></P>
<P><FONT face=sans-serif 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></P>
<P><FONT face=sans-serif 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><FONT face=sans-serif 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></TABLE><BR>
<TABLE style="WIDTH: 938px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="53%"></TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 7 of 19</FONT></TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left"><B><I><FONT face=sans-serif size=2>Conditions And Limitations</FONT></I></B></P>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="17%"></TD>
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     <TD width="5%"></TD>
     <TD width="5%"></TD>
     <TD width="60%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Definitions</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>1.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>As used in this Bond:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Computer System </FONT></B><FONT face=sans-serif size=2>means a computer and all input, output, processing,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>storage, off-line media libraries, and communication facilities which are</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>connected to the computer and which are under the control and supervision</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>of the operating system(s) or application(s) software used by the ASSURED.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Counterfeit </FONT></B><FONT face=sans-serif size=2>means an imitation of an actual valid original which is intended</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>to deceive and be taken as the original.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>c.</FONT></TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Custodian </FONT></B><FONT face=sans-serif size=2>means the institution designated by an </FONT><B><FONT face=sans-serif size=2>Investment Company </FONT></B><FONT face=sans-serif size=2>to</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>maintain possession and control of its assets.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>d.</FONT></TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Customer </FONT></B><FONT face=sans-serif size=2>means an individual, corporate, partnership, trust customer,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>shareholder or subscriber of an </FONT><B><FONT face=sans-serif size=2>Investment Company </FONT></B><FONT face=sans-serif size=2>which has a written</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>agreement with the ASSURED for </FONT><B><FONT face=sans-serif size=2>Voice Initiated Funds Transfer</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Instruction.</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>e.</FONT></TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>means:</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>an officer of the ASSURED,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>a natural person while in the regular service of the ASSURED at any of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the ASSURED'S premises and compensated directly by the ASSURED</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>through its payroll system and subject to the United States Internal</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Revenue Service Form W-2 or equivalent income reporting plans of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>other countries, and whom the ASSURED has the right to control and</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>direct both as to the result to be accomplished and details and means</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>by which such result is accomplished in the performance of such</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>service,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(3)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>a guest student pursuing studies or performing duties in any of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=5><FONT face=sans-serif size=2>ASSURED'S premises,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(4)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>an attorney retained by the ASSURED and an employee of such</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>attorney while either is performing legal services for the ASSURED,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(5)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>a natural person provided by an employment contractor to perform</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>employee duties for the ASSURED under the ASSURED'S supervision</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>at any of the ASSURED'S premises,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(6)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>an employee of an institution merged or consolidated with the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>ASSURED prior to the effective date of this Bond,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(7)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>a director or trustee of the ASSURED, but only while performing acts</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>within the scope of the customary and usual duties of any officer or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>other employee of the ASSURED or while acting as a member of any</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>committee duly elected or appointed to examine or audit or have</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>custody of or access to </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>of the ASSURED, or</FONT></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 846px; HEIGHT: 71px" cellSpacing=0 border=0>
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     <TD width="53%"></TD>
     <TD width="2%"></TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 8 of 19</FONT></TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><B><I><FONT face=sans-serif size=2>Conditions And</FONT></I></B><BR>
<B><I><FONT face=sans-serif size=2>Limitations</FONT></I></B></TD></TR></TABLE></P>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="20%"></TD>
     <TD width="18%"></TD>
     <TD width="61%"></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2><I>Definitions&nbsp;</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>&nbsp;each natural person, partnership or corporation authorized by written</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>(continued)</FONT></I></TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>agreement with the ASSURED to perform services as electronic data</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>&nbsp;processor of checks or other accounting records related to such checks but</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>&nbsp;only while such person, partnership or corporation is actually performing</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>such services and not:</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>a.&nbsp;&nbsp;&nbsp;&nbsp; creating, preparing, modifying or maintaining the ASSURED'S</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; computer software or programs, or</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>acting as transfer agent or in any other agency capacity in issuing</FONT></FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; checks, drafts or securities for the ASSURED,</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>&nbsp;<FONT face=sans-serif size=2>(9)</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>&nbsp;any partner, officer or employee of an investment advisor, an underwriter</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>(distributor), a transfer agent or shareholder accounting recordkeeper, or an</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>administrator, for an </FONT><B><FONT face=sans-serif size=2>Investment Company </FONT></B><FONT face=sans-serif size=2>while performing acts coming</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>within the scope of the customary and usual duties of an officer or employee</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>of an </FONT><B><FONT face=sans-serif size=2>Investment Company </FONT></B><FONT face=sans-serif size=2>or acting as a member of any committee duly</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>elected or appointed to examine, audit or have custody of or access to</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>of </FONT><B><FONT face=sans-serif size=2>an Investment Company.</FONT></B></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>The term </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>shall not include any partner, officer or employee of a</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>transfer agent, shareholder accounting recordkeeper or administrator:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>which is not an "affiliated person" (as defined in Section 2(a) of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Investment Company Act of 1940) of an </FONT><B><FONT face=sans-serif size=2>Investment Company </FONT></B><FONT face=sans-serif size=2>or of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the investment advisor or underwriter (distributor) of such </FONT><B><FONT face=sans-serif size=2>Investment</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Company, </FONT></B><FONT face=sans-serif size=2>or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>which is a "bank" (as defined in Section 2(a) of the Investment</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=3><FONT face=sans-serif size=2>Company Act of 1940).</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>This Bond does not afford coverage in favor of the employers of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>persons as set forth in e. (4), (5) and (8) above, and upon payment to</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the ASSURED by the COMPANY resulting directly from </FONT><B><FONT face=sans-serif size=2>Larceny or</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Embezzlement </FONT></B><FONT face=sans-serif size=2>committed by any of the partners, officers or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>employees of such employers, whether acting alone or in collusion with</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>others, an assignment of such of the ASSURED'S rights and causes of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>action as it may have against such employers by reason of such acts</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>so committed shall, to the extent of such payment, be given by the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>ASSURED to the COMPANY, and the ASSURED shall execute all</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>papers necessary to secure to the COMPANY the rights provided for</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>herein.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Each employer of persons as set forth in e.(4), (5) and (8) above and the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>partners, officers and other employees of such employers shall collectively</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>be deemed to be one person for all the purposes of this Bond; excepting,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>however, the fifth paragraph of Section 13.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Independent contractors not specified in e.(4), (5) or (8) above,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>intermediaries, agents, brokers or other representatives of the same general</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>character shall not be considered </FONT><B><FONT face=sans-serif size=2>Employees.</FONT></B></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 782px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="53%"></TD>
     <TD width="2%"></TD>
     <TD width="44%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 9 of 19</FONT></TD></TR></TABLE><BR>
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<A name="page_11"></A>
<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><B><I><FONT face=sans-serif size=2>Conditions And</FONT></I></B><BR>
<B><I><FONT face=sans-serif size=2>Limitations</FONT></I></B></TD></TR></TABLE></P>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="20%"></TD>
     <TD width="13%"></TD>
     <TD width="66%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Definitions</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>f.</FONT></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Forgery </FONT></B><FONT face=sans-serif size=2>means the signing of the name of another natural person with the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>(continued)</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>intent to deceive but does not mean a signature which consists in whole or in</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>part of one's own name, with or without authority, in any capacity for any</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>purpose.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>g.</FONT></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Investment Company </FONT></B><FONT face=sans-serif size=2>means any investment company registered under the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Investment Company Act of 1940 and listed under the NAME OF ASSURED</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>on the DECLARATIONS.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>h.</FONT></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Items of Deposit </FONT></B><FONT face=sans-serif size=2>means one or more checks or drafts drawn upon a</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>financial institution in the United States of America.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>i.</FONT></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Larceny or Embezzlement </FONT></B><FONT face=sans-serif size=2>means larceny or embezzlement as defined in</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Section 37 of the Investment Company Act of 1940.</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2></FONT><FONT face=sans-serif size=2></FONT><FONT face=sans-serif size=2></FONT><FONT face=sans-serif size=2><FONT face=sans-serif size=2><FONT face=sans-serif size=2>j. </FONT></FONT></FONT></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>means money, revenue and other stamps; securities; including any</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>note, stock, treasury stock, bond, debenture, evidence of indebtedness,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>certificate of deposit, certificate of interest or participation in any profit-</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>sharing agreement, collateral trust certificate, preorganization certificate or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>subscription, transferable share, investment contract, voting trust certificate,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>certificate of deposit for a security, fractional undivided interest in oil, gas, or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>other mineral rights, any interest or instruments commonly known as a</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>security under the Investment Company Act of 1940, any other certificate of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>interest or participation in, temporary or interim certificate for, receipt for,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>guarantee of, or warrant or right to subscribe to or purchase any of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>foregoing; bills of exchange; acceptances; checks; withdrawal orders; money</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>orders; travelers' letters of credit; bills of lading; abstracts of title; insurance</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>policies, deeds, mortgages on real estate and/or upon chattels and interests</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>therein; assignments of such policies, deeds or mortgages; other valuable</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>papers, including books of accounts and other records used by the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>ASSURED in the conduct of its business (but excluding all electronic data</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>processing records); and, all other instruments similar to or in the nature of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the foregoing in which the ASSURED acquired an interest at the time of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>ASSURED'S consolidation or merger with, or purchase of the principal</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>assets of, a predecessor or which are held by the ASSURED for any</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>purpose or in any capacity and whether so held gratuitously or not and</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>whether or not the ASSURED is liable therefor.</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>k.</FONT></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Relative </FONT></B><FONT face=sans-serif size=2>means the spouse of an </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>or partner of the ASSURED and</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>any unmarried child supported wholly by, or living in the home of, such</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>or partner and being related to them by blood, marriage or legal</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>guardianship.</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2><FONT face=sans-serif size=2>l.</FONT></FONT></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Securities, documents or other written instruments </FONT></B><FONT face=sans-serif size=2>means original (including</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>original counterparts) negotiable or non-negotiable instruments, or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>assignments thereof, which in and of themselves represent an equitable</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>interest, ownership, or debt and which are in the ordinary course of business</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>transferable by delivery of such instruments with any necessary</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>endorsements or assignments.</FONT></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 819px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="2%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 10 of 19</FONT></TD></TR></TABLE><BR>
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<A name="page_12"></A>
<P style="TEXT-ALIGN: left"><B><I><FONT face=sans-serif size=2>Conditions And Limitations</FONT></I></B></P>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="23%"></TD>
     <TD width="5%"></TD>
     <TD width="5%"></TD>
     <TD width="66%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Definitions</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>m.</FONT></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Subsidiary </FONT></B><FONT face=sans-serif size=2>means any organization that, at the inception date of this Bond,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>(continued)</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>is named in the APPLICATION or is created during the BOND PERIOD and</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>of which more than fifty percent (50%) of the outstanding securities or voting</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>rights representing the present right to vote for election of directors is owned</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>or controlled by the ASSURED either directly or through one or more of its</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>subsidiaries.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>n.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT face=sans-serif size=2>Transportation Company </FONT></B><FONT face=sans-serif size=2>means any organization which provides its own or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>its leased vehicles for transportation or which provides freight forwarding or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>air express services.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>o.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT face=sans-serif size=2>Voice Initiated Election </FONT></B><FONT face=sans-serif size=2>means any election concerning dividend options</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>available to </FONT><B><FONT face=sans-serif size=2>Investment Company </FONT></B><FONT face=sans-serif size=2>shareholders or subscribers which is</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>requested by voice over the telephone.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>p.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT face=sans-serif size=2>Voice Initiated Redemption </FONT></B><FONT face=sans-serif size=2>means any redemption of shares issued by an</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<B><FONT face=sans-serif size=2>Investment Company </FONT></B><FONT face=sans-serif size=2>which is requested by voice over the telephone.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT face=sans-serif size=2>Voice Initiated Funds Transfer Instruction </FONT></B><FONT face=sans-serif size=2>means any </FONT><B><FONT face=sans-serif size=2>Voice Initiated</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<B><FONT face=sans-serif size=2>Redemption </FONT></B><FONT face=sans-serif size=2>or </FONT><B><FONT face=sans-serif size=2>Voice Initiated Election.</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>For the purposes of these definitions, the singular includes the plural and the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>plural includes the singular, unless otherwise indicated.</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>General Exclusions -</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>2.</FONT></TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>This bond does not directly or indirectly cover:</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Applicable to All Insuring</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>loss not reported to the COMPANY in writing within sixty (60) days after</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Clauses</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>termination of this Bond as an entirety;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>loss due to riot or civil commotion outside the United States of America and</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Canada, or any loss due to military, naval or usurped power, war or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>insurrection. This Section 2.b., however, shall not apply to loss which occurs</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>in transit in the circumstances recited in INSURING CLAUSE 3., provided</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>that when such transit was initiated there was no knowledge on the part of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>any person acting for the ASSURED of such riot, civil commotion, military,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>naval or usurped power, war or insurrection;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>c.</FONT></TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>loss resulting from the effects of nuclear fission or fusion or radioactivity;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>d.</FONT></TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>loss of potential income including, but not limited to, interest and dividends</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>not realized by the ASSURED or by any customer of the ASSURED;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>e.</FONT></TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>damages of any type for which the ASSURED is legally liable, except</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>compensatory damages, but not multiples thereof, arising from a loss</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>covered under this Bond;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>f.</FONT></TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>costs, fees and expenses incurred by the ASSURED in establishing the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>existence of or amount of loss under this Bond, except to the extent covered</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>under INSURING CLAUSE 11.;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>g.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>loss resulting from indirect or consequential loss of any nature;</FONT></TD></TR></TABLE><BR>
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     <TD width="2%"></TD>
     <TD width="45%"></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 11 of 19</FONT></TD></TR></TABLE><BR>
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     <TD width="28%"></TD>
     <TD width="5%"></TD>
     <TD width="5%"></TD>
     <TD width="4%"></TD>
     <TD width="56%"></TD></TR>
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     <TD noWrap align=left><B><I><FONT face=sans-serif size=2>Conditions And</FONT></I></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=2>Limitations</FONT></I></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>General Exclusions -</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>h.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>loss resulting from dishonest acts by any member of the Board of Directors</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Applicable to All Insuring</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>or Board of Trustees of the ASSURED who is not an </FONT><B><FONT face=sans-serif size=2>Employee, </FONT></B><FONT face=sans-serif size=2>acting</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Clauses (continued)</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>alone or in collusion with others;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>i.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>loss, or that part of any loss, resulting solely from any violation by the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=5><FONT face=sans-serif size=2>ASSURED or by any </FONT><B><FONT face=sans-serif size=2>Employee:</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>of any law regulating:</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the issuance, purchase or sale of securities,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>securities transactions on security or commodity exchanges or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the over the counter market,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>c.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>investment companies,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>d.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>investment advisors, or</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>of any rule or regulation made pursuant to any such law; or j.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=5><FONT face=sans-serif size=2>loss of confidential information, material or data;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=4><FONT face=sans-serif size=2>&nbsp;k. loss resulting from voice requests or instructions received over the telephone,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>provided however, this Section 2.k. shall not apply to INSURING</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>CLAUSE 7. or 9.</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Specific Exclusions - </FONT></I><FONT face=sans-serif size=2>3.</FONT></TD>
     <TD noWrap align=left colSpan=4><B><FONT face=sans-serif size=2>This Bond does not directly or indirectly cover:</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Applicable To All Insuring</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>loss caused by an </FONT><B><FONT face=sans-serif size=2>Employee, </FONT></B><FONT face=sans-serif size=2>provided, however, this Section 3.a. shall not</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Clauses Except Insuring Clause</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>apply to loss covered under INSURING CLAUSE 2. or 3. which results</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>1.</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>directly from misplacement, mysterious unexplainable disappearance, or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=5><FONT face=sans-serif size=2>damage or destruction of </FONT><B><FONT face=sans-serif size=2>Property;</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>loss through the surrender of property away from premises of the ASSURED</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>as a result of a threat:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>to do bodily harm to any natural person, except loss of </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>in</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>transit in the custody of any person acting as messenger of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>ASSURED, provided that when such transit was initiated there was no</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>knowledge by the ASSURED of any such threat, and provided further</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>that this Section 3.b. shall not apply to INSURING CLAUSE 7., or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>to do damage to the premises or </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>of the ASSURED;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>c.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>loss resulting from payments made or withdrawals from any account</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>involving erroneous credits to such account;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>d.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>loss involving </FONT><B><FONT face=sans-serif size=2>Items of Deposit </FONT></B><FONT face=sans-serif size=2>which are not finally paid for any reason</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>provided however, that this Section 3.d. shall not apply to INSURING</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>CLAUSE 10.;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>e.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>loss of property while in the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>mail;</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE><BR>
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     <TD width="52%"></TD>
     <TD width="2%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 12 of 19</FONT></TD></TR></TABLE><BR>
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     <TD width="23%"></TD>
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     <TD width="65%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=2>Conditions And</FONT></I></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=2>Limitations</FONT></I></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Specific Exclusions -</FONT></I></TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>f.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>loss resulting from the failure for any reason of a financial or depository</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Applicable To All Insuring</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>institution, its receiver or other liquidator to pay or deliver funds or other</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Clauses Except Insuring</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>to the ASSURED provided further that this Section 3.f. shall not</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Clause 1. (continued)</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>apply to loss of </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>resulting directly from robbery, burglary,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>misplacement, mysterious unexplainable disappearance, damage,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>destruction or removal from the possession, custody or control of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>ASSURED.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>g.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>loss of </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>while in the custody of a </FONT><B><FONT face=sans-serif size=2>Transportation Company,</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>provided however, that this Section 3.g. shall not apply to INSURING</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>CLAUSE 3.;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>h.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>loss resulting from entries or changes made by a natural person with</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>authorized access to a </FONT><B><FONT face=sans-serif size=2>Computer System </FONT></B><FONT face=sans-serif size=2>who acts in good faith on</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>instructions, unless such instructions are given to that person by a software</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>contractor or its partner, officer, or employee authorized by the ASSURED to</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>design, develop, prepare, supply, service, write or implement programs for</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the ASSURED's </FONT><B><FONT face=sans-serif size=2>Computer System; </FONT></B><FONT face=sans-serif size=2>or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>i.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>loss resulting directly or indirectly from the input of data into a </FONT><B><FONT face=sans-serif size=2>Computer</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>System </FONT></B><FONT face=sans-serif size=2>terminal, either on the premises of the customer of the ASSURED</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>or under the control of such a customer, by a customer or other person who</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>had authorized access to the customer's authentication mechanism.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Specific Exclusions -</FONT></I></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>4. </FONT><B><FONT face=sans-serif size=2>This bond does not directly or indirectly cover:</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Applicable To All Insuring</FONT></I></TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>loss resulting from the complete or partial non-payment of or default on any</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Clauses Except Insuring</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>loan whether such loan was procured in good faith or through trick, artifice,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Clauses 1., 4., And 5.</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>fraud or false pretenses; provided, however, this Section 4.a. shall not apply</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>to INSURING CLAUSE 8.;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>loss resulting from forgery or any alteration;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>c.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>loss involving a counterfeit provided, however, this Section 4.c. shall not</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>apply to INSURING CLAUSE 5. or 6.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><I><FONT face=sans-serif size=2>Limit Of Liability/Non-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><FONT face=sans-serif size=2>5. At all times prior to termination of this Bond, this Bond shall continue in force for</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Reduction And Non-</FONT></I></TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Accumulation Of Liability</FONT></I></TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>notwithstanding any previous loss for which the COMPANY may have paid or be</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>liable to pay under this Bond provided, however, that the liability of the COMPANY</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>under this Bond with respect to all loss resulting from:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>any one act of burglary, robbery or hold-up, or attempt thereat, in which no</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>is concerned or implicated, or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>any one unintentional or negligent act on the part of any one person resulting</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>in damage to or destruction or misplacement of </FONT><B><FONT face=sans-serif size=2>Property, </FONT></B><FONT face=sans-serif size=2>or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>c.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>all acts, other than those specified in a. above, of any one person, or</FONT></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 817px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="2%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 13 of 19</FONT></TD></TR></TABLE><BR>
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     <TD width="26%"></TD>
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     <TD width="4%"></TD>
     <TD width="66%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=2>Conditions And</FONT></I></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=2>Limitations</FONT></I></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Limit Of Liability/Non-</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>d.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>any one casualty or event other than those specified in a., b., or c. above,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Reduction And Non-</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>shall be deemed to be one loss and shall be limited to the applicable LIMIT OF</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Accumulation Of Liability</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>(continued)</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>the total amount of such loss or losses and shall not be cumulative in amounts</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>from year to year or from period to period.</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>All acts, as specified in c. above, of any one person which</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>i.</FONT></TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>directly or indirectly aid in any way wrongful acts of any other person or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>persons, or</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>ii.</FONT></TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>permit the continuation of wrongful acts of any other person or persons</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>whether such acts are committed with or without the knowledge of the wrongful</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>acts of the person so aided, and whether such acts are committed with or without</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>the intent to aid such other person, shall be deemed to be one loss with the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>wrongful acts of all persons so aided.</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Discovery</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>6.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>&nbsp;This Bond applies only to loss first discovered by an officer of the ASSURED</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>during the BOND PERIOD. Discovery occurs at the earlier of an officer of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>ASSURED being aware of:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>facts which may subsequently result in a loss of a type covered by this Bond,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>an actual or potential claim in which it is alleged that the ASSURED is liable</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>to a third party,</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>regardless of when the act or acts causing or contributing to such loss occurred,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>even though the amount of loss does not exceed the applicable DEDUCTIBLE</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=2>AMOUNT, or the exact amount or details of loss may not then be known.</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Notice To Company - </FONT></I><FONT face=sans-serif size=2>7. </FONT><I><FONT face=sans-serif size=2>Proof -</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>The ASSURED shall give the COMPANY notice thereof at the earliest</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Legal Proceedings Against</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>practicable moment, not to exceed sixty (60) days after discovery of loss, in</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Company</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>an amount that is in excess of 50% of the applicable DEDUCTIBLE</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>AMOUNT, as stated in ITEM 2. of the DECLARATIONS.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>with full particulars within six (6) months after such discovery.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>c.</FONT></TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Securities listed in a proof of loss shall be identified by certificate or bond</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>numbers, if issued with them.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>d.</FONT></TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>Legal proceedings for the recovery of any loss under this Bond shall not be</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>brought prior to the expiration of sixty (60) days after the proof of loss is filed</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>with the COMPANY or after the expiration of twenty-four (24) months from</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>the discovery of such loss.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>e.</FONT></TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>This Bond affords coverage only in favor of the ASSURED. No claim, suit,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>action or legal proceedings shall be brought under this Bond by anyone</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>other than the ASSURED.</FONT></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 900px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="2%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 14 of 19</FONT></TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><B><I><FONT face=sans-serif size=2>Conditions And</FONT></I></B><BR>
<B><I><FONT face=sans-serif size=2>Limitations</FONT></I></B></TD></TR></TABLE></P>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="23%"></TD>
     <TD width="4%"></TD>
     <TD width="71%"></TD></TR>
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     <TD noWrap align=left><I><FONT face=sans-serif size=2>Notice To Company -</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>f. Proof of loss involving </FONT><B><FONT face=sans-serif size=2>Voice Initiated Funds Transfer Instruction </FONT></B><FONT face=sans-serif size=2>shall</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Proof - Legal Proceedings</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>include electronic recordings of such instructions.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Against Company</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>(continued)</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Deductible Amount</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>8.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>The COMPANY shall not be liable under any INSURING CLAUSES of this Bond</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>on account of loss unless the amount of such loss, after deducting the net amount</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>of all reimbursement and/or recovery obtained or made by the ASSURED, other</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>than from any Bond or policy of insurance issued by an insurance company and</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>covering such loss, or by the COMPANY on account thereof prior to payment by</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>DECLARATIONS.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>There shall be no deductible applicable to any loss under INSURING CLAUSE 1.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>sustained by any </FONT><B><FONT face=sans-serif size=2>Investment Company.</FONT></B></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Valuation</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>9.</FONT></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>BOOKS OF ACCOUNT OR OTHER RECORDS</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>The value of any loss of </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>consisting of books of account or other records</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>used by the ASSURED in the conduct of its business shall be the amount paid by</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>the ASSURED for blank books, blank pages, or other materials which replace the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>lost books of account or other records, plus the cost of labor paid by the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>ASSURED for the actual transcription or copying of data to reproduce such books</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>of account or other records.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>The value of any loss of </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>other than books of account or other records</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>used by the ASSURED in the conduct of its business, for which a claim is made</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>shall be determined by the average market value of such </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>on the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>business day immediately preceding discovery of such loss provided, however,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>that the value of any </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>replaced by the ASSURED with the consent of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>COMPANY and prior to the settlement of any claim for such </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>shall be the</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>actual market value at the time of replacement.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>In the case of a loss of interim certificates, warrants, rights or other securities, the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>production of which is necessary to the exercise of subscription, conversion,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>redemption or deposit privileges, the value of them shall be the market value of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>such privileges immediately preceding their expiration if said loss is not discovered</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>until after their expiration. If no market price is quoted for such </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>or for</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>such privileges, the value shall be fixed by agreement between the parties.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<B><FONT face=sans-serif size=2>OTHER PROPERTY</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>The value of any loss of </FONT><B><FONT face=sans-serif size=2>Property, </FONT></B><FONT face=sans-serif size=2>other than as stated above, shall be the actual</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>cash value or the cost of repairing or replacing such </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>with </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>like quality and value, whichever is less.</FONT></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 817px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="2%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 15 of 19</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<TR>
     <TD width="19%"></TD>
     <TD width="14%"></TD>
     <TD width="66%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=2>Conditions And</FONT></I></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=2>Limitations</FONT></I></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>(continued)</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Securities Settlement</FONT></I></TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=2>10. In the event of a loss of securities covered under this Bond, the COMPANY may,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>at its sole discretion, purchase replacement securities, tender the value of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>securities in money, or issue its indemnity to effect replacement securities.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>The indemnity required from the ASSURED under the terms of this Section</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>against all loss, cost or expense arising from the replacement of securities by the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>COMPANY'S indemnity shall be:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>for securities having a value less than or equal to the applicable</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>DEDUCTIBLE AMOUNT - one hundred (100%) percent;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>for securities having a value in excess of the DEDUCTIBLE AMOUNT but</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>within the applicable LIMIT OF LIABILITY - the percentage that the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>DEDUCTIBLE AMOUNT bears to the value of the securities;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>c.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>for securities having a value greater than the applicable LIMIT OF LIABILITY</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>- the percentage that the DEDUCTIBLE AMOUNT and portion in excess of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the applicable LIMIT OF LIABILITY bears to the value of the securities.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>The value referred to in Section 10.a., b., and c. is the value in accordance with</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Section 9, VALUATION, regardless of the value of such securities at the time the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>loss under the COMPANY'S indemnity is sustained.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>The COMPANY is not required to issue its indemnity for any portion of a loss of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>securities which is not covered by this Bond; however, the COMPANY may do so</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>as a courtesy to the ASSURED and at its sole discretion.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>The ASSURED shall pay the proportion of the Company's premium charge for the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Company's indemnity as set forth in Section 10.a., b., and c. No portion of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>LIMIT OF LIABILITY shall be used as payment of premium for any indemnity</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>purchased by the ASSURED to obtain replacement securities.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><I><FONT face=sans-serif size=2>Subrogation - Assignment -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><FONT face=sans-serif size=2>11. In the event of a payment under this Bond, the COMPANY shall be subrogated to</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Recovery</FONT></I></TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>all of the ASSURED'S rights of recovery against any person or entity to the extent</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>of such payment. On request, the ASSURED shall deliver to the COMPANY an</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>assignment of the ASSURED'S rights, title and interest and causes of action</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>against any person or entity to the extent of such payment.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Recoveries, whether effected by the COMPANY or by the ASSURED, shall be</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>applied net of the expense of such recovery in the following order:</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>first, to the satisfaction of the ASSURED'S loss which would otherwise have</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>been paid but for the fact that it is in excess of the applicable LIMIT OF</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>LIABILITY,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>second, to the COMPANY in satisfaction of amounts paid in settlement of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the ASSURED'S claim,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>c.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>AMOUNT, and</FONT></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 919px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="2%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 16 of 19</FONT></TD></TR></TABLE><BR>
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<A name="page_18"></A>
<P style="TEXT-ALIGN: left"><B><I><FONT face=sans-serif size=2>Conditions And Limitations</FONT></I></B></P>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="21%"></TD>
     <TD width="12%"></TD>
     <TD width="65%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><I><FONT face=sans-serif size=2>Subrogation - Assignment -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><FONT face=sans-serif size=2>d. fourth, to the ASSURED in satisfaction of any loss suffered by the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Recovery</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>ASSURED which was not covered under this Bond.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(continued)</FONT></TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>recovery under this section.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Cooperation Of Assured</FONT></I></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>12. At the COMPANY'S request and at reasonable times and places designated by</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>the COMPANY, the ASSURED shall:</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>submit to examination by the COMPANY and subscribe to the same under</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>oath,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>produce for the COMPANY'S examination all pertinent records, and</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>c.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>cooperate with the COMPANY in all matters pertaining to the loss.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>The ASSURED shall execute all papers and render assistance to secure to the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=sans-serif size=2>COMPANY the rights and causes of action provided for under this Bond. The</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>ASSURED shall do nothing after loss to prejudice such rights or causes of action.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Termination</FONT></I></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>13. If the Bond is for a sole ASSURED, it shall not be terminated unless written notice</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>shall have been given by the acting party to the affected party and to the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Securities and Exchange Commission, Washington, D.C., not less than sixty (60)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>days prior to the effective date of such termination.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>If the Bond is for a joint ASSURED, it shall not be terminated unless written notice</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>shall have been given by the acting party to the affected party, and by the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>COMPANY to all ASSURED </FONT><B><FONT face=sans-serif size=2>Investment Companies </FONT></B><FONT face=sans-serif size=2>and to the Securities and</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Exchange Commission, Washington, D.C., not less than sixty (60) days prior to</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>the effective date of such termination.</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>This Bond will terminate as to any one ASSURED, other than an </FONT><B><FONT face=sans-serif size=2>Investment</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=sans-serif size=2>Company:</FONT></B></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>immediately on the taking over of such ASSURED by a receiver or other</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>liquidator or by State or Federal officials, or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>immediately on the filing of a petition under any State or Federal statute</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>relative to bankruptcy or reorganization of the ASSURED, or assignment for</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the benefit of creditors of the ASSURED, or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>c.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>immediately upon such ASSURED ceasing to exist, whether through merger</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>into another entity, disposition of all of its assets or otherwise.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>The COMPANY shall refund the unearned premium computed at short rates in</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>accordance with the standard short rate cancellation tables if terminated by the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>ASSURED or pro rata if terminated for any other reason.</FONT></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 979px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="2%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 17 of 19</FONT></TD></TR></TABLE><BR>
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<A name="page_19"></A>
<P style="TEXT-ALIGN: left"><B><I><FONT face=sans-serif size=2>Conditions And Limitations</FONT></I></B></P>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="21%"></TD>
     <TD width="4%"></TD>
     <TD width="3%"></TD>
     <TD width="4%"></TD>
     <TD width="65%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Termination</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>If any partner, director, trustee, or officer or supervisory employee of an</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>(continued)</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>ASSURED not acting in collusion with an </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>learns of any dishonest act</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>committed by such </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>at any time, whether in the employment of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>ASSURED or otherwise, whether or not such act is of the type covered under this</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Bond, and whether against the ASSURED or any other person or entity, the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>ASSURED:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>shall immediately remove such </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>from a position that would enable</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>such </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>to cause the ASSURED to suffer a loss covered by this</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bond; and</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>within forty-eight (48) hours of learning that an </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>has committed</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>any dishonest act, shall notify the COMPANY, of such action and provide full</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>particulars of such dishonest act.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>The COMPANY may terminate coverage as respects any </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>sixty (60)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>days after written notice is received by each ASSURED </FONT><B><FONT face=sans-serif size=2>Investment Company</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>and the Securities and Exchange Commission, Washington, D.C. of its desire to</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>terminate this Bond as to such </FONT><B><FONT face=sans-serif size=2>Employee.</FONT></B></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Other Insurance</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>14.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Coverage under this Bond shall apply only as excess over any valid and collectible</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>insurance, indemnity or suretyship obtained by or on behalf of:</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the ASSURED,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>a </FONT><B><FONT face=sans-serif size=2>Transportation Company, </FONT></B><FONT face=sans-serif size=2>or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>c.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>another entity on whose premises the loss occurred or which employed the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>person causing the loss or engaged the messenger conveying the </FONT><B><FONT face=sans-serif size=2>Property</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>involved.</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Conformity</FONT></I></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>15.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>If any limitation within this Bond is prohibited by any law controlling this Bond's</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>construction, such limitation shall be deemed to be amended so as to equal the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>minimum period of limitation provided by such law.</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=2>Change or Modification</FONT></I></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>16.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>This Bond or any instrument amending or affecting this Bond may not be changed</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>or modified orally. No change in or modification of this Bond shall be effective</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>except when made by written endorsement to this Bond signed by an authorized</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>representative of the COMPANY.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>If this Bond is for a sole ASSURED, no change or modification which would</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>days after written notice has been furnished to the Securities and Exchange</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Commission, Washington, D.C., by the acting party.</FONT></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 862px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="2%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 18 of 19</FONT></TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><B><I><FONT face=sans-serif size=2>Conditions And</FONT></I></B><BR>
<B><I><FONT face=sans-serif size=2>Limitations</FONT></I></B></TD></TR></TABLE></P>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="74%"></TD></TR>
<TR vAlign=top>
     <TD>
<P><I><FONT face=sans-serif size=2>Change or Modification (continued)</FONT></I></P>
</TD>
     <TD>&nbsp;</TD>
     <TD>
<P><FONT face=sans-serif 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=sans-serif size=2>Investment Companies </FONT></B><FONT face=sans-serif size=2>and to the Securities and Exchange Commission, Washington, D.C., by the COMPANY.</FONT></P>
</TD></TR></TABLE><BR>
<TABLE style="WIDTH: 889px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="2%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ICAP Bond (5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Form 17-02-1421 (Ed. 5-98)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>Page 19 of 19</FONT></TD></TR></TABLE><BR>
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<TABLE style="WIDTH: 655px; HEIGHT: 183px" cellSpacing=0 border=0>
<TR>
     <TD width="48%"></TD>
     <TD width="51%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Effective date of</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>this endorsement: July 15, 2009</FONT></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Endorsement No.: 1 Bond</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>To be attached to and form a part of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bond Number: 81906724</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Issued to: JOHN HANCOCK FUNDS</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: center"><B><FONT face=sans-serif size=2>COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS RIDER</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other laws or regulations prohibit the coverage provided by this insurance.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Date: January 25, 2010 By</FONT></P>
<P style="MARGIN-LEFT: 250pt; TEXT-ALIGN: left"><FONT face=sans-serif size=2>/s/ Robert Hamburger</FONT></P>
<P style="MARGIN-LEFT: 250pt; TEXT-ALIGN: left"><FONT face=sans-serif size=1>Authorized</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Form 14-02-9228 (Ed. 4/2004)</FONT></P>
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<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="9%"></TD>
     <TD width="90%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Endorsement No: 2 Bond</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Bond Number: 81906724</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=2><B><FONT face=sans-serif size=2>TERMINATION-NONRENEWAL-NOTICE ENDORSEMENT</FONT></B></TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>It is agreed that this Bond is amended as follows:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By adding to Section 13., Termination, the following:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>"Termination By The Company</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Bonds In Effect For More Than Sixty (60) Days</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>If this Bond has been in effect for more than sixty (60) days, or, if this Bond is a renewal, the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>COMPANY may terminate by providing written notice of cancellation at least sixty (60) days before</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>the effective date of termination for at least one of the following reasons:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>1.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Nonpayment of premium;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>2.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Discovery of fraud or material misrepresentation in obtaining this Bond or in the presentation</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>of a claim thereunder;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>3.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Discovery of willful or reckless acts or omissions or violation of any provision of this Bond on</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the part of the ASSURED which substantially and materially increases any hazard insured</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>against, and which occurred subsequent to the inception of the current BOND PERIOD;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>4.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Conviction of the ASSURED of a crime arising out of acts increasing the hazard insured</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=sans-serif size=2>against;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>5.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Material change in the risk which increases the risk of loss after insurance coverage has been</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>issued or renewed, except to the extent that the COMPANY should reasonably have foreseen</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the change, or contemplated the risk when the contract was written;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>6.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Determination by the Commissioner that the continuation of the Bond would jeopardize a</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>COMPANY'S solvency or would place the COMPANY in violation of the insurance laws of any</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>state;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>7.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Determination by the Commissioner that continuation of the present premium volume of the</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>COMPANY would jeopardize the COMPANY'S policyholders, creditors or the public;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>8.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Such other reasons that are approved by the Commissioner;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>9.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Determination by the Commissioner that the COMPANY no longer has adequate reinsurance</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>to meet the ASSUREDS needs;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>10.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Substantial breaches of contractual duties, conditions or warranties; or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>11.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Unfavorable underwriting facts, specific to the ASSURED, existing that were not present at the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>inception of the Bond.</FONT></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 813px; HEIGHT: 85px" cellSpacing=0 border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="38%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP Bond</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-1360 (Rev. 10-99)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Page 1</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P style="MARGIN-LEFT: 0pt; TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>Bonds In Effect Sixty (60) Days Or Less</FONT></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>If this Bond has been in effect for sixty (60) days or less, and it is not a renewal Bond, the COMPANY may terminate for any reason by providing written notice of termination at least sixty (60) days before the effective date of termination.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Notice Of Termination</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Notice of termination under this Section shall be mailed or delivered, by certified mail, return receipt provided by the United States Postal Service, to the ASSURED and to the authorized agent or broker, if any, at least sixty (60) days prior to the effective date of cancellation at the address shown on the DECLARATIONS of this Bond.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>If this Bond is cancelled for nonpayment of premium, the COMPANY will mail or deliver, by certified mail, return receipt provided by the United States Postal Service, a written notice at least thirty (30) days before the effective date of cancellation. The cancellation notice shall contain information regarding the amount of premium due and the due date, and shall state the effect of nonpayment by the due date. Cancellation shall not be effective if payment of the amount due is made prior to the effective date of cancellation.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>All notice of cancellation shall state the reason(s) for cancellation.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>There is no liability on the part of, and no cause of action of any nature shall arise against, the COMPANY, its authorized representatives, its employees, or any firm, person or corporation furnishing to the COMPANY, information relating to the reasons for cancellation or nonrenewal, for any statement made by them in complying or enabling the COMPANY to comply with this Section, for the provision of information pertaining thereto, or for statements made or evidence submitted at any hearings conducted in connection therewith, if such information was provided in good faith and without malice.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Notice Of Nonrenewal</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>If the COMPANY elects not to renew this Bond, the COMPANY shall mail or deliver written notice, by certified mail, return receipt, provided by the United States Postal Service, to the ASSURED, at his last known address, at least sixty (60) days before the expiration date or before the anniversary date, if this Bond has been written for a term of more than one (1) year. Such notice shall also be mailed to the ASSURED'S agent or broker, if any.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Such notice shall contain all of the following:</FONT></P>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD vAlign=top noWrap width="2%"><FONT face=sans-serif size=2>a.</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%"><FONT face=sans-serif size=2>Bond Number:</FONT> </TD></TR>
<TR>
     <TD vAlign=top noWrap width="2%"><FONT face=sans-serif size=2>b.</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%"><FONT face=sans-serif size=2>Date of Notice;</FONT> </TD></TR>
<TR>
     <TD vAlign=top noWrap width="2%"><FONT face=sans-serif size=2>c.</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%"><FONT face=sans-serif size=2>Reason for Cancellation;</FONT> </TD></TR>
<TR>
     <TD vAlign=top noWrap width="2%"><FONT face=sans-serif size=2>d.</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%"><FONT face=sans-serif size=2>Expiration Date of the Bond;</FONT> </TD></TR>
<TR>
     <TD vAlign=top noWrap width="2%"><FONT face=sans-serif size=2>e.</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%"><FONT face=sans-serif size=2>Effective Date and Hour of Cancellation.</FONT> </TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Notice of nonrenewal shall not be required if the COMPANY or a COMPANY within the same insurance group has offered to issue a renewal Bond, the ASSURED has obtained replacement coverage or has agreed in writing to obtain replacement coverage, the ASSURED has requested or agreed to nonrenewal, or the Bond is expressly designated as nonrenewable.</FONT></P>
<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>ICAP Bond</FONT><BR>
<FONT face=sans-serif size=2>Form 17-02-1360 (Rev. 10-99)</FONT></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: right"><FONT face=sans-serif size=2>Page 2</FONT></P>
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<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="10%">&nbsp;</TD>
     <TD width="90%"><FONT face=sans-serif size=2>Return Premium Calculations</FONT> </TD></TR>
<TR>
     <TD width="10%">&nbsp;</TD>
     <TD width="90%"><FONT face=sans-serif size=2>Any unearned premiums which have been paid by the ASSURED shall be refunded to the ASSURED on a pro rata basis if terminated by the COMPANY or the ASSURED. The unearned premiums shall be refunded to the ASSURED within forty-five (45) days of receipt of the request for cancellation or the effective date of cancellation, whichever is later.</FONT> </TD></TR>
<TR>
     <TD width="10%">&nbsp;</TD>
     <TD width="90%"><FONT face=sans-serif size=2>Conditional Renewal</FONT> </TD></TR>
<TR>
     <TD width="10%">&nbsp;</TD>
     <TD width="90%"><FONT face=sans-serif size=2>If the COMPANY offers or purports to renew the Bond, but on less favorable terms or at higher rates, the new terms or higher premiums may take effect on the renewal date, if the COMPANY mails or delivers by certified mail, return receipt provided by the United States Postal Service, to the ASSURED, notice of the new terms or premiums at least sixty (60) days prior to the renewal date. If the COMPANY notifies the ASSURED within sixty (60) days prior to the renewal date, the new terms or premiums do not take effect until sixty (60) days after the notice is mailed or delivered, in which case, the ASSURED may elect to cancel the renewal Bond within the sixty (60) day period. If the COMPANY does not notify the ASSURED of the new terms or premiums, the COMPANY shall continue the Bond at the expiring terms and premiums until notice is given or until the effective date of replacement coverage is obtained by the ASSURED, whichever occurs first."</FONT> </TD></TR>
<TR>
     <TD vAlign=top noWrap width="2%"><FONT face=sans-serif size=2>2.</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%"><FONT face=sans-serif size=2>It is further understood and agreed that for the purposes of Section 13., Termination, any occurrence listed in this Section shall be considered to be a request by the ASSURED to immediately terminate this Bond.</FONT> </TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>This Endorsement applies to loss discovered after 12:01 a.m. on July 15, 2009.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>By Date: January 25, 2010</FONT></P>
<P style="MARGIN-LEFT: 250pt; TEXT-ALIGN: left"><FONT face=sans-serif size=2>/s/ Robert Hamburger</FONT></P>
<P style="MARGIN-LEFT: 250pt; TEXT-ALIGN: left"><FONT face=sans-serif size=1>Authorized Representative</FONT></P>
<TABLE style="WIDTH: 844px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="59%"></TD>
     <TD width="2%"></TD>
     <TD width="38%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP Bond</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-1360 (Rev. 10-99)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Page 3</FONT></TD></TR></TABLE><BR>
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<TR>
     <TD width="3%"></TD>
     <TD width="5%"></TD>
     <TD width="5%"></TD>
     <TD width="85%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Endorsement No.: 3 Bond</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Bond Number: 81906724</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><FONT face=sans-serif size=2>NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=4><B><FONT face=sans-serif size=2>UNAUTHORIZED SIGNATURE ENDORSEMENT</FONT></B></TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=4></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><FONT face=sans-serif size=2>It is agreed that this Bond is amended as follows:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>1.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>By adding the following INSURING CLAUSE:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>12.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Unauthorized Signature</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Loss resulting directly from the ASSURED having accepted, paid or cashed any check or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Withdrawal Order </FONT></B><FONT face=sans-serif size=2>made or drawn on or against the account of the ASSURED'S customer</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>which bears the signature or endorsement of one other than a person whose name and</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>signature is on file with the ASSURED as a signatory on such account.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>It shall be a condition precedent to the ASSURED'S right of recovery under this INSURING</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>CLAUSE that the ASSURED shall have on file signatures of all the persons who are</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>signatories on such account.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>By adding to Section 1., Definitions, the following:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>aa.</FONT></TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Instruction </FONT></B><FONT face=sans-serif size=2>means a written order to the issuer of an </FONT><B><FONT face=sans-serif size=2>Uncertificated Security </FONT></B><FONT face=sans-serif size=2>requesting that</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>the transfer, pledge or release from pledge of the specified </FONT><B><FONT face=sans-serif size=2>Uncertificated Security </FONT></B><FONT face=sans-serif size=2>be</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>registered.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>bb.</FONT></TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Uncertificated Security </FONT></B><FONT face=sans-serif size=2>means a share, participation or other interest in property of or an</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>enterprise of the issuer or an obligation of the issuer, which is:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>not represented by an instrument and the transfer of which is registered on books</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>maintained for that purpose by or on behalf of the issuer, and</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>of a type commonly dealt in on securities exchanges or markets, and</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(3)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>either one of a class or series or by its terms divisible into a class or series of shares,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>participations, interests or obligations.</FONT></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 757px; HEIGHT: 94px" cellSpacing=0 border=0>
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     <TD width="60%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP Bond</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-5602 (Ed. 10-03)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Page 1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2></FONT></TD></TR></TABLE><BR>
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     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>cc. </FONT><B><FONT face=sans-serif size=2>Withdrawal Order </FONT></B><FONT face=sans-serif size=2>means a non-negotiable instrument, other than an </FONT><B><FONT face=sans-serif size=2>Instruction, </FONT></B><FONT face=sans-serif size=2>signed by a</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>customer of the ASSURED authorizing the ASSURED to debit the customer's account in the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>amount of funds stated therein.</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>This Endorsement applies to loss discovered after 12:01 a.m. on July 15, 2009.</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>By&nbsp;&nbsp; <FONT face=sans-serif size=1>s/ Robert Hamburger</FONT></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Date: January 25, 2010</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=1>Authorized Representative</FONT></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 724px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="58%"></TD>
     <TD width="2%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP Bond</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-5602 (Ed. 10-03)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Page 2</FONT></TD></TR></TABLE><BR>
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     <TD width="3%"></TD>
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     <TD width="85%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Endorsement No.: 4 Bond</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>Bond Number: 81906724</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=3><B><FONT face=sans-serif size=2>AUTOMATED TELEPHONE TRANSACTION ENDORSEMENT</FONT></B></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>It is agreed that this Bond is amended as follows:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>1.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>By adding the following INSURING CLAUSE:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>13.&nbsp;&nbsp; Automated Telephone System Transaction</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss resulting directly from the ASSURED having transferred funds on the faith of any</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automated Phone System (APS) Transaction, </FONT></B><FONT face=sans-serif size=2>where the request for such </FONT><B><FONT face=sans-serif size=2>APS</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction </FONT></B><FONT face=sans-serif size=2>is unauthorized or fraudulent and is made with the intent to deceive. In order for</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; coverage to apply under this INSURING CLAUSE the ASSURED shall maintain and follow all</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APS Designated Procedures. </FONT></B><FONT face=sans-serif size=2>A single failure of the ASSURED to maintain and follow a</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; particular </FONT><B><FONT face=sans-serif size=2>APS Designated Procedure </FONT></B><FONT face=sans-serif size=2>in a particular </FONT><B><FONT face=sans-serif size=2>APS Transaction </FONT></B><FONT face=sans-serif size=2>will not preclude</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>coverage under this INSURING CLAUSE.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>By adding to Section 1., Definitions, the following:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>dd. </FONT><B><FONT face=sans-serif size=2>APS Designated Procedures </FONT></B><FONT face=sans-serif size=2>means all of the following procedures:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>No </FONT><B><FONT face=sans-serif size=2>APS Transaction </FONT></B><FONT face=sans-serif size=2>shall be executed unless the shareholder or unitholder to whose</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>account such an </FONT><B><FONT face=sans-serif size=2>APS Transaction </FONT></B><FONT face=sans-serif size=2>relates has previously elected to </FONT><B><FONT face=sans-serif size=2>APS Transactions.</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Election in Application)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>All </FONT><B><FONT face=sans-serif size=2>APS Transactions </FONT></B><FONT face=sans-serif size=2>shall be logged or otherwise recorded and the records shall be</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>retained for at least six (6) months. (Logging)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Information contained in the records shall be capable of being retrieved and produced</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>within a reasonable time after retrieval of specific information is requested, at a success</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>rate of no less than 85 percent.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>(3)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>The caller in any request for an </FONT><B><FONT face=sans-serif size=2>APS Transaction, </FONT></B><FONT face=sans-serif size=2>before executing that </FONT><B><FONT face=sans-serif size=2>APS</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Transaction </FONT></B><FONT face=sans-serif size=2>must enter a personal identification number (PIN), social security number</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>and account number. (Identity Test)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>If the caller fails to enter a correct PIN within three (3) attempts, the caller must not be</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>allowed additional attempts during the same telephone call to enter the PIN. The caller</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>may either be instructed to redial a customer service representative or may be</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>immediately connected to such a representative. (Limited attempts to Enter PIN)</FONT></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 772px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="58%"></TD>
     <TD width="2%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP Bond</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-2345 (Ed. 10-00)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>Page 1</FONT></TD></TR></TABLE><BR>
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<TR>
     <TD width="2%"></TD>
     <TD width="5%"></TD>
     <TD width="5%"></TD>
     <TD width="85%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(4)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>A written confirmation of any </FONT><B><FONT face=sans-serif size=2>APS Transaction </FONT></B><FONT face=sans-serif size=2>or change of address shall be mailed to</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the shareholder or unitholder to whose account such transaction relates, at the record</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>address, by the end of the insured's next regular processing cycle, but in no event later</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>than five (5) business days following such </FONT><B><FONT face=sans-serif size=2>APS Transaction. </FONT></B><FONT face=sans-serif size=2>(Written Confirmation)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(5)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Access to the equipment which permits the entity receiving the </FONT><B><FONT face=sans-serif size=2>APS Transaction</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>request to process and effect the transaction shall be limited in the following manner:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(Access to APS Equipment)</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>ee.</FONT></TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>APS Election </FONT></B><FONT face=sans-serif size=2>means any election concerning various account features available to the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>shareholder or unitholder which is made through the </FONT><B><FONT face=sans-serif size=2>Automated Phone System </FONT></B><FONT face=sans-serif size=2>by means of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>information transmitted by an individual caller through use of a </FONT><B><FONT face=sans-serif size=2>Automated Phone System.</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>These features include account statements, auto exchange, auto asset builder, automatic</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>withdrawal, dividend/capital gain options, dividend sweep, telephone balance consent and</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>change of address.</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>ff. </FONT></TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>APS Exchange </FONT></B><FONT face=sans-serif size=2>means any exchange of shares or units in a registered account of one fund into</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>shares or units in an account with the same tax identification number and same ownership-</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>type code of another fund in the same complex pursuant to exchange privileges of the two</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>funds, which exchange is requested through the </FONT><B><FONT face=sans-serif size=2>Automated Phone System </FONT></B><FONT face=sans-serif size=2>by means of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>information transmitted by an individual caller through use of an </FONT><B><FONT face=sans-serif size=2>Automated Phone System.</FONT></B></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>gg. </FONT></TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>APS Purchase </FONT></B><FONT face=sans-serif size=2>means any purchase of shares or units issued by an </FONT><B><FONT face=sans-serif size=2>Investment Company</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>which is requested through an </FONT><B><FONT face=sans-serif size=2>Automated Phone System.</FONT></B></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>hh. </FONT></TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>APS Redemption </FONT></B><FONT face=sans-serif size=2>means any redemption of shares or units issued by an </FONT><B><FONT face=sans-serif size=2>Investment</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Company </FONT></B><FONT face=sans-serif size=2>which it requested through the telephone by means of information transmitted by</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>an individual caller through use of a </FONT><B><FONT face=sans-serif size=2>Automated Phone System.</FONT></B></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>ii. </FONT></TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>APS Transaction </FONT></B><FONT face=sans-serif size=2>means any </FONT><B><FONT face=sans-serif size=2>APS Purchase, APS Redemption, APS Election </FONT></B><FONT face=sans-serif size=2>or </FONT><B><FONT face=sans-serif size=2>APS</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Exchange.</FONT></B></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>jj.</FONT></TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Automated Phone System </FONT></B><FONT face=sans-serif size=2>means an automated system which receives and converts to</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>executable instructions transmissions through the </FONT><B><FONT face=sans-serif size=2>Automated Phone System </FONT></B><FONT face=sans-serif size=2>through use of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>a touch-tone keypad or other tone system; and always excluding transmissions from a</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>computer system or part thereof.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>3.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>&nbsp;By adding the following Section after Section 4., Specific Exclusions-Applicable To All Insuring</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>Clauses Except 1., 4., 5.:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>Section 4.A Specific Exclusion-Applicable to Insuring Clause 13</FONT></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<B><FONT face=sans-serif size=2>This Bond does not directly or indirectly cover under Insuring Clause 13:</FONT></B></TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>Loss resulting from:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>the redemption of shares or units, where the proceeds of such redemption are made payable</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>to other than:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>the shares or units of record,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>a person designated to receive redemption proceeds, or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(3)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>a bank account designated to receive redemption proceeds, or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>the redemption of shares or units, where the proceeds of such redemption are paid by check</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>mailed to any address, unless such address has either been designated the shareholder or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>unitholder by voice through an </FONT><B><FONT face=sans-serif size=2>Automated Phone System </FONT></B><FONT face=sans-serif size=2>or in writing, at least thirty (30)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>days prior to such redemption, or</FONT></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 806px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="58%"></TD>
     <TD width="2%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP Bond</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-2345 (Ed. 10-00)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>Page 2</FONT></TD></TR></TABLE><BR>
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<P style="MARGIN-LEFT: 24pt; TEXT-ALIGN: left"><FONT face=sans-serif size=2>c. the redemption of shares or units, where shareholder or unitholder of the ASSURED designated bank account of record.</FONT></P>
<P style="MARGIN-LEFT: 24pt; TEXT-ALIGN: left">&nbsp;</P>
<P style="MARGIN-LEFT: 24pt; TEXT-ALIGN: left">&nbsp;</P>
<P style="MARGIN-LEFT: 24pt; TEXT-ALIGN: left">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>This Endorsement applies to loss discovered after 12:01 a.m. on July 15, 2009.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Date: January 25, 2010</FONT></P>
<P style="MARGIN-LEFT: 250pt; TEXT-ALIGN: left"><FONT face=sans-serif size=2>By</FONT> <FONT face=sans-serif size=2>/s/ Robert Hamburger</FONT></P>
<P style="MARGIN-LEFT: 250pt; TEXT-ALIGN: left"><FONT face=sans-serif size=1>Authorized Representative</FONT></P>
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<TR>
     <TD width="58%"></TD>
     <TD width="2%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP Bond</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-2345 (Ed. 10-00)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>Page 3</FONT></TD></TR></TABLE><BR>
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     <TD width="3%"></TD>
     <TD width="17%"></TD>
     <TD width="78%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 250pt"><FONT face=sans-serif size=2>Endorsement No.: 5 Bond</FONT></P>
</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 250pt"><FONT face=sans-serif size=2>Bond Number: 81906724</FONT></P>
</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>NAME OF ASSURED:</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>&nbsp; JOHN HANCOCK FUNDS</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=3><B><FONT face=sans-serif size=2>TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT</FONT></B></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>It is agreed that this Bond is amended as follows:</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>1.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>By adding the following INSURING CLAUSE:</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>14. Telefacsimile Instruction</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Loss resulting directly from the ASSURED having transferred, paid or delivered any funds</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>or other </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>or established any credit, debited any account or given any value on</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>the faith of any fraudulent instructions sent by a </FONT><B><FONT face=sans-serif size=2>Customer, </FONT></B><FONT face=sans-serif size=2>financial institution or another</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>office of the ASSURED by </FONT><B><FONT face=sans-serif size=2>Telefacsimile </FONT></B><FONT face=sans-serif size=2>directly to the ASSURED authorizing or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>acknowledging the transfer, payment or delivery of funds or </FONT><B><FONT face=sans-serif size=2>Property </FONT></B><FONT face=sans-serif size=2>or the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>establishment of a credit or the debiting of an account or the giving of value by the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>ASSURED where such </FONT><B><FONT face=sans-serif size=2>Telefacsimile </FONT></B><FONT face=sans-serif size=2>instructions:</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>bear a valid test key exchanged between the ASSURED and a </FONT><B><FONT face=sans-serif size=2>Customer </FONT></B><FONT face=sans-serif size=2>or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>another financial institution with authority to use such test key for </FONT><B><FONT face=sans-serif size=2>Telefacsimile</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>instructions in the ordinary course of business, but which test key has been</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>wrongfully obtained by a person who was not authorized to initiate, make,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>validate or authenticate a test key arrangement, and</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>fraudulently purport to have been sent by such </FONT><B><FONT face=sans-serif size=2>Customer </FONT></B><FONT face=sans-serif size=2>or financial institution</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>when such </FONT><B><FONT face=sans-serif size=2>Telefacsimile </FONT></B><FONT face=sans-serif size=2>instructions were transmitted without the knowledge or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>consent of such </FONT><B><FONT face=sans-serif size=2>Customer </FONT></B><FONT face=sans-serif size=2>or financial institution by a person other than such</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Customer </FONT></B><FONT face=sans-serif size=2>or financial institution and which bear a </FONT><B><FONT face=sans-serif size=2>Forgery </FONT></B><FONT face=sans-serif size=2>of a signature,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>provided that the </FONT><B><FONT face=sans-serif size=2>Telefacsimile </FONT></B><FONT face=sans-serif size=2>instruction was verified by a direct call back to an</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>employee of the financial institution, or a person thought by the ASSURED to be</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>the </FONT><B><FONT face=sans-serif size=2>Customer, </FONT></B><FONT face=sans-serif size=2>or an employee of another financial institution.</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>By deleting from Section 1., Definitions, the definition of </FONT><B><FONT face=sans-serif size=2>Customer </FONT></B><FONT face=sans-serif size=2>in its entirety, and substituting</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>the following:</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>d. </FONT><B><FONT face=sans-serif size=2>Customer </FONT></B><FONT face=sans-serif size=2>means an individual, corporate, partnership, trust customer, shareholder or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>subscriber of an Investment Company which has a written agreement with the ASSURED</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>for </FONT><B><FONT face=sans-serif size=2>Voice Initiated Funds Transfer Instruction </FONT></B><FONT face=sans-serif size=2>or </FONT><B><FONT face=sans-serif size=2>Telefacsimile </FONT></B><FONT face=sans-serif size=2>Instruction.</FONT></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 763px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="59%"></TD>
     <TD width="2%"></TD>
     <TD width="38%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP Bond</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-2367(Rev. 10-03)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>Page 1</FONT></TD></TR></TABLE><BR>
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     <TD width="5%"></TD>
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     <TD noWrap align=left><FONT face=sans-serif size=2>31.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>By adding to Section 1., Definitions, the following:</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>kk. </FONT><B><FONT face=sans-serif size=2>Telefacsimile </FONT></B><FONT face=sans-serif size=2>means a system of transmitting written documents by electronic signals over</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>telephone lines to equipment maintained by the ASSURED for the purpose of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>reproducing a copy of said document. </FONT><B><FONT face=sans-serif size=2>Telefacsimile </FONT></B><FONT face=sans-serif size=2>does not mean electronic</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>communication sent by Telex or similar means of communication, or through an</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2>
<P style="MARGIN-LEFT: 40pt"><FONT face=sans-serif size=2>electronic communication system or through an automated clearing house.</FONT></P>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>4.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>By adding to Section 3., Specific Exclusions Applicable to All Insuring Clauses Except Insuring</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Clause 1. the following:</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>d. loss resulting directly or indirectly from </FONT><B><FONT face=sans-serif size=2>Telefacsimile </FONT></B><FONT face=sans-serif size=2>instructions provided, however, this</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>exclusion shall not apply to this INSURING CLAUSE.</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>This Endorsement applies to loss discovered after 12:01 a.m. on July 15, 2009.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. </FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Date: January 25, 2010 </FONT></P>
<P style="TEXT-ALIGN: center"><FONT face=sans-serif size=2>By&nbsp;<FONT face=sans-serif size=1>/s/ Robert Hamburger</FONT></FONT></P>
<P style="TEXT-ALIGN: center"><FONT face=sans-serif size=1>Authorized Representative</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ICAP Bond</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Form 17-02-2367 (Rev. 10- Page 03)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 2</FONT></P>
<P style="TEXT-ALIGN: center"><FONT face=sans-serif size=2></FONT>&nbsp;</P>
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     <TD width="25%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Endorsement No.:</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>6 Bond</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Bond Number:</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2><FONT face=sans-serif size=2>8190672</FONT>4</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><FONT face=sans-serif size=2>NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=5><B><FONT face=sans-serif size=2>STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><FONT face=sans-serif size=2>It is agreed that this Bond is amended as follows:</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>1.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>By adding the following INSURING CLAUSE:</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>"15. Stop Payment Order or Refusal to Pay Check</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Loss resulting directly from the ASSURED being legally liable to pay compensatory damages</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>for:</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<FONT face=sans-serif size=2>complying or failing to comply with notice from any customer of the ASSURED or any</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<FONT face=sans-serif size=2>authorized representative of such customer, to stop payment on any check or draft</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<FONT face=sans-serif size=2>made or drawn upon or against the ASSURED by such customer or by any authorized</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>representative of such customer, or</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<FONT face=sans-serif size=2>refusing to pay any check or draft made or drawn upon or against the ASSURED by any</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<FONT face=sans-serif size=2>customer of the ASSURED or by any authorized representative of such customer."</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>By adding the following Specific Exclusion:</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>"Section 4.A. Specific Exclusions - Applicable to INSURING CLAUSE</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3>&nbsp;<FONT face=sans-serif size=2>15 </FONT><B><FONT face=sans-serif size=2>This Bond does not directly or indirectly cover:</FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>liability assumed by the ASSURED by agreement under any contract, unless such liability</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>would have attached to the ASSURED even in the absence of such agreement,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>loss arising out of:</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<FONT face=sans-serif size=2>libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>malicious prosecution, assault or battery,</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<FONT face=sans-serif size=2>sickness, disease, physical bodily harm, mental or emotional distress or anguish, or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>death of any person, or</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(3)</FONT></TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>discrimination."</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=4></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><FONT face=sans-serif size=2>This Endorsement applies to loss discovered after 12:01 a.m. on July 15, 2009.</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=4></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><FONT face=sans-serif size=2>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><FONT face=sans-serif size=2>UNCHANGED.</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>Date: January 25, 2010</FONT></TD></TR></TABLE></P>
<P style="MARGIN-LEFT: 250pt; TEXT-ALIGN: left"><FONT face=sans-serif size=2>By /s/ Robert Hamburger</FONT></P>
<P style="MARGIN-LEFT: 250pt; TEXT-ALIGN: left"><FONT face=sans-serif size=1>Authorized Representative</FONT></P>
<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>ICAP Bond</FONT><BR>
<FONT face=sans-serif size=2>Form 17-02-2365 (Ed. 10-00)</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Endorsement No.: 7 Bond</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>Bond Number:</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2><FONT face=sans-serif size=2>8190672</FONT>4</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=3><B><FONT face=sans-serif size=2>EXTENDED COMPUTER SYSTEMS ENDORSEMENT</FONT></B></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>It is agreed that this Bond is amended as follows: 1.</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>By adding the following INSURING CLAUSE: 16.</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Extended Computer Systems</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=2>
<P style="MARGIN-LEFT: 125pt"><FONT face=sans-serif size=2>A. Electronic Data, Electronic Media, Electronic</FONT></P>
</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Instruction Loss resulting directly from:</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>&nbsp;&nbsp; the fraudulent modification of </FONT><B><FONT face=sans-serif size=2>Electronic Data, Electronic Media </FONT></B><FONT face=sans-serif size=2>or </FONT><B><FONT face=sans-serif size=2>Electronic</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>&nbsp;&nbsp; Instruction </FONT></B><FONT face=sans-serif size=2>being stored within or being run within any system covered under this</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>&nbsp;&nbsp; INSURING CLAUSE,</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>&nbsp;&nbsp; robbery, burglary, larceny or theft of </FONT><B><FONT face=sans-serif size=2>Electronic Data, Electronic Media </FONT></B><FONT face=sans-serif size=2>or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>&nbsp;&nbsp; Electronic Instructions,</FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>(3)</FONT></TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<FONT face=sans-serif size=2>the acts of a hacker causing damage or destruction of </FONT><B><FONT face=sans-serif size=2>Electronic Data, Electronic</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<B><FONT face=sans-serif size=2>Media </FONT></B><FONT face=sans-serif size=2>or </FONT><B><FONT face=sans-serif size=2>Electronic Instruction </FONT></B><FONT face=sans-serif size=2>owned by the ASSURED or for which the</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<FONT face=sans-serif size=2>ASSURED is legally liable, while stored within a </FONT><B><FONT face=sans-serif size=2>Computer System </FONT></B><FONT face=sans-serif size=2>covered</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>under this INSURING CLAUSE, or</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right>&nbsp;<FONT face=sans-serif size=2>(4) </FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>&nbsp;&nbsp; the damage or destruction of </FONT><B><FONT face=sans-serif size=2>Electronic Data, Electronic Media </FONT></B><FONT face=sans-serif size=2>or </FONT><B><FONT face=sans-serif size=2>Electronic</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<B><FONT face=sans-serif size=2>Instruction </FONT></B><FONT face=sans-serif size=2>owned by the ASSURED or for which the ASSURED is legally liable</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<FONT face=sans-serif size=2>while stored within a </FONT><B><FONT face=sans-serif size=2>Computer System </FONT></B><FONT face=sans-serif size=2>covered under INSURING CLAUSE 8,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<FONT face=sans-serif size=2>provided such damage or destruction was caused by a computer program or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<FONT face=sans-serif size=2>similar instruction which was written or altered to intentionally incorporate a hidden</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<FONT face=sans-serif size=2>instruction designed to damage or destroy </FONT><B><FONT face=sans-serif size=2>Electronic Data, Electronic Media, </FONT></B><FONT face=sans-serif size=2>or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<B><FONT face=sans-serif size=2>Electronic Instruction </FONT></B><FONT face=sans-serif size=2>in the </FONT><B><FONT face=sans-serif size=2>Computer System </FONT></B><FONT face=sans-serif size=2>in which the computer program</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=2>or instruction so written or so altered is used.</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP2 Bond</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-2976 (Ed. 1-02)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>Page 1</FONT></TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>B.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Electronic Communication</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Loss resulting directly from the ASSURED having transferred, paid or delivered any</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>funds or property, established any credit, debited any account or given any value on the</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>faith of any electronic communications directed to the ASSURED, which were</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>transmitted or appear to have been transmitted through:</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>an </FONT><B><FONT face=sans-serif size=2>Electronic Communication System,</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>an automated clearing house or custodian, or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(3)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>a Telex, TWX, or similar means of communication,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>directly into the ASSURED'S </FONT><B><FONT face=sans-serif size=2>Computer System </FONT></B><FONT face=sans-serif size=2>or </FONT><B><FONT face=sans-serif size=2>Communication Terminal, </FONT></B><FONT face=sans-serif size=2>and</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>fraudulently purport to have been sent by a customer, automated clearing house,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>custodian, or financial institution, but which communications were either not sent by said</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>customer, automated clearing house, custodian, or financial institution, or were</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>fraudulently modified during physical transit of </FONT><B><FONT face=sans-serif size=2>Electronic Media </FONT></B><FONT face=sans-serif size=2>to the ASSURED or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>during electronic transmission to the ASSURED'S </FONT><B><FONT face=sans-serif size=2>Computer System </FONT></B><FONT face=sans-serif size=2>or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Communication Terminal.</FONT></B></TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>C.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Electronic Transmission</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Loss resulting directly from a customer of the ASSURED, any automated clearing house,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>custodian, or financial institution having transferred, paid or delivered any funds or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>property, established any credit, debited any account or given any value on the faith of</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>any electronic communications, purporting to have been directed by the ASSURED to</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>such customer, automated clearing house, custodian, or financial institution initiating,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>authorizing, or acknowledging, the transfer, payment, delivery or receipt of funds or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>property, which communications were transmitted through:</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>an </FONT><B><FONT face=sans-serif size=2>Electronic Communication System,</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>an automated clearing house or custodian, or</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(3)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>a Telex, TWX, or similar means of communication,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>directly into a </FONT><B><FONT face=sans-serif size=2>Computer System </FONT></B><FONT face=sans-serif size=2>or </FONT><B><FONT face=sans-serif size=2>Communication Terminal </FONT></B><FONT face=sans-serif size=2>of said customer,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>automated clearing house, custodian, or financial institution, and fraudulently purport to</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>have been directed by the ASSURED, but which communications were either not sent</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>by the ASSURED, or were fraudulently modified during physical transit of </FONT><B><FONT face=sans-serif size=2>Electronic</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Media </FONT></B><FONT face=sans-serif size=2>from the ASSURED or during electronic transmission from the ASSURED'S</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Computer System </FONT></B><FONT face=sans-serif size=2>or </FONT><B><FONT face=sans-serif size=2>Communication Terminal, </FONT></B><FONT face=sans-serif size=2>and for which loss the ASSURED is</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>held to be legally liable.</FONT></TD></TR></TABLE><BR>
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     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-2976 (Ed. 1-02)</FONT></TD>
     <TD>&nbsp;</TD>
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     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>By adding to Section 1., Definitions, the following:</FONT></TD></TR>
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     <TD colSpan=4>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>ll. </FONT><B><FONT face=sans-serif size=2>Communication Terminal </FONT></B><FONT face=sans-serif size=2>means a teletype, teleprinter or video display terminal, or similar</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>device capable of sending or receiving information electronically. </FONT><B><FONT face=sans-serif size=2>Communication Terminal</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>does not mean a telephone.</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>mm. </FONT><B><FONT face=sans-serif size=2>Electronic Communication System </FONT></B><FONT face=sans-serif size=2>means electronic communication operations by Fedwire,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Clearing House Interbank Payment System (CHIPS), Society of Worldwide International</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Financial Telecommunication (SWIFT), similar automated interbank communication systems,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>and Internet access facilities.</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>nn. </FONT><B><FONT face=sans-serif size=2>Electronic Data </FONT></B><FONT face=sans-serif size=2>means facts or information converted to a form usable in </FONT><B><FONT face=sans-serif size=2>Computer Systems</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>and which is stored on </FONT><B><FONT face=sans-serif size=2>Electronic Media </FONT></B><FONT face=sans-serif size=2>for use by computer programs.</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>oo.&nbsp;</FONT><B><FONT face=sans-serif size=2>Electronic Instruction </FONT></B><FONT face=sans-serif size=2>means computer programs converted to a form usable in a </FONT><B><FONT face=sans-serif size=2>Computer</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>System </FONT></B><FONT face=sans-serif size=2>to act upon </FONT><B><FONT face=sans-serif size=2>Electronic Data.</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>pp. </FONT><B><FONT face=sans-serif size=2>Electronic Media </FONT></B><FONT face=sans-serif size=2>means the magnetic tape, magnetic disk, optical disk, or any other bulk</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>media on which data is recorded.</FONT></TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=3></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>3.</FONT></TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>By adding the following Section after Section 4., Specific Exclusions-Applicable to All INSURING</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>CLAUSES except 1., 4., and 5.:</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>Section 4.A. Specific Exclusions-Applicable to INSURING CLAUSE</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>16 </FONT><B><FONT face=sans-serif size=2>This Bond does not directly or indirectly cover:</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>a.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>loss resulting directly or indirectly from </FONT><B><FONT face=sans-serif size=2>Forged, </FONT></B><FONT face=sans-serif size=2>altered or fraudulent negotiable instruments,</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>securities, documents or written instruments used as source documentation in the preparation</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>of </FONT><B><FONT face=sans-serif size=2>Electronic Data;</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>b.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>loss of negotiable instruments, securities, documents or written instruments except as</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>converted to </FONT><B><FONT face=sans-serif size=2>Electronic Data </FONT></B><FONT face=sans-serif size=2>and then only in that converted form;</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>c.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>loss resulting from mechanical failure, faulty construction, error in design, latent defect, wear</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>or tear, gradual deterioration, electrical disturbance, </FONT><B><FONT face=sans-serif size=2>Electronic Media </FONT></B><FONT face=sans-serif size=2>failure or breakdown or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>any malfunction or error in programming or error or omission in processing;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>d.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>loss resulting directly or indirectly from the input of </FONT><B><FONT face=sans-serif size=2>Electronic Data </FONT></B><FONT face=sans-serif size=2>at an authorized</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>electronic terminal of an </FONT><B><FONT face=sans-serif size=2>Electronic Funds Transfer System </FONT></B><FONT face=sans-serif size=2>or a </FONT><B><FONT face=sans-serif size=2>Customer</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>Communication System </FONT></B><FONT face=sans-serif size=2>by a person who had authorized access from a customer to that</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>customer's authentication mechanism; or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>e.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>liability assumed by the ASSURED by agreement under any contract, unless such liability</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=4>
<P style="MARGIN-LEFT: 40pt"><FONT face=sans-serif size=2>would have attached to the ASSURED even in the absence of such agreement; or</FONT></P>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>f.</FONT></TD>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>loss resulting directly or indirectly from:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(1)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>written instruction unless covered under this INSURING CLAUSE; or</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(2)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>instruction by voice over the telephone, unless covered under this INSURING CLAUSE.</FONT></TD></TR></TABLE><BR>
<TABLE style="WIDTH: 668px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="58%"></TD>
     <TD width="2%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP2 Bond</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-2976 (Ed. 1-02)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>Page 3</FONT></TD></TR></TABLE><BR>
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<TR>
     <TD vAlign=top noWrap width="2%"><FONT face=sans-serif size=2>4.</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%"><FONT face=sans-serif size=2>By adding to Section 9., Valuation, the following:</FONT> </TD></TR>
<TR height=20>
     <TD width="10%"></TD>
     <TD width="90%"></TD></TR>
<TR>
     <TD width="10%">&nbsp;</TD>
     <TD width="90%"><FONT face=sans-serif size=2>Electronic Data, Electronic Media, Or Electronic Instruction</FONT> </TD></TR>
<TR>
     <TD width="10%">&nbsp;</TD>
     <TD width="90%"><FONT face=sans-serif size=2>In case of loss of, or damage to, </FONT><B><FONT face=sans-serif size=2>Electronic Data, Electronic Media </FONT></B><FONT face=sans-serif size=2>or </FONT><B><FONT face=sans-serif size=2>Electronic Instruction </FONT></B><FONT face=sans-serif 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=sans-serif size=2>Electronic Data, Electronic Media </FONT></B><FONT face=sans-serif size=2>or </FONT><B><FONT face=sans-serif size=2>Electronic Instruction </FONT></B><FONT face=sans-serif 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=sans-serif size=2>Electronic Data, Electronic Media </FONT></B><FONT face=sans-serif size=2>or </FONT><B><FONT face=s
ans-serif size=2>Electronic Instruction </FONT></B><FONT face=sans-serif size=2>subject to the applicable SINGLE LOSS LIMIT OF LIABILITY.</FONT> </TD></TR>
<TR>
     <TD width="10%">&nbsp;</TD>
     <TD width="90%"><FONT face=sans-serif size=2>However, if such </FONT><B><FONT face=sans-serif size=2>Electronic Data </FONT></B><FONT face=sans-serif size=2>can not be reproduced and said </FONT><B><FONT face=sans-serif size=2>Electronic Data </FONT></B><FONT face=sans-serif size=2>represents </FONT><B><FONT face=sans-serif size=2>Securities </FONT></B><FONT face=sans-serif 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 style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>This Endorsement applies to loss discovered after 12:01 a.m. on July 15, 2009.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>Date: January 25, 2010</FONT></TD></TR></TABLE></P>
<P style="MARGIN-LEFT: 250pt; TEXT-ALIGN: left"><FONT face=sans-serif size=2>By /S/ Robert Hamburger</FONT></P>
<P style="MARGIN-LEFT: 250pt; TEXT-ALIGN: left"><FONT face=sans-serif size=1>Authorized Representative</FONT></P>
<TABLE style="WIDTH: 758px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="58%"></TD>
     <TD width="2%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP2 Bond</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-2976 (Ed. 1-02)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>Page 4</FONT></TD></TR></TABLE><BR>
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<TR>
     <TD width="12%"></TD>
     <TD width="68%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Endorsement No:</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>8 Bond</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Bond Number:</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>81906724</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=2>NAME OF ASSURED ENDORSEMENT</FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=2>It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>follows:</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>JOHN</FONT> <FONT face=sans-serif size=2>HANCOCK</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>FUNDS</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>JOHN HANCOCK TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>500 INDEX</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>500 INDEX TRUST B</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>ABSOLUTE RETURN TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>ACTIVE BOND TRUST ALL CAP</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>CORE TRUST ALL CAP</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>GROWTH TRUST ALL CAP</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>VALUE TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>AMERICAN ASSET ALLOCATION TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>AMERICAN BLUE CHIP INCOME AND GROWTH TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>AMERICAN BOND TRUST AMERICAN</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>GLOBAL GROWTH TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>AMERICAN GLOBAL SMALL CAPITALIZATION TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>AMERICAN GROWTH TRUST AMERICAN</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>GROWTH-INCOME TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>AMERICAN HIGH-INCOME BOND TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>AMERICAN INTERNATIONAL TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>AMERICAN NEW WORLD TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>BLUE CHIP GROWTH TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>BOND INDEX TRUST A</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>BOND INDEX TRUST B</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>CAPITAL APPRECIATION TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>CLASSIC VALUE TRUST CORE</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>BOND TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>CORE EQUITY TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>DYNAMIC GROWTH TRUST EMERGING</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>GROWTH TRUST EMERGING MARKETS</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>VALUE TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>EMERGING SMALL COMPANY TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>EQUITY-INCOME TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>FINANCIAL SERVICES TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>FRANKLIN TEMPLETON FOUNDING ALLOCATION TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>FUNDAMENTAL VALUE TRUST</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE style="WIDTH: 794px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="59%"></TD>
     <TD width="2%"></TD>
     <TD width="38%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP Bond</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-0949 (Rev. 1-97)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>Page 1</FONT></TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><B><FONT face=sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>GLOBAL ALLOCATION TRUST</FONT><BR>
<FONT face=sans-serif size=2>GLOBAL BOND TRUST</FONT><BR>
<FONT face=sans-serif size=2>GLOBAL REAL ESTATE TRUST</FONT><BR>
<FONT face=sans-serif size=2>GLOBAL TRUST</FONT><BR>
<FONT face=sans-serif size=2>GROWTH &amp; INCOME TRUST</FONT></TD></TR></TABLE></P>
<TABLE style="WIDTH: 751px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="59%"></TD>
     <TD width="2%"></TD>
     <TD width="38%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP Bond</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-0949 (Rev. 1-97)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>Page 1</FONT></TD></TR></TABLE><BR>
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<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>GROWTH OPPORTUNITIES TRUST</FONT><BR>
<FONT face=sans-serif size=2>GROWTH TRUST HEALTH SCIENCES</FONT><BR>
<FONT face=sans-serif size=2>TRUST HIGH INCOME TRUST HIGH YIELD</FONT><BR>
<FONT face=sans-serif size=2>TRUST INCOME &amp; VALUE TRUST INCOME</FONT><BR>
<FONT face=sans-serif size=2>TRUST</FONT><BR>
<FONT face=sans-serif size=2>INDEX ALLOCATION TRUST</FONT><BR>
<FONT face=sans-serif size=2>INTERNATIONAL CORE TRUST</FONT><BR>
<FONT face=sans-serif size=2>INTERNATIONAL EQUITY INDEX TRUST A</FONT><BR>
<FONT face=sans-serif size=2>INTERNATIONAL EQUITY INDEX TRUST B</FONT><BR>
<FONT face=sans-serif size=2>INTERNATIONAL GROWTH TRUST</FONT><BR>
<FONT face=sans-serif size=2>INTERNATIONAL OPPORTUNITIES TRUST</FONT><BR>
<FONT face=sans-serif size=2>INTERNATIONAL SMALL CAP TRUST</FONT><BR>
<FONT face=sans-serif size=2>INTERNATIONAL SMALL COMPANY</FONT><BR>
<FONT face=sans-serif size=2>TRUST INTERNATIONAL VALUE TRUST</FONT><BR>
<FONT face=sans-serif size=2>INTRINSIC VALUE TRUST</FONT><BR>
<FONT face=sans-serif size=2>INVESTMENT QUALITY BOND TRUST</FONT><BR>
<FONT face=sans-serif size=2>LARGE CAP TRUST LARGE</FONT><BR>
<FONT face=sans-serif size=2>CAP VALUE TRUST</FONT><BR>
<FONT face=sans-serif size=2>LIFESTYLE AGGRESSIVE TRUST</FONT><BR>
<FONT face=sans-serif size=2>LIFESTYLE BALANCED TRUST LIFESTYLE</FONT><BR>
<FONT face=sans-serif size=2>CONSERVATIVE TRUST</FONT><BR>
<FONT face=sans-serif size=2>LIFESTYLE GROWTH TRUST</FONT><BR>
<FONT face=sans-serif size=2>LIFESTYLE MODERATE TRUST</FONT><BR>
<FONT face=sans-serif size=2>MANAGED TRUST</FONT><BR>
<FONT face=sans-serif size=2>MID CAP INDEX TRUST</FONT><BR>
<FONT face=sans-serif size=2>MID CAP INTERSECTION TRUST MID CAP</FONT><BR>
<FONT face=sans-serif size=2>STOCK TRUST</FONT><BR>
<FONT face=sans-serif size=2>MID CAP VALUE EQUITY TRUST</FONT><BR>
<FONT face=sans-serif size=2>MID CAP VALUE TRUST</FONT><BR>
<FONT face=sans-serif size=2>MID VALUE TRUST</FONT><BR>
<FONT face=sans-serif size=2>MONEY MARKET TRUST</FONT><BR>
<FONT face=sans-serif size=2>MONEY MARKET TRUST B</FONT><BR>
<FONT face=sans-serif size=2>MUTUAL SHARES TRUST NATURAL</FONT><BR>
<FONT face=sans-serif size=2>RESOURCES TRUST</FONT><BR>
<FONT face=sans-serif size=2>OVERSEAS EQUITY TRUST</FONT><BR>
<FONT face=sans-serif size=2>PACIFIC RIM TRUST</FONT><BR>
<FONT face=sans-serif size=2>QUANTITATIVE ALL CAP TRUST</FONT><BR>
<FONT face=sans-serif size=2>QUANTITATIVE MID CAP TRUST</FONT><BR>
<FONT face=sans-serif size=2>QUANTITATIVE VALUE TRUST REAL</FONT><BR>
<FONT face=sans-serif size=2>ESTATE EQUITY TRUST</FONT><BR>
<FONT face=sans-serif size=2>REAL ESTATE SECURITIES TRUST REAL</FONT><BR>
<FONT face=sans-serif size=2>RETURN BOND TRUST</FONT><BR>
<FONT face=sans-serif size=2>SCIENCE &amp; TECHNOLOGY TRUST</FONT><BR>
<FONT face=sans-serif size=2>SHORT-TERM BOND TRUST</FONT><BR>
<FONT face=sans-serif size=2>SMALL CAP GROWTH TRUST</FONT><BR>
<FONT face=sans-serif size=2>SMALL CAP INDEX TRUST</FONT><BR>
<FONT face=sans-serif size=2>SMALL CAP INTRINSIC VALUE TRUST</FONT><BR>
<FONT face=sans-serif size=2>SMALL CAP OPPORTUNITIES TRUST</FONT><BR>
<FONT face=sans-serif size=2>SMALL CAP TRUST SMALL CAP VALUE</FONT><BR>
<FONT face=sans-serif size=2>TRUST</FONT><BR>
<FONT face=sans-serif size=2>SMALL COMPANY GROWTH TRUST</FONT><BR>
<FONT face=sans-serif size=2>SMALL COMPANY TRUST</FONT><BR>
<FONT face=sans-serif size=2>SMALL COMPANY VALUE TRUST SPECIAL</FONT><BR>
<FONT face=sans-serif size=2>VALUE TRUST</FONT></TD></TR></TABLE></P>
<TABLE style="WIDTH: 701px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="58%"></TD>
     <TD width="2%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP Bond</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-0949 (Ed. 1-97)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>Page 2</FONT></TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>SPECTRUM INCOME TRUST</FONT><BR>
<FONT face=sans-serif size=2>STRATEGIC BOND TRUST</FONT><BR>
<FONT face=sans-serif size=2>STRATEGIC INCOME TRUST</FONT><BR>
<FONT face=sans-serif size=2>TOTAL RETURN TRUST</FONT><BR>
<FONT face=sans-serif size=2>TOTAL STOCK MARKET INDEX TRUST</FONT><BR>
<FONT face=sans-serif size=2>U.S. CORE TRUST</FONT><BR>
<FONT face=sans-serif size=2>U.S. GLOBAL LEADERS GROWTH TRUST</FONT><BR>
<FONT face=sans-serif size=2>U.S. GOVERNMENT SECURITIES TRUST</FONT><BR>
<FONT face=sans-serif size=2>U.S. HIGH YIELD BOND TRUST U.S.</FONT><BR>
<FONT face=sans-serif size=2>LARGE CAP TRUST</FONT><BR>
<FONT face=sans-serif size=2>U.S. MULTI SECTOR TRUST</FONT><BR>
<FONT face=sans-serif size=2>UTILITIES TRUST</FONT><BR>
<FONT face=sans-serif size=2>VALUE &amp; RESTRUCTURING TRUST</FONT><BR>
<FONT face=sans-serif size=2>VALUE OPPORTUNITIES TRUST VALUE</FONT><BR>
<FONT face=sans-serif size=2>TRUST</FONT><BR>
<FONT face=sans-serif size=2>VISTA TRUST</FONT><BR>
<FONT face=sans-serif size=2>JOHN HANCOCK FUNDS II</FONT><BR>
<FONT face=sans-serif size=2>ABSOLUTE RETURN PORTFOLIO</FONT><BR>
<FONT face=sans-serif size=2>ACTIVE BOND FUND ALL CAP</FONT><BR>
<FONT face=sans-serif size=2>CORE FUND ALL CAP GROWTH</FONT><BR>
<FONT face=sans-serif size=2>FUND ALL CAP VALUE FUND BLUE</FONT><BR>
<FONT face=sans-serif size=2>CHIP GROWTH FUND</FONT><BR>
<FONT face=sans-serif size=2>CAPITAL APPRECIATION FUND</FONT><BR>
<FONT face=sans-serif size=2>CLASSIC VALUE FUND CORE BOND</FONT><BR>
<FONT face=sans-serif size=2>FUND CORE EQUITY FUND DYNAMIC</FONT><BR>
<FONT face=sans-serif size=2>GROWTH FUND EMERGING GROWTH</FONT><BR>
<FONT face=sans-serif size=2>FUND EMERGING MARKETS VALUE</FONT><BR>
<FONT face=sans-serif size=2>FUND</FONT><BR>
<FONT face=sans-serif size=2>EMERGING SMALL COMPANY FUND</FONT><BR>
<FONT face=sans-serif size=2>EQUITY-INCOME FUND</FONT><BR>
<FONT face=sans-serif size=2>FINANCIAL SERVICES FUND</FONT><BR>
<FONT face=sans-serif size=2>FUNDAMENTAL VALUE FUND</FONT><BR>
<FONT face=sans-serif size=2>GLOBAL ALLOCATION FUND</FONT><BR>
<FONT face=sans-serif size=2>GLOBAL BOND FUND</FONT><BR>
<FONT face=sans-serif size=2>GLOBAL FUND</FONT><BR>
<FONT face=sans-serif size=2>GLOBAL REAL ESTATE FUND</FONT><BR>
<FONT face=sans-serif size=2>GROWTH &amp; INCOME FUND</FONT><BR>
<FONT face=sans-serif size=2>GROWTH FUND</FONT><BR>
<FONT face=sans-serif size=2>GROWTH OPPORTUNITIES FUND</FONT><BR>
<FONT face=sans-serif size=2>HEALTH SCIENCES FUND HIGH INCOME</FONT><BR>
<FONT face=sans-serif size=2>FUND HIGH YIELD FUND INCOME FUND</FONT><BR>
<FONT face=sans-serif size=2>INDEX 500 FUND</FONT><BR>
<FONT face=sans-serif size=2>INTERNATIONAL EQUITY INDEX FUND</FONT><BR>
<FONT face=sans-serif size=2>INTERNATIONAL GROWTH FUND</FONT><BR>
<FONT face=sans-serif size=2>INTERNATIONAL OPPORTUNITIES FUND</FONT><BR>
<FONT face=sans-serif size=2>INTERNATIONAL SMALL CAP FUND</FONT><BR>
<FONT face=sans-serif size=2>INTERNATIONAL SMALL COMPANY</FONT><BR>
<FONT face=sans-serif size=2>FUND</FONT><BR>
<FONT face=sans-serif size=2>INTERNATIONAL VALUE FUND INTRINSIC</FONT><BR>
<FONT face=sans-serif size=2>VALUE FUND</FONT><BR>
<FONT face=sans-serif size=2>INVESTMENT QUALITY BOND FUND</FONT><BR>
<FONT face=sans-serif size=2>LARGE CAP FUND LARGE</FONT><BR>
<FONT face=sans-serif size=2>CAP VALUE FUND</FONT></TD></TR></TABLE></P>
<TABLE style="WIDTH: 704px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="58%"></TD>
     <TD width="2%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP Bond</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-0949 (Ed. 1-97)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>Page 3</FONT></TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>LIFECYCLE 2010 PORTFOLIO</FONT><BR>
<FONT face=sans-serif size=2>LIFECYCLE 2015 PORTFOLIO</FONT><BR>
<FONT face=sans-serif size=2>LIFECYCLE 2020 PORTFOLIO</FONT><BR>
<FONT face=sans-serif size=2>LIFECYCLE 2025 PORTFOLIO</FONT><BR>
<FONT face=sans-serif size=2>LIFECYCLE 2030 PORTFOLIO</FONT><BR>
<FONT face=sans-serif size=2>LIFECYCLE 2035 PORTFOLIO</FONT><BR>
<FONT face=sans-serif size=2>LIFECYCLE 2040 PORTFOLIO</FONT><BR>
<FONT face=sans-serif size=2>LIFECYCLE 2045 PORTFOLIO</FONT><BR>
<FONT face=sans-serif size=2>LIFECYCLE 2050 PORTFOLIO</FONT><BR>
<FONT face=sans-serif size=2>LIFECYCLE RETIREMENT PORTFOLIO</FONT><BR>
<FONT face=sans-serif size=2>LIFESTYLE AGGRESSIVE PORTFOLIO</FONT><BR>
<FONT face=sans-serif size=2>LIFESTYLE BALANCED PORTFOLIO</FONT><BR>
<FONT face=sans-serif size=2>LIFESTYLE CONSERVATIVE PORTFOLIO</FONT><BR>
<FONT face=sans-serif size=2>LIFESTYLE GROWTH PORTFOLIO</FONT><BR>
<FONT face=sans-serif size=2>LIFESTYLE MODERATE PORTFOLIO MANAGED FUND</FONT><BR>
<FONT face=sans-serif size=2>MID CAP INDEX FUND</FONT><BR>
<FONT face=sans-serif size=2>MID CAP STOCK FUND</FONT><BR>
<FONT face=sans-serif size=2>MID CAP INTERSECTION FUND</FONT><BR>
<FONT face=sans-serif size=2>MID CAP VALUE EQUITY FUND</FONT><BR>
<FONT face=sans-serif size=2>MID CAP VALUE FUND</FONT><BR>
<FONT face=sans-serif size=2>MONEY MARKET FUND</FONT><BR>
<FONT face=sans-serif size=2>MUTUAL SHARES FUND</FONT><BR>
<FONT face=sans-serif size=2>NATURAL RESOURCES FUND PACIFIC RIM FUND</FONT><BR>
<FONT face=sans-serif size=2>QUANTITATIVE ALL CAP FUND</FONT><BR>
<FONT face=sans-serif size=2>QUANTITATIVE MID CAP FUND</FONT><BR>
<FONT face=sans-serif size=2>QUANTITATIVE VALUE FUND</FONT><BR>
<FONT face=sans-serif size=2>REAL ESTATE EQUITY FUND</FONT><BR>
<FONT face=sans-serif size=2>REAL ESTATE SECURITIES FUND</FONT><BR>
<FONT face=sans-serif size=2>REAL RETURN BOND FUND</FONT><BR>
<FONT face=sans-serif size=2>SCIENCE &amp; TECHNOLOGY FUND</FONT><BR>
<FONT face=sans-serif size=2>SHORT-TERM BOND FUND</FONT><BR>
<FONT face=sans-serif size=2>SMALL CAP FUND</FONT><BR>
<FONT face=sans-serif size=2>SMALL CAP GROWTH FUND</FONT><BR>
<FONT face=sans-serif size=2>SMALL CAP INDEX FUND</FONT><BR>
<FONT face=sans-serif size=2>SMALL CAP OPPORTUNITIES FUND</FONT><BR>
<FONT face=sans-serif size=2>SMALL CAP VALUE FUND</FONT><BR>
<FONT face=sans-serif size=2>SMALL COMPANY FUND</FONT><BR>
<FONT face=sans-serif size=2>SMALL COMPANY GROWTH FUND</FONT><BR>
<FONT face=sans-serif size=2>SMALL COMPANY VALUE FUND</FONT><BR>
<FONT face=sans-serif size=2>SPECIAL VALUE FUND</FONT><BR>
<FONT face=sans-serif size=2>SPECTRUM INCOME FUND</FONT><BR>
<FONT face=sans-serif size=2>STRATEGIC BOND FUND</FONT><BR>
<FONT face=sans-serif size=2>STRATEGIC INCOME FUND</FONT><BR>
<FONT face=sans-serif size=2>TOTAL BOND MARKET FUND</FONT><BR>
<FONT face=sans-serif size=2>TOTAL RETURN FUND</FONT><BR>
<FONT face=sans-serif size=2>TOTAL STOCK MARKET INDEX FUND</FONT><BR>
<FONT face=sans-serif size=2>U.S. GLOBAL LEADERS GROWTH FUND</FONT><BR>
<FONT face=sans-serif size=2>U.S. GOVERNMENT SECURITIES FUND</FONT><BR>
<FONT face=sans-serif size=2>U.S. HIGH YIELD BOND FUND</FONT><BR>
<FONT face=sans-serif size=2>U.S. MULTI SECTOR FUND UTILITIES FUND</FONT><BR>
<FONT face=sans-serif size=2>VALUE &amp; RESTRUCTURING FUND</FONT><BR>
<FONT face=sans-serif size=2>VALUE FUND</FONT><BR>
<FONT face=sans-serif size=2>VALUE OPPORTUNITIES FUND</FONT><BR>
<FONT face=sans-serif size=2>VISTA FUND</FONT><BR>
<FONT face=sans-serif size=2>JOHN HANCOCK CASH INVESTMENT TRUST</FONT></TD></TR></TABLE></P>
<TABLE style="WIDTH: 698px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="58%"></TD>
     <TD width="2%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP Bond</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-0949 (Ed. 1-97)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>Page 6</FONT></TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>JH GOVERNMENT INCOME FUND</FONT><BR>
<FONT face=sans-serif size=2>JH HIGH YIELD BOND FUND</FONT><BR>
<FONT face=sans-serif size=2>JH INVESTMENT GRADE BOND FUND</FONT><BR>
<FONT face=sans-serif size=2>JH MONEY MARKET FUND</FONT><BR>
<FONT face=sans-serif size=2>JH U.S. GOVERNMENT CASH RESERVE FUND</FONT><BR>
<FONT face=sans-serif size=2>JH BALANCED FUND</FONT><BR>
<FONT face=sans-serif size=2>JH LARGE CAP EQUITY FUND</FONT><BR>
<FONT face=sans-serif size=2>JH SOVEREIGN INVESTORS FUND</FONT><BR>
<FONT face=sans-serif size=2>JH SMALL CAP INTRINSIC VALUE FUND</FONT><BR>
<FONT face=sans-serif size=2>JH LARGE CAP INTRINSIC VALUE FUND</FONT><BR>
<FONT face=sans-serif size=2>INVESTORS TRUST JH REAL ESTATE FUND</FONT><BR>
<FONT face=sans-serif size=2>JH SMALL CAP GROWTH FUND</FONT><BR>
<FONT face=sans-serif size=2>JH TECHNOLOGY FUND</FONT><BR>
<FONT face=sans-serif size=2>JH FOCUSED EQUITY FUND</FONT><BR>
<FONT face=sans-serif size=2>JH MULTI CAP GROWTH</FONT><BR>
<FONT face=sans-serif size=2>JH MID CAP EQUITY</FONT><BR>
<FONT face=sans-serif size=2>TAX-ADVANTAGED DIVIDEND INCOME FUND</FONT><BR>
<FONT face=sans-serif size=2>CALIFORNIA TAX-FREE INCOME FUND</FONT><BR>
<FONT face=sans-serif size=2>JH GROWTH TRENDS FUND JH SMALL CAP FUND</FONT><BR>
<FONT face=sans-serif size=2>JH TECHNOLOGY LEADERS FUND</FONT><BR>
<FONT face=sans-serif size=2>JH REAL FINANCIAL INDUSTRIES FUND</FONT><BR>
<FONT face=sans-serif size=2>JH REGIONAL BANK FUND</FONT><BR>
<FONT face=sans-serif size=2>JH SMALL CAP EQUITY FUND</FONT><BR>
<FONT face=sans-serif size=2>JH HIGH INDEPENDENCE DIVERSIFIED CORE EQUITY FUND II</FONT><BR>
<FONT face=sans-serif size=2>JH HEALTH BOND FUND</FONT><BR>
<FONT face=sans-serif size=2>JH MASSACHUSETTS TAX-FREE INCOME FUND</FONT><BR>
<FONT face=sans-serif size=2>JH NEW YORK TAX-FREE INCOME FUND</FONT><BR>
<FONT face=sans-serif size=2>JH CORE EQUITY</FONT><BR>
<FONT face=sans-serif size=2>JH INT'L CLASSIC VALUE</FONT><BR>
<FONT face=sans-serif size=2>JH LARGE CAP SELECT JH U.S. GLOBAL LEADERS</FONT><BR>
<FONT face=sans-serif size=2>JH CLASSIC VALUE</FONT><BR>
<FONT face=sans-serif size=2>JH ALLOCATION CORE</FONT><BR>
<FONT face=sans-serif size=2>JH CLASSIC VALUE II</FONT><BR>
<FONT face=sans-serif size=2>JH ALLOCATION GROWTH INCOME SECURITIES TRUST</FONT><BR>
<FONT face=sans-serif size=2>JH GREATER CHINA OPPORTUNITIES FUND</FONT><BR>
<FONT face=sans-serif size=2>JH INTERNATIONAL FUND</FONT><BR>
<FONT face=sans-serif size=2>JH MID CAP GROWTH FUND</FONT><BR>
<FONT face=sans-serif size=2>JH HIGH YIELD MUNICIPAL BOND FUND</FONT><BR>
<FONT face=sans-serif size=2>JH TAX-FREE BOND FUND</FONT><BR>
<FONT face=sans-serif size=2>JH STRATEGIC INCOME FUND</FONT><BR>
<FONT face=sans-serif size=2>JH HEALTH SCIENCES FUND</FONT><BR>
<FONT face=sans-serif size=2>JH BANK &amp; THRIFT OPPORTUNITY</FONT><BR>
<FONT face=sans-serif size=2>JH PATRIOT SELECT DIVIDEND FUND</FONT><BR>
<FONT face=sans-serif size=2>JH PATRIOT GLOBAL DIVIDEND</FONT><BR>
<FONT face=sans-serif size=2>JH PREFERRED INCOME FUND</FONT><BR>
<FONT face=sans-serif size=2>JH PATRIOT PREFERRED DIVIDEND</FONT><BR>
<FONT face=sans-serif size=2>JH PREFERRED INCOME FUND II</FONT><BR>
<FONT face=sans-serif size=2>JH PATRIOT PREMIUM DIVIDEND FUND I</FONT><BR>
<FONT face=sans-serif size=2>JH PREFERRED INCOME FUND II</FONT><BR>
<FONT face=sans-serif size=2>JH PATRIOT PREMIUM DIVIDEND FUND II</FONT><BR>
<FONT face=sans-serif size=2>JOHN HANCOCK FUNDS III</FONT><BR>
<FONT face=sans-serif size=2>JH ACTIVE VALUE FUND</FONT><BR>
<FONT face=sans-serif size=2>JH CLASSIC VALUE MEGA CAP FUND</FONT><BR>
<FONT face=sans-serif size=2>JH GLOBAL FUND</FONT><BR>
<FONT face=sans-serif size=2>JH GLOBAL SHAREHOLDER YIELD FUND</FONT></TD></TR></TABLE></P>
<TABLE style="WIDTH: 680px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="58%"></TD>
     <TD width="2%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP Bond</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-0949 (Ed. 1-97)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>Page 6</FONT></TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD width=4>&nbsp;</TD>
     <TD noWrap><FONT face=sans-serif size=2>JH GROWTH FUND</FONT><BR>
<FONT face=sans-serif size=2>JH GROWTH OPPORTUNITIES FUND</FONT><BR>
<FONT face=sans-serif size=2>JH INTERNATIONAL ALLOCATION PORTFOLIO</FONT><BR>
<FONT face=sans-serif size=2>JH INTERNATIONAL CORE FUND JH</FONT><BR>
<FONT face=sans-serif size=2>INTERNATIONAL GROWTH FUND JH</FONT><BR>
<FONT face=sans-serif size=2>INTRINSIC VALUE FUND</FONT><BR>
<FONT face=sans-serif size=2>JH U.S. CORE FUND</FONT><BR>
<FONT face=sans-serif size=2>JH U.S. QUALITY EQUITY FUND</FONT><BR>
<FONT face=sans-serif size=2>JH VALUE OPPORTUNITIES FUND</FONT></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>This Endorsement applies to loss discovered after 12:01 a.m. on July 15, 2009.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="50%"></TD>
     <TD width="2%"></TD>
     <TD width="47%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Date: January 25, 2010 </FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>By&nbsp; <FONT face=sans-serif size=2>/s/ Robert Hamburger</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Authorized Representative</FONT></TD></TR></TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><BR>
&nbsp;</P>
<TABLE style="WIDTH: 742px; HEIGHT: 71px" cellSpacing=0 border=0>
<TR>
     <TD width="58%"></TD>
     <TD width="2%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>ICAP Bond</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Form 17-02-0949 (Ed. 1-97)</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=2>Page 6</FONT></TD></TR></TABLE><BR>
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<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="41%"></TD>
     <TD width="58%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=2>ENDORSEMENT/RIDER</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Effective date of</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>this endorsement/rider: July 15, 2009</FONT></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Endorsement/Rider No. 9</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>To be attached to and</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>form a part of Bond No. 81906724</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Issued to: JOHN HANCOCK FUNDS</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=2><FONT face=sans-serif size=2>AUTOMATIC INCREASE IN LIMITS ENDORSEMENT</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>In consideration of the premium charged, it is agreed that General Agreements, Section C., Additional Offices</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>or Employees-Consolidation, Merger or Purchase or Acquisition of Assets or Liabilities-Notice to Company, is</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>amended by adding the following:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>If the ASSURED, while this Bond is in force, establish new funds other than by consolidation or merger</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>with, purchase or acquisition of assets or liabilities of, another institution, such funds shall automatically</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>be covered hereunder from the date of establishment.</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>If the ASSURED, while this Bond is in force, require an increase in limits to comply with SEC Reg. 17g-</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>1, due to an increase in assets, such increase shall automatically be covered hereunder from the date</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>of such increase, but only as excess coverage. Such excess coverage shall not exceed five million</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>dollars ($5,000,000) in additional limits and shall be excess of this Bond and of the following excess</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Bond:</FONT></TD></TR></TABLE><BR>
<DIV align=left>
<TABLE cellSpacing=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="26%"></TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Carrier:</FONT></TD>
     <TD noWrap align=left width="46%"><FONT face=sans-serif size=2>ICI Mutual Insurance Company</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bond Number</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>87142108B</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Limits of Liability:</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>$20,000,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bond Period:</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>July 15, 2009 to July 15, 2010</FONT></TD></TR></TABLE></DIV><BR>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif 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: left"><FONT face=sans-serif size=2>All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></P>
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     <TD width="2%"></TD>
     <TD width="58%"></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=2>ENDORSEMENT/RIDER</FONT></B></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Effective date of</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>this endorsement/rider: July 15, 2009</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR></TABLE>
<P>&nbsp;</P>
<P style="MARGIN-LEFT: 312pt"><BR>
<FONT face=sans-serif size=2>/s/ Robert Hamburger</FONT></P>
<P style="TEXT-ALIGN: center">
<TABLE>
<TR>
     <TD noWrap align=center><FONT face=sans-serif size=2>Authorized Representative</FONT></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left">&nbsp;</P>
<P style="TEXT-ALIGN: left">&nbsp;</P>
<P style="TEXT-ALIGN: left">&nbsp;</P>
<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>Q07-1972(08/2007)</FONT></TD></TR></TABLE></P>
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<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=sans-serif size=2>ENDORSEMENT/RIDER</FONT></B></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Effective date of</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>this endorsement/rider: July 15, 2009</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Endorsement/Rider No. 10</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>To be attached to and form a part of</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Bond No. 81906724</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Issued to: JOHN HANCOCK FUNDS</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT face=sans-serif size=2>AMEND DEFINITION OF EMPLOYEE ENDORSEMENT</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>In consideration of the premium charged, it is agreed that Section 1., Definitions, the term </FONT><B><FONT face=sans-serif size=2>Employee </FONT></B><FONT face=sans-serif size=2>is</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>amended to include the following:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Any natural person while in the service of the ASSURED solely while performing sub-advisory</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>services for the ASSURED pursuant to a written contract.</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>and conditions of coverage.</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></TD></TR></TABLE><BR>
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     <TD>
<P></P>
<P><FONT face=sans-serif size=2>Effective date of this endorsement/rider: July 15, 2009</FONT>&nbsp;</P>
</TD>
     <TD>&nbsp;</TD>
     <TD align=center>
<P align=center><B><FONT face=sans-serif size=2>ENDORSEMENT/RIDER</FONT></B></P>
</TD></TR>
<TR vAlign=top>
     <TD>
<P><FONT face=sans-serif size=2></FONT>&nbsp;</P>
</TD>
     <TD>&nbsp;</TD>
     <TD></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: center">
<TABLE>
<TR>
     <TD noWrap align=center>
<P><FONT face=sans-serif size=2>/s/ Robert Hamburger&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P><FONT face=sans-serif size=2>Authorized Representative</FONT></P>
</TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left">&nbsp;</P>
<P style="TEXT-ALIGN: left">&nbsp;</P>
<P style="TEXT-ALIGN: left">&nbsp;</P>
<P style="TEXT-ALIGN: left">&nbsp;</P>
<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>Q07-1957 (08/2007)</FONT></TD></TR></TABLE></P>
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<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>ENDORSEMENT/RIDER</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Effective date of</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>this endorsement/rider: July 15, 2009</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Endorsement/Rider</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>11</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>No.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Bond</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>To be attached to and</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>form a part of Bond No.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>81906724</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Issued to: JOHN HANCOCK FUNDS</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE style="WIDTH: 714px; HEIGHT: 292px" cellSpacing=0 border=0>
<TR>
     <TD width="3%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=2>DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=2>ENDORSEMENT</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>In consideration of the premium charged, it is agreed that this Bond is amended as follows:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>1.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>2.</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>with the following:</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>If this Bond is for a joint ASSURED, no change or modification which would adversely affect the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>furnished to all insured </FONT><B><FONT face=sans-serif size=2>Investment Companies </FONT></B><FONT face=sans-serif size=2>and the Securities and Exchange Commission,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Washington, D.C., by the COMPANY.</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif 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: left"><FONT face=sans-serif size=2>All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></P>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Effective date of</FONT></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>ENDORSEMENT/RIDER</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>this endorsement/rider: July 15, 2009</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE><BR>
<DIV align=center>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="100%">/s/ Robert Hamburger&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Authorized</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>Representative</FONT></TD></TR></TABLE></DIV>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><BR>
&nbsp;</P>
<TABLE cellSpacing=0 border=0>
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     <TD width="24%"></TD>
     <TD width="2%"></TD>
     <TD width="41%"></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>17-02-2437</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>(12/2006)</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Page 1</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>rev.</FONT></TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE><BR>
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<TR>
     <TD noWrap><FONT face=sans-serif size=2>7/15/2009</FONT><BR>
<BR>
<FONT face=sans-serif size=2>JOHN HANCOCK FUNDS</FONT><BR>
<FONT face=sans-serif size=2>601 CONGRESS STREET</FONT><BR>
<FONT face=sans-serif size=2>BOSTON, MA 02210</FONT></TD></TR></TABLE></P>
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     <TD width="6%"></TD>
     <TD width="93%"></TD></TR>
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     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Re: Financial Strength</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>Insuring Company: FEDERAL INSURANCE COMPANY</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Dear JOHN HANCOCK FUNDS</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Chubb continues to deliver strong financial performance. Our financial strength, as reflected in our</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>published reports and our ratings, should give you peace of mind that Chubb will be there for you when</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>you need us most.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>&nbsp;<B><FONT face=sans-serif size=2>o</FONT></B></FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Chubb's financial results during 2009 stand out in the industry.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>&nbsp;<B><FONT face=sans-serif size=2>o</FONT></B></FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Chubb's balance sheet is backed with investments that we believe emphasize quality, safety, and</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>liquidity, with total invested assets of $42.0 billion as of September 30, 2009.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>&nbsp;<B><FONT face=sans-serif size=2>o</FONT></B></FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>With 127 years in the business, Chubb is here for the long term, which is why we vigorously</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>guard our financial strength and take what we believe is a prudent approach to assuming risk -on</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>both the asset and liability sides of our balance sheet.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>&nbsp;<B><FONT face=sans-serif size=2>o</FONT></B></FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Chubb is one of the most highly rated property and casualty companies in the industry, which is a</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>reflection of our overall quality, strong financial condition, and strong capital position.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2>
<P style="MARGIN-LEFT: 100pt"><B><FONT face=sans-serif size=2>o </FONT></B><FONT face=sans-serif size=2>Chubb's financial strength rating is "A++" from A.M. Best Company, "AA" from</FONT></P>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2>
<P style="MARGIN-LEFT: 100pt" align=left><FONT face=sans-serif size=2>Fitch, "Aa2" from Moody's, and "AA" from Standard &amp; Poor's - the leading</FONT></P>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=sans-serif size=2>independent evaluators of the insurance industry. </FONT><B><FONT face=sans-serif size=2>o </FONT></B><FONT face=sans-serif size=2>Chubb's senior unsecured corporate</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=sans-serif size=2>debt rating from Standard &amp; Poor's was</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2>
<P style="MARGIN-LEFT: 100pt"><FONT face=sans-serif size=2>upgraded from "A" to "A+" on December 15, 2008. Standard &amp; Poor's also</FONT></P>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>reaffirmed all of Chubb's ratings with a "stable" outlook </FONT><B><FONT face=sans-serif size=2>o </FONT></B><FONT face=sans-serif size=2>A.M. Best, Fitch, and Moody's</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 32pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>recently affirmed all of Chubb's ratings with a</FONT></P>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>"stable" outlook. (For reference, A.M. Best reaffirmed us on 12/23/08, Moody's on</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>2/4/09, and Fitch on 2/13/09.) </FONT><B><FONT face=sans-serif size=2>o </FONT></B><FONT face=sans-serif size=2>For more than 50 years, Chubb has remained part of an</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>elite group of insurers</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=2>that have maintained A.M. Best's highest ratings.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>&nbsp;<B><FONT face=sans-serif size=2>o</FONT></B></FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Chubb was named to Standard &amp; Poor's list of S&amp;P 500 Dividend Aristocrats, one of 52</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>companies in the S&amp;P 500 index that have increased dividends every year for at least 25</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>consecutive years.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif size=2>&nbsp;<B><FONT face=sans-serif size=2>o</FONT></B></FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Chubb's investment portfolio has held up extremely well. Chubb takes what we believe is a</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>conservative approach to selecting and managing our assets. Furthermore, Chubb does not have</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>any direct exposure to the subprime mortgage-backed securities market, and we stopped doing</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>new credit derivative business in 2003 and put existing business in runoff.</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>Rarely has Chubb's business philosophy - to underwrite conservatively and invest judiciously -been more</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>important than it is today. By adhering to this philosophy, we now have the capacity and flexibility to</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>respond to opportunities, especially when you engage us in fully understanding your business risks.</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>We want you to know that Chubb is well-positioned to continue serving your needs with our underwriting</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>expertise; broad underwriting appetite across all property, casualty, and specialty lines; and claim</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>services. If you have any questions, feel free to call your agent or broker or your local Chubb underwriter.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>As always, we appreciate the trust you place is us as your insurance partner.</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=1>99-10-0100 (12/2009)</FONT></P>
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<P style="text-align: center;">
<TABLE><TR><TD align="center" nowrap>
<B><I><FONT size=2 face="sans-serif">Important Notice:</FONT></I></B></TD></TR></TABLE>
</P>
<P style="text-align: left;">
<B><FONT size=2 face="sans-serif">The SEC Requires Proof of Your Fidelity Insurance Policy</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Your company is now required to file an electronic copy of your fidelity insurance coverage (Chubb's ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to rules adopted by the SEC on June 12,
2006.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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: left;">
<FONT size=2 face="sans-serif">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: left;">
<FONT size=2 face="sans-serif">If you have any questions, please contact your agent or broker.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Form 14-02-12160 (ed. 7/2006)</FONT></P>

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<P style="text-align: center;">
<B><FONT face="sans-serif">IMPORTANT NOTICE TO POLICYHOLDERS</FONT></B></P>
<P style="text-align: left;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">All of the members of the Chubb Group of Insurance companies doing business in the United States (hereinafter "Chubb") distribute their products through licensed insurance brokers and
agents ("producers"). Detailed information regarding the types of compensation paid by Chubb to producers on US insurance transactions is available under the Producer Compensation link located at the bottom of the page at </FONT><U><FONT color="#000080" size=2 face="sans-serif">www.chubb.com</FONT></U><FONT size=2 face="sans-serif">, or by calling 1-866-588-9478. Additional information may be available from your producer.</FONT></P>
<P style="text-align: left;">
<TABLE><TR><TD width=35>&nbsp;</TD><TD nowrap>
<FONT size=2 face="sans-serif">Thank you for choosing Chubb.</FONT></TD></TR></TABLE>
</P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">10-02-1295 (ed. 6/2007)</FONT></P>

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<P style="text-align: center;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=4 face="sans-serif">POLICYHOLDER DISCLOSURE NOTICE OF</FONT></B></P>
<P style="text-align: center;">
<B><FONT size=4 face="sans-serif">TERRORISM INSURANCE COVERAGE</FONT></B></P>
<P style="text-align: center;">
<B><FONT size=2 face="sans-serif">(for policies with no terrorism exclusion or sublimit)</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">You are hereby notified that, under the Terrorism Risk Insurance Act (the "Act"), effective December 26, 2007, this policy makes available to you insurance for losses arising out of certain acts of terrorism. Terrorism
is defined as any act certified by the Secretary of the Treasury, in concurrence with the Secretary of State and the Attorney General of the United States, to be an act of terrorism; to be a violent act or an act that is dangerous to human life,
property or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of an air carrier or vessel or the premises of a United States Mission; and to have been committed by an individual or
individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">You should know that the insurance provided by your policy for losses caused by acts of terrorism is partially reimbursed by the United States under the formula set forth in the Act. Under this formula, the United
States pays 85% of covered terrorism losses that exceed the statutorily established deductible to be paid by the insurance company providing the coverage.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">However, if aggregate insured losses attributable to terrorist acts certified under the Act exceed &#36;100 billion in a Program Year (January 1 through December 31), the Treasury shall not make any payment for any
portion of the amount of such losses that exceeds &#36;100 billion.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">10-02-1281 (Ed. 1/2003)</FONT></P>

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<P style="text-align: left;">
<FONT size=2 face="sans-serif">If aggregate insured losses attributable to terrorist acts certified under the Act exceed &#36;100 billion in a Program Year (January 1 through December 31) and we have met our insurer deductible under the Act, we
shall not be liable for the payment of any portion of the amount of such losses that exceeds &#36;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: left;">
<FONT size=2 face="sans-serif">The portion of your policy's annual premium that is attributable to insurance for such acts of terrorism is: &#36;</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="sans-serif">-0-.</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">If you have any questions about this notice, please contact your agent or broker.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">10-02-1281 (Ed. 1/2003)</FONT></P>

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<P style="TEXT-ALIGN: center">
<TABLE>
<TR>
     <TD noWrap align=center>
<P><B><FONT face=serif size=5></FONT></B>&nbsp;</P>
<P><B><FONT face=serif size=5></FONT></B>&nbsp;</P>
<P><B><FONT face=serif size=5></FONT></B>&nbsp;</P>
<P><B><FONT face=serif size=5></FONT></B>&nbsp;</P>
<P><B><FONT face=serif size=5></FONT></B>&nbsp;</P>
<P><B><FONT face=serif size=5>ICI MUTUAL INSURANCE COMPANY,</FONT></B><BR>
<B><FONT face=serif size=5>a Risk Retention Group</FONT></B><BR>
<BR>
<FONT face=serif>1401 H St. NW</FONT><BR>
<FONT face=serif>Washington DC 20005</FONT><BR>
<BR>
<B><FONT face=serif>INVESTMENT COMPANY BLANKET BOND</FONT></B><BR>
<B><FONT face=serif>(EXCESS)</FONT></B></P>
</TD></TR></TABLE></P>
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<P style="TEXT-ALIGN: center">
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face=serif size=5>ICI MUTUAL INSURANCE COMPANY,</FONT></B><BR>
<B><FONT face=serif size=5>a Risk Retention Group</FONT></B><BR>
<FONT face=serif size=2>1401 H St. NW</FONT><BR>
<FONT face=serif size=2>Washington, DC 20005</FONT><BR>
<BR>
<B><FONT face=serif>DECLARATIONS</FONT></B></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: center"><FONT face=serif size=2>NOTICE</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty funds are not available for your risk retention group.</FONT></P>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="7%"></TD>
     <TD width="20%"></TD>
     <TD width="25%"></TD>
     <TD width="23%"></TD>
     <TD width="22%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left><B><FONT face=serif size=2>Item 1.</FONT></B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left colSpan=2>&nbsp;<FONT face=serif size=2>Name of Insured (the &#147;Insured&#148;)</FONT></TD>
     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left><FONT face=serif size=2>Bond Number</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2>&nbsp; &nbsp;<B><FONT face=serif size=2>John Hancock Funds</FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=serif size=2>87142109B</FONT></B></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=serif size=2>Principal Office:</FONT></TD>
     <TD noWrap align=left><FONT face=serif size=2>601 Congress Street</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>Boston, MA 02210</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT face=serif size=2>Mailing Address:</FONT></TD>
     <TD noWrap align=left><FONT face=serif size=2>601 Congress Street</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif size=2>Boston, MA 02210</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=serif size=2>Item 2.</FONT></B></TD>
     <TD noWrap align=left colSpan=4><FONT face=serif size=2>Bond Period: from 12:01 a.m. on&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT><FONT face=serif size=2><U>July 15, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT><FONT face=serif size=2>to 12:01 a.m. on&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT><FONT face=serif size=2><U>July 15, 2010&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT><FONT face=serif size=2>,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=4><FONT face=serif size=2>or the earlier effective date of the termination of this Bond, standard time at the Principal Office as to</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif size=2>each of said dates.</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=serif size=2>Item 3.</FONT></B></TD>
     <TD noWrap align=left><FONT face=serif size=2>Limit of Liability&#151;</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><B><FONT face=serif size=1>DEDUCTIBLE</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><B><FONT face=serif size=1>LIMIT OF LIABILITY</FONT></B></TD>
     <TD noWrap align=center><B><FONT face=serif size=1>AMOUNT </FONT></B><B><SUP><FONT face=serif size=1>1</FONT></SUP></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif size=2>EMPLOYEE</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif size=2>PREMISES</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif size=2>TRANSIT</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif size=2>FORGERY OR ALTERATION</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif size=2>EXTENDED FORGERY</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif size=2>COUNTERFEIT CURRENCY</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif size=2>COMPUTER SYSTEM</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=serif size=2>VOICE-INITIATED TRANSFER INSTRUCTIONS</FONT></TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=serif size=2>AUTOMATIC TELEPHONE TRANSACTIONS</FONT></TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=serif size=2>TELEFACSIMILE INSTRUCTIONS</FONT></TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif size=2>THREATS TO PERSONS</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=serif size=2>UNCOLLECTIBLE ITEMS OF DEPOSIT</FONT></TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD>
     <TD noWrap align=center><FONT face=serif size=2>$15,000,000</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left colSpan=3><FONT face=serif size=1>1 </FONT><FONT face=serif size=2>Plus the applicable deductible of the Primary Bond</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=2><B><FONT face=serif size=2>Item 4. </FONT></B><FONT face=serif size=2>PRIMARY BOND&#151;</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=4><FONT face=serif size=2>Chubb Group of Insurance Companies Financial Institution Investment Company Asset Protection Bond</FONT></TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif size=2>No. 81906724</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
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     <TD colSpan=5>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=5><B><FONT face=serif size=2>Item 5. </FONT></B><FONT face=serif size=2>The liability of ICI Mutual Insurance Company, a Risk Retention Group (the &#147;Underwriter&#148;) is subject to</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left colSpan=2><FONT face=serif size=2>the terms of the following Riders attached hereto:</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD colSpan=5>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>Riders 1</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left colSpan=3><FONT face=serif size=2>and of all Riders applicable to this Bond issued during the Bond Period.</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left>&nbsp;</TD></TR>
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     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right colSpan=2><FONT face=serif size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;</U></FONT><FONT face=serif size=2><U>/S/ Maggie Sullivan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT><FONT face=serif size=2><U>&nbsp;</U></FONT></TD></TR>
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     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="20%">&nbsp;</TD>
     <TD noWrap align=left width="25%">&nbsp;</TD>
     <TD noWrap align=right width="45%" colSpan=2><FONT face=serif size=2>Authorized Representative</FONT></TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: center"><FONT face=serif size=2>NOTICE</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty funds are not available for your risk retention group.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>ICI Mutual Insurance Company, a Risk Retention Group (&#147;Underwriter&#148;), in consideration of the required premium, and in reliance on the application and all other information furnished to the Underwriter by the Insured, and subject to and in accordance with the Declarations, General Agreements, Provisions, Conditions and Limitations of this bond, agrees to indemnify the Insured for loss, discovered during the Bond Period, which would otherwise have been paid under the </FONT><B><FONT face=serif size=2>Primary Bond </FONT></B><FONT face=serif size=2>but for the fact that the loss exceeds the limit of liability of such Primary Bond. Coverage under this bond shall follow the terms and conditions of the </FONT><B><FONT face=serif size=2>Primary Bond, </FONT></B><FONT face=serif size=2>except with respect to:</FONT></P>
<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD width=18>&nbsp;</TD>
     <TD noWrap><FONT face=serif size=2>a. Any coverage exceptions specified by riders attached to this bond;</FONT><BR>
<BR>
<FONT face=serif size=2>b. The deductible amounts and limits of liability as stated in ITEM 3. of the Declarations and;</FONT><BR>
<BR>
<FONT face=serif size=2>c. The General Agreements, Provisions, Conditions and Limitations set forth herein.</FONT></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: center">
<TABLE>
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     <TD noWrap align=center><B><FONT face=serif size=2>GENERAL AGREEMENTS</FONT></B></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>A. CHANGE OR MODIFICATION OF PRIMARY BOND</FONT></B></P>
<P style="MARGIN-LEFT: 12pt; TEXT-ALIGN: left"><FONT face=serif size=2>If after the inception date of this bond the </FONT><B><FONT face=serif size=2>Primary Bond </FONT></B><FONT face=serif size=2>is changed or modified, written notice of any such change or modification shall be given to the Underwriter as soon as practicable, not to exceed thirty (30) days after such change or modification, together with such information as the Underwriter may request. There shall be no coverage under this bond for any loss arising from or in any way related to such change or modification until such time as the Underwriter is advised of and specifically agrees by written endorsement to provide coverage for such change or modification.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>B. LOSS--NOTICE--PROOF--LEGAL PROCEEDINGS</FONT></B></P>
<P style="MARGIN-LEFT: 12pt; TEXT-ALIGN: left"><FONT face=serif size=2>This Bond is for the use and benefit only of the Insured and the Underwriter shall not be liable hereunder for loss sustained by anyone other than the Insured (except that if the Insured includes such other loss in the Insured's proof of loss, the Underwriter shall consider its liability therefor.) As soon as practicable and not more than sixty (60) days after discovery of any loss covered hereunder, the Insured shall give the Underwriter written notice thereof and, as soon as practicable and within one year after such discovery, shall also furnish to the Underwriter affirmative proof of loss with full particulars. The Underwriter may extend the sixty day notice period or the one year proof of loss period if the Insured requests an extension and shows good cause therefor.</FONT></P>
<P style="MARGIN-LEFT: 12pt; TEXT-ALIGN: left"><FONT face=serif size=2>The Underwriter shall not be liable hereunder for loss of Securities unless each of the Securities is identified in such proof of loss by a certificate or bond number or by such identification means as the Underwriter may require. The Underwriter shall have a reasonable period after receipt of a proper affirmative proof of loss within which to investigate the claim, but where the loss is of Securities and is clear and undisputed, settlement shall be made within forty-eight (48) hours even if the loss involves Securities of which duplicates may be obtained.</FONT></P>
<P style="MARGIN-LEFT: 12pt; TEXT-ALIGN: left"><FONT face=serif size=2>The Insured shall not bring legal proceedings against the Underwriter to recover any loss hereunder prior to sixty (60) days after filing such proof of loss or subsequent to twenty-four (24) months after the discovery of such loss or, in the case of a legal proceeding to recover hereunder on account of any judgment against the Insured in or settlement of any suit or to recover court costs or attorneys' fees paid in any such suit, twenty-four (24) months after the date of the final judgment in or settlement of</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>such suit. If any limitation in this bond is prohibited by any applicable law, such limitation shall be deemed to be amended to be equal to the minimum period of limitation permitted by such law.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Notice hereunder shall be given to Manager, Professional Liability Claims, ICI Mutual Insurance Company, 1401 H St. NW, Washington, DC 20005.</FONT></P>
<P style="TEXT-ALIGN: center"><B><FONT face=serif size=2>PROVISIONS, CONDITIONS AND LIMITATIONS</FONT></B></P>
<P style="MARGIN-LEFT: 0pt; TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD noWrap><B><FONT face=serif size=2>SECTION 1. DEFINITIONS</FONT></B></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>a. Deductible Amount </FONT></B><FONT face=serif size=2>means the amount stated in ITEM 3. of the Declarations, applicable to each Single Loss. In no event shall this </FONT><B><FONT face=serif size=2>Deductible Amount </FONT></B><FONT face=serif size=2>be reduced for any reason, including but not limited to, the non-existence, invalidity, insufficiency or uncollectibility of any </FONT><B><FONT face=serif size=2>Underlying Bond(s)</FONT></B><FONT face=serif size=2>, including the insolvency or dissolution of any Insurer providing coverage under any </FONT><B><FONT face=serif size=2>Underlying Bond(s)</FONT></B><FONT face=serif size=2>.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>b. Primary Bond </FONT></B><FONT face=serif size=2>means the bond scheduled in ITEM 5. of the Declarations or any bond that may replace or substitute for such bond.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>c. Single Loss </FONT></B><FONT face=serif size=2>means:</FONT></P>
<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD width=10>&nbsp;</TD>
     <TD noWrap><FONT face=serif size=2>(1) all loss resulting from any one actual or attempted theft committed by one person, or</FONT><BR>
<BR>
<FONT face=serif size=2>(2) all loss caused by any one act (other than a theft or a dishonest or fraudulent act) committed by</FONT><BR>
<FONT face=serif size=2>one person, or</FONT><BR>
<BR>
<FONT face=serif size=2>(3) all loss caused by dishonest or fraudulent acts committed by one person, or</FONT><BR>
<BR>
<FONT face=serif size=2>(4) all expenses incurred with respect to any one audit or examination, or</FONT><BR>
<BR>
<FONT face=serif size=2>(5) all loss caused by any one occurrence or event other than those specified in subsections (1)</FONT><BR>
<FONT face=serif size=2>through (4) above.</FONT></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>d. Underlying Bond </FONT></B><FONT face=serif size=2>means the </FONT><B><FONT face=serif size=2>Primary Bond </FONT></B><FONT face=serif size=2>and all other insurance coverage referred to in ITEM 4. Of the Declarations.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>SECTION 2. SINGLE LOSS LIMIT OF LIABILITY</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The Underwriter&#146;s liability for each </FONT><B><FONT face=serif size=2>Single Loss </FONT></B><FONT face=serif size=2>shall not exceed the Limit of Liability as stated in ITEM 3. of the Declarations.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>SECTION 3. DISCOVERY</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>For all purposes under this bond, a loss is discovered, and discovery of a loss occurs, when the Insured</FONT></P>
<P style="TEXT-ALIGN: left">
<TABLE>
<TR>
     <TD width=2>&nbsp;</TD>
     <TD noWrap><FONT face=serif size=2>(1) becomes aware of facts, or</FONT><BR>
<BR>
<FONT face=serif size=2>(2) receives notice of an actual or potential claim by a third party which alleges that the Insured is</FONT><BR>
<FONT face=serif size=2>liable under circumstances, which would cause a reasonable person to assume that loss covered</FONT><BR>
<FONT face=serif size=2>by this bond has been or is likely to be incurred even though the exact amount or details of loss</FONT><BR>
<FONT face=serif size=2>may not be known.</FONT></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>SECTION 4. ASSIGNMENT OF RIGHTS</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Upon payment to the Insured hereunder for any loss, the Underwriter shall be subrogated to the extent of such payment to all of the Insured's rights and claims in connection with such loss; provided,</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>however, that the Underwriter shall not be subrogated to any such rights or claims one named Insured under this bond may have against another named Insured under this bond. At the request of the Underwriter, the Insured shall execute all assignments or other documents and take such action as the Underwriter may deem necessary or desirable to secure and perfect such rights and claims, including the execution of documents necessary to enable the Underwriter to bring suit in the name of the Insured.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Assignment of any rights or claims under this bond shall not bind the Underwriter without the Underwriter's written consent.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>SECTION 5. COOPERATION OF INSURED</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>At the Underwriter&#146;s request and at reasonable times and places designated by the Underwriter the Insured shall:</FONT></P>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD vAlign=top noWrap width="2%"><FONT face=serif size=2>a.</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%"><FONT face=serif size=2>submit to examination by the Underwriter and subscribe to the same under oath, and</FONT> </TD></TR>
<TR>
     <TD vAlign=top noWrap width="2%"><FONT face=serif size=2>b.</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%"><FONT face=serif size=2>produce for the Underwriter&#146;s examination all pertinent records, and</FONT> </TD></TR>
<TR>
     <TD vAlign=top noWrap width="2%"><FONT face=serif size=2>c.</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="98%"><FONT face=serif size=2>cooperate with the Underwriter in all matters pertaining to the loss.</FONT> </TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The Insured shall execute all papers and render assistance to secure for the Underwriter the rights and causes of action provided for under this bond. The Insured shall do nothing after loss to prejudice such rights or causes of action.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>SECTION 6. TERMINATION</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The Underwriter may terminate this bond as to any Insured or all Insureds only by written notice to such Insured or Insureds and, if this bond is terminated as to any investment company registered under the Investment Company Act of 1940, to each such investment company terminated thereby and to the Securities and Exchange Commission, Washington, D.C., in all cases not less than sixty (60) days prior to the effective date of termination specified in such notice.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The Insured may terminate this bond only by written notice to the Underwriter not less than sixty (60) days prior to the effective date of the termination specified in such notice. Notwithstanding the foregoing, when the Insured terminates this bond as to any investment company registered under the Investment Company Act of 1940, the effective date of termination shall be not less than sixty (60) days from the date the Underwriter provides written notice of the termination to each such investment company terminated thereby and to the Securities and Exchange Commission, Washington, D.C.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>This bond will terminate as to any Insured entity that is not an investment company registered under the Investment Company Act of 1940 immediately and without notice upon (1) the takeover of such Insured's business by any State or Federal official or agency, or by any receiver or liquidator, or (2) the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the Insured, or assignment for the benefit of creditors of the Insured.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Premiums are earned until the effective date of termination. The Underwriter shall refund the unearned premium computed at short rates in accordance with the Underwriter's standard short rate cancellation tables if this bond is terminated by the Insured or pro rata if this bond is terminated by the Underwriter.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>Upon the detection by any Insured that an employee (as defined in the </FONT><B><FONT face=serif size=2>Primary Bond</FONT></B><FONT face=serif size=2>) has committed any dishonest or fraudulent act(s) or theft, the Insured shall immediately remove such employee from a position that may enable such employee to cause the Insured to suffer a loss by any</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>subsequent dishonest or fraudulent act(s) or theft. The Insured, within two (2) business days of such detection, shall notify the Underwriter with full and complete particulars of the detected dishonest or fraudulent act(s) or theft.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>For purposes of this section, detection occurs when any partner, officer, or supervisory employee of any Insured, who is not in collusion with such employee, becomes aware that the employee has committed any dishonest or fraudulent act(s) or theft.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>This bond shall terminate as to any employee (as defined in the </FONT><B><FONT face=serif size=2>Primary Bond</FONT></B><FONT face=serif size=2>) by written notice from the Underwriter to each Insured and, if such employee is an employee of an Insured investment company registered under the Investment Company Act of 1940, to the Securities and Exchange Commission, in all cases not less than sixty (60) days prior to the effective date of termination specified in such notice.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>SECTION 7. CONFORMITY</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>If any limitation within this bond is prohibited by any law controlling this bond&#146;s construction, such limitation shall be deemed to be amended so as to equal the minimum period of limitation provided by such law.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>SECTION 8. CHANGE OR MODIFICATION</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>This bond may only be modified by written Rider forming a part hereof over the signature of the Underwriter's authorized representative. Any Rider which modifies the coverage provided by Insuring Agreement A, Fidelity (or the equivalent insuring agreement) of the Primary Bond in a manner which adversely affects the rights of an Insured investment company registered under the Investment Company Act of 1940 shall not become effective until at least sixty (60) days after the Underwriter has given written notice thereof to the Securities and Exchange Commission, Washington, D.C., and to each Insured investment company registered under the Investment Company Act of 1940 affected thereby.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>SECTION 9. DEDUCTIBLE AMOUNT; LIMIT OF LIABILITY</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The Underwriter shall not be liable under any Insuring Agreement unless the amount of the loss covered thereunder, after deducting the net amount of all reimbursement and/or recovery received by the Insured with respect to such loss (other than from the </FONT><B><FONT face=serif size=2>Primary Bond </FONT></B><FONT face=serif size=2>or from any other bond, suretyship or insurance policy), shall exceed the applicable </FONT><B><FONT face=serif size=2>Deductible Amount</FONT></B><FONT face=serif size=2>; in such case the Underwriter shall be liable only for such excess, subject to the applicable Limit of Liability and other agreements, provisions, conditions and limitations of this bond.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif size=2>The maximum liability of the Underwriter for any Single Loss covered by any Insuring Agreement under this bond shall be the Limit of Liability applicable to such Insuring Agreement, subject to the applicable </FONT><B><FONT face=serif size=2>Deductible Amount </FONT></B><FONT face=serif size=2>and the other agreements, provisions, conditions and limitations of this bond.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT face=serif>5</FONT></P>
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<P style="TEXT-ALIGN: center">
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     <TD noWrap align=center><B><FONT face=serif size=5>ICI MUTUAL INSURANCE COMPANY,</FONT></B><BR>
<B><FONT face=serif size=5>a Risk Retention Group</FONT></B><BR>
<BR>
<B><FONT face=serif size=5>I</FONT></B><B><FONT face=serif>NVESTMENT COMPANY BLANKET BOND</FONT></B><BR>
<B><FONT face=serif>(EXCESS BOND)</FONT></B><BR>
<BR>
<B><FONT face=serif>RIDER NO. 1</FONT></B></TD></TR></TABLE></P>
<TABLE style="WIDTH: 773px; HEIGHT: 112px" cellSpacing=0 border=0>
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     <TD width="26%"></TD>
     <TD width="38%"></TD>
     <TD width="35%"></TD></TR>
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     <TD noWrap align=left><B><FONT face=serif size=1>INSURED</FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=serif size=1>BOND NUMBER</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT face=serif>John Hancock Funds</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;<B><FONT face=serif>87142109B</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=serif size=1>EFFECTIVE DATE</FONT></B></TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=serif size=1>BOND PERIOD</FONT></B></TD>
     <TD noWrap align=left><B><FONT face=serif size=1>AUTHORIZED REPRESENTATIVE</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT face=serif size=2>July 15, 2009</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B><FONT face=serif size=2>July 15, 2009 to July 15, 2010</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT face=serif size=2>/S/ Maggie Sullivan</FONT></B></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT face=serif>Most property and casualty insurers, including ICI Mutual Insurance Company, a Risk Retention Group (&#147;ICI Mutual&#148;), are subject to the requirements of the Terrorism Risk Insurance Act of 2002, as amended (the &#147;Act&#148;). The Act establishes a Federal insurance backstop under which ICI Mutual and these other insurers will be partially reimbursed for future </FONT><B><FONT face=serif>&#147;insured losses&#148; </FONT></B><FONT face=serif>resulting from certified </FONT><B><FONT face=serif>&#147;acts of terrorism.&#148; </FONT></B><FONT face=serif>(Each of these </FONT><B><FONT face=serif>bolded terms </FONT></B><FONT face=serif>is defined by the Act.) The Act also places certain disclosure and other obligations on ICI Mutual and these other insurers.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>Pursuant to the Act, any future losses to ICI Mutual caused by certified </FONT><B><FONT face=serif>&#147;acts of terrorism&#148; </FONT></B><FONT face=serif>will be partially reimbursed by the United States government under a formula established by the Act. Under this formula, the United States government will reimburse ICI Mutual for 90% of ICI Mutual&#146;s </FONT><B><FONT face=serif>&#147;insured losses&#148; </FONT></B><FONT face=serif>in excess of a statutorily established deductible until total insured losses of all participating insurers reach $100 billion. If total &#147;insured losses&#148; of all property and casualty insurers reach $100 billion during any applicable period, the Act provides that the insurers will not be liable under their policies for their portions of such losses that exceed such amount. Amounts otherwise payable under this bond may be reduced as a result.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>Coverage under this bond remains subject to all applicable terms, conditions and limitations of the bond (including exclusions) that are permissible under the Act. The portion of the premium that is attributable to any coverage potentially available under the bond for </FONT><B><FONT face=serif>&#147;acts of terrorism&#148; </FONT></B><FONT face=serif>is one percent (1%).</FONT></P>
<P style="TEXT-ALIGN: right"><FONT face=serif>RX53.0-01 (7/06)</FONT></P>
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     <TD noWrap align=left width="32%"><B><FONT face=serif size=2>John Hancock Bank &amp; Thrift Opportunity Fund</FONT></B></TD>
     <TD noWrap align=left width="4%"></TD>
     <TD noWrap align=left width="34%"><B><FONT face=serif size=2>John Hancock Patriot Premium Dividend Fund II</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Bond Trust</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Preferred Income Fund</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock California Tax-Free Income Fund</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Preferred Income Fund II</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Capital Series</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Preferred Income Fund III</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Current Interest</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Series Trust</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Equity Trust</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Sovereign Bond Fund</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Funds III</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Strategic Series</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Income Securities Trust</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Tax-Exempt Series Fund</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Investment Trust</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock World Fund</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Investment Trust II</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Tax-Advantaged Dividend Income</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Investment Trust III</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp;<B><FONT face=serif size=2>Fund</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Investors Trust</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Tax-Advantaged Global</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=serif size=2>John Hancock Municipal Securities Trust</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp;<B><FONT face=serif size=2>Shareholder Yield Fund</FONT></B></TD></TR></TABLE></DIV><BR>
<P style="TEXT-ALIGN: center">
<TABLE>
<TR>
     <TD noWrap align=center><B><I><FONT face=serif>(Collectively referred to as the &#147;Trusts&#148;)</FONT></I></B><BR>
<BR>
<B><U><FONT face=serif>Ratification of Fidelity Bond</FONT></U></B></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>On motion duly made and seconded, the following resolutions ratifying actions taken by the Trusts&#146; officers were approved first by the Trustees of each Trust who are not &#147;interested persons&#148; (as defined in the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;)) of the Trust (the &#147;Independent Trustees&#148;), and then by all the Trustees:</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif>WHEREAS</FONT></B><FONT face=serif>, Rule 17g-1 under the 1940 Act governs the required bonding of the Trusts&#146; officers and employees under a joint fidelity bond (the &#147;Bond&#148;);</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif>WHEREAS</FONT></B><FONT face=serif>, the Trustees desire to ratify actions taken by the Trusts&#146; officers on behalf of the Trusts with respect to the continuation of the Bond for a one-year term ending July 15, 2010; and</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif>WHEREAS</FONT></B><FONT face=serif>, the Trustees of the Trusts have considered the allocation of premiums for the Bond among the Trusts and other registered investment companies managed by John Hancock Investment Management Services, LLC, consisting of John Hancock Funds II and John Hancock Trust (collectively with the Trusts, the &#147;John Hancock Trusts&#148;), and have determined that the allocation should be based on the premium of $98,356; it is</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif>RESOLVED</FONT></B><FONT face=serif>, that the continuation of the current Bond issued by Chubb Group of Insurance Companies and ICI Mutual Insurance Company, covering each officer and employee of John Hancock Trusts against larceny and embezzlement, in the amount of $30 million for a one-year term ending July 15, 2010, and in the proposed form presented at this meeting, after consideration of all factors deemed relevant by the Board, including, but not limited to: (i) the expected value of the aggregate assets of the John Hancock Trusts to which any officer or employee of such Trusts may have access; (ii) the type and terms of the arrangements made for the custody and safekeeping of such assets; and (iii) the nature of the securities in the John Hancock Trusts&#146; portfolios, be, and it hereby is, ratified and approved;</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif>FURTHER RESOLVED</FONT></B><FONT face=serif>, that the portion of the premium for the Bond to be paid by each Trust, in substantially the form presented at this Meeting, after consideration of all factors deemed relevant by the Board, including, but not limited to: (i) the number of the</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=serif>other parties named as insureds; (ii) the nature of the business activities of such other parties; (iii) the amount of the Bond; (iv) the amount of the premium for such Bond; (v) <FONT face=serif>the ratable allocation of the premium among all parties named as insureds; and</FONT> (vi)&nbsp;<FONT face=serif>the extent to which the share of the premium allocated to the Trust is less than the</FONT>&nbsp;</FONT><FONT face=serif>premium such Trust would have had to pay if it had provided and maintained a single insured bond, be, and it hereby is, ratified and approved; and</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif>FURTHER RESOLVED</FONT></B><FONT face=serif>, that the appropriate officers of the Trusts be, and each hereby is, authorized to increase the amount of the Bond coverage from time to time to ensure adequate coverage based upon the value of the Trusts&#146; assets and to enable the Trusts to remain in compliance with the 1940 Act and the rules promulgated thereunder;</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif>FURTHER RESOLVED</FONT></B><FONT face=serif>, that the continuation of the Joint Insured Bond Agreement among the Trusts (the &#147;Bond Agreement&#148;), in substantially the form presented at this Meeting, providing in substance that, in the event any recovery is received under the Bond as a result of a loss sustained by the Trusts and any one or more other named insureds, the Trusts shall receive an equitable and proportionate share of the recovery, but in no event less than the amount it would have received had it provided and maintained a single bond with the minimum coverage required by paragraph (d)(1) of Rule 17g-1 under the 1940 Act, be, and it hereby is, ratified and approved;</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif>FURTHER RESOLVED</FONT></B><FONT face=serif>, that the Secretary of the Trusts or his delegate be, and each hereby is, authorized to make all necessary filings and give all notices and information with respect to such Bond and the Bond Agreement required by paragraph (g) of Rule 17g-1 under the 1940 Act; and</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=serif>FURTHER RESOLVED</FONT></B><FONT face=serif>, that the appropriate officers of the Trusts be, and each hereby is, authorized to make any and all payments and to do any and all such further acts, in the name of the Trusts and on its behalf, as they, or any of them, may determine to be necessary or desirable and proper, with the advice of counsel, in connection with or in furtherance of the foregoing resolutions.</FONT></P>
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<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>It is hereby agreed among the undersigned parties, named insured under Fidelity Bond Insurance provided by Chubb Group of Insurance Companies renewed on July 15, 2009, and ICI Mutual Insurance Company renewed on July 15, 2009 that in the event recovery is received as a result of a loss sustained by any one of the undersigned registered management investment companies and one or more of the other named insured under the said bonds, the said registered management investment company shall receive an equitable and proportionate share of the recovery, but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required under the provisions of paragraph (f)(1) of Rule 17g-1 under Section 17(g) of the Investment Company Act of 1940.</FONT></P>
<P style="TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed by their duly authorized officer on July 15, 2009.</FONT></P>
<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="10%"></TD>
     <TD width="34%"></TD>
     <TD width="11%"></TD>
     <TD width="10%"></TD>
     <TD width="34%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Bank and Thrift Opportunity</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Bond Trust</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>Fund</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;<FONT face=serif>/s/ David D. Barr</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock California Tax-Free Income</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Capital Series</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>Fund</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;<FONT face=serif>/s/ David D. Barr</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Current Interest</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Equity Trust</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;<FONT face=serif>/s/ David D. Barr</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Funds II</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Funds III</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: center"><FONT face=serif size=2>1</FONT></P>
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<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="6%"></TD>
     <TD width="40%"></TD>
     <TD width="7%"></TD>
     <TD width="6%"></TD>
     <TD width="40%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Income Securities Trust</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Investment Trust</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Investment Trust II</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Investment Trust III</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Investors Trust</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Municipal Securities Trust</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Patriot Premium Dividend Fund</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Preferred Income Fund</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>II</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Preferred Income Fund II</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Preferred Income Fund III</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Series Trust</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Sovereign Bond Fund</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: center"><FONT face=serif size=2>2</FONT></P>
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<TABLE cellSpacing=0 border=0>
<TR>
     <TD width="5%"></TD>
     <TD width="42%"></TD>
     <TD width="7%"></TD>
     <TD width="8%"></TD>
     <TD width="37%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Strategic Series</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Tax-Advantaged Dividend</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=serif>Income Fund</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif>Tax-Advantaged Global Shareholder Yield</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Tax-Exempt Series Fund</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>Fund</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock Trust</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><FONT face=serif>John Hancock World Fund</FONT></TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=serif>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face=serif>/s/ David D. Barr</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>Assistant Secretary</FONT></TD></TR></TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><BR>
&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT face=serif size=2>3</FONT></P>
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