-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DsOu7s7VRH23dS3yn9fLHqp28vsZQZIbrUol6ijKDI2ht69XPJpfDGJ3XCplzQjm
 jR6Sf7HxE1XRr93hhSDSdQ==

<SEC-DOCUMENT>0000950123-09-053432.txt : 20091027
<SEC-HEADER>0000950123-09-053432.hdr.sgml : 20091027
<ACCEPTANCE-DATETIME>20091027084501
ACCESSION NUMBER:		0000950123-09-053432
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20091027
DATE AS OF CHANGE:		20091027
EFFECTIVENESS DATE:		20091027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PCM FUND, INC.
		CENTRAL INDEX KEY:			0000908187
		IRS NUMBER:				521834031
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07816
		FILM NUMBER:		091138123

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		212 -739-3000

	MAIL ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO COMMERCIAL MORTGAGE SECURITIES TRUST INC
		DATE OF NAME CHANGE:	19930624

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Global StocksPLUS & Income Fund
		CENTRAL INDEX KEY:			0001318025
		IRS NUMBER:				202726382

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21734
		FILM NUMBER:		091138127

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		212 739-3371

	MAIL ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO Global StocksPLUS Income Fund
		DATE OF NAME CHANGE:	20050321

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO International StocksPLUS Income Fund
		DATE OF NAME CHANGE:	20050216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO HIGH INCOME FUND
		CENTRAL INDEX KEY:			0001219360
		IRS NUMBER:				383676799
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21311
		FILM NUMBER:		091138133

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS 47TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		212739 3502

	MAIL ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO CALIFORNIA MUNICIPAL INCOME FUND III
		CENTRAL INDEX KEY:			0001181504
		IRS NUMBER:				161624050
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21188
		FILM NUMBER:		091138138

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		2127393502

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO NEW YORK MUNICIPAL INCOME FUND II
		CENTRAL INDEX KEY:			0001170311
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21078
		FILM NUMBER:		091138140

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO MUNICIPAL INCOME FUND
		CENTRAL INDEX KEY:			0001140392
		IRS NUMBER:				134174449
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10377
		FILM NUMBER:		091138145

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	MAIL ADDRESS:	
		STREET 1:		ONE INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO FLOATING RATE INCOME FUND
		CENTRAL INDEX KEY:			0001244183
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21374
		FILM NUMBER:		091138131

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		2127393502

	MAIL ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NICHOLAS APPLEGATE CONVERTIBLE & INCOME FUND II
		CENTRAL INDEX KEY:			0001227857
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21338
		FILM NUMBER:		091138132

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		STREET 2:		47TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		212 739 3502

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAFM NICHOLAS APPLEGATE NFJ CONVERTIBLE & INCOME FUND
		DATE OF NAME CHANGE:	20030417

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NICHOLAS APPLEGATE CONVERTIBLE & INCOME FUND
		CENTRAL INDEX KEY:			0001214935
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21284
		FILM NUMBER:		091138134

	MAIL ADDRESS:	
		STREET 1:		1345 AVE OF THE AMERICAS
		STREET 2:		47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NICHOLAS APPLEGATE CONVERTIBLE INCOME FUND
		DATE OF NAME CHANGE:	20030121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO NEW YORK MUNICIPAL INCOME FUND III
		CENTRAL INDEX KEY:			0001181505
		IRS NUMBER:				546504431
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21189
		FILM NUMBER:		091138137

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		2127393502

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO MUNICIPAL INCOME FUND II
		CENTRAL INDEX KEY:			0001170299
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21076
		FILM NUMBER:		091138142

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO MUNICIPAL ADVANTAGE FUND INC
		CENTRAL INDEX KEY:			0000897951
		IRS NUMBER:				133703018
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07532
		FILM NUMBER:		091138147

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		212 739 3000

	MAIL ADDRESS:	
		STREET 1:		1345 AVE. OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNICIPAL ADVANTAGE FUND INC
		DATE OF NAME CHANGE:	19930714

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Income Opportunity Fund
		CENTRAL INDEX KEY:			0001412350
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22121
		FILM NUMBER:		091138124

	BUSINESS ADDRESS:	
		STREET 1:		C/O ROPES & GRAY LLP
		STREET 2:		ONE INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-951-7046

	MAIL ADDRESS:	
		STREET 1:		C/O ROPES & GRAY LLP
		STREET 2:		ONE INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Floating Rate Strategy Fund
		CENTRAL INDEX KEY:			0001296250
		IRS NUMBER:				201619298
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21601
		FILM NUMBER:		091138130

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		212 739-3502

	MAIL ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO CORPORATE OPPORTUNITY FUND
		CENTRAL INDEX KEY:			0001190935
		IRS NUMBER:				466121513

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21238
		FILM NUMBER:		091138135

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		2127393371

	MAIL ADDRESS:	
		STREET 1:		C/O PIMCO ADVISORS ASSET MANAGEMENT
		STREET 2:		1345 AVE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO CORPORATE ADVANTAGE FUND
		DATE OF NAME CHANGE:	20020919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO CALIFORNIA MUNICIPAL INCOME FUND II
		CENTRAL INDEX KEY:			0001170300
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21077
		FILM NUMBER:		091138141

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Nicholas Applegate Global Equity & Convertible Income Fund
		CENTRAL INDEX KEY:			0001398481
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22067
		FILM NUMBER:		091138125

	BUSINESS ADDRESS:	
		STREET 1:		ONE INTERNATIONAL PLACE
		STREET 2:		C/O ROPES & GRAY LLP
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-951-7000

	MAIL ADDRESS:	
		STREET 1:		ONE INTERNATIONAL PLACE
		STREET 2:		C/O ROPES & GRAY LLP
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Nicholas-Applegate International & Premium Strategy Fund
		CENTRAL INDEX KEY:			0001319332
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21724
		FILM NUMBER:		091138128

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		212-739-3371

	MAIL ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAFM NACM International & Premium Strategy Fund
		DATE OF NAME CHANGE:	20050301

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NACM International & Premium Strategy Fund
		DATE OF NAME CHANGE:	20050301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PREMIER VIT
		CENTRAL INDEX KEY:			0000923185
		IRS NUMBER:				137047835
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08512
		FILM NUMBER:		091138148

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		2125041649

	MAIL ADDRESS:	
		STREET 1:		1345 AVE OF THE AMERICAS
		STREET 2:		46TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO ADVISORS VIT
		DATE OF NAME CHANGE:	20030514

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OCC ACCUMULATION TRUST
		DATE OF NAME CHANGE:	19960506

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	QUEST FOR VALUE ACCUMULATION TRUST
		DATE OF NAME CHANGE:	19940929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO CORPORATE INCOME FUND
		CENTRAL INDEX KEY:			0001160990
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10555
		FILM NUMBER:		091138136

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVE OF THE AMERICAS
		STREET 2:		47TH FL.
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		6179517018

	MAIL ADDRESS:	
		STREET 1:		1345 AVE OF THE AMERICAS
		STREET 2:		47TH FL.
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO CALIFORNIA MUNICIPAL INCOME FUND
		CENTRAL INDEX KEY:			0001140411
		IRS NUMBER:				134174445
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10379
		FILM NUMBER:		091138144

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	MAIL ADDRESS:	
		STREET 1:		ONE INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Allianz Funds Multi-Strategy Trust
		CENTRAL INDEX KEY:			0001423227
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22167
		FILM NUMBER:		091138121

	BUSINESS ADDRESS:	
		STREET 1:		C/O ALLIANZ GLOBAL INVESTORS
		STREET 2:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		6179517046

	MAIL ADDRESS:	
		STREET 1:		C/O ROPES & GRAY LLP
		STREET 2:		ONE INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO NEW YORK MUNICIPAL INCOME FUND
		CENTRAL INDEX KEY:			0001140410
		IRS NUMBER:				134174444
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10381
		FILM NUMBER:		091138143

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	MAIL ADDRESS:	
		STREET 1:		ONE INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Nicholas-Applegate Equity & Convertible Income Fund
		CENTRAL INDEX KEY:			0001383441
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21989
		FILM NUMBER:		091138126

	BUSINESS ADDRESS:	
		STREET 1:		ONE INTERNATIONAL PLACE
		STREET 2:		C/O ROPES & GRAY LLP
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-951-7000

	MAIL ADDRESS:	
		STREET 1:		ONE INTERNATIONAL PLACE
		STREET 2:		C/O ROPES & GRAY LLP
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Nicholas-Applegate Equity & Income Capture Fund
		DATE OF NAME CHANGE:	20061213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO STRATEGIC GLOBAL GOVERNMENT FUND INC
		CENTRAL INDEX KEY:			0000916183
		IRS NUMBER:				943194834
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08216
		FILM NUMBER:		091138122

	BUSINESS ADDRESS:	
		STREET 1:		1776 HERIATAGE DRIVE A4N
		CITY:			N QUINCY
		STATE:			MA
		ZIP:			02171
		BUSINESS PHONE:		9497204761

	MAIL ADDRESS:	
		STREET 1:		840 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RCM STRATEGIC GLOBAL GOVERNMENT FUND INC
		DATE OF NAME CHANGE:	19931214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NFJ DIVIDEND, INTEREST & PREMIUM STRATEGY FUND
		CENTRAL INDEX KEY:			0001260563
		STANDARD INDUSTRIAL CLASSIFICATION:	LOAN BROKERS [6163]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21417
		FILM NUMBER:		091138129

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		STREET 2:		47TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		2127393502

	MAIL ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		STREET 2:		47TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NFJ DIVIDEND, INTEREST & PREMIUM EQUITY INCOME FUND
		DATE OF NAME CHANGE:	20050119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAFM/NFJ DIVIDEND & EQUITY INCOME FUND
		DATE OF NAME CHANGE:	20041220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NFJ RCM GLOBAL DIVIDEND INCOME FUND
		DATE OF NAME CHANGE:	20040331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALLIANZ GLOBAL INVESTORS MANAGED ACCOUNTS TRUST
		CENTRAL INDEX KEY:			0001098605
		IRS NUMBER:				066484967
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-09721
		FILM NUMBER:		091138146

	BUSINESS ADDRESS:	
		STREET 1:		C/O PIMCO ADVISORY SERVICES
		STREET 2:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		2127393502

	MAIL ADDRESS:	
		STREET 1:		C/O PIMCO ADVISORY SERVICES
		STREET 2:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLIANZ GLOBAL INVESTORS
		DATE OF NAME CHANGE:	20090626

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIXED INCOME SHARES
		DATE OF NAME CHANGE:	20000718

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO FIXED INCOME SHARES
		DATE OF NAME CHANGE:	19991109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO MUNICIPAL INCOME FUND III
		CENTRAL INDEX KEY:			0001181506
		IRS NUMBER:				556145593
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21187
		FILM NUMBER:		091138139

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		2127393502
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>y02443ae40v17g.htm
<DESCRIPTION>40-17G
<TEXT>
<HTML>
<HEAD>
<TITLE>e40v17g</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="y02443ay0244301.gif" alt="(ALLIANZ LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">October&nbsp;27, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
Office of Applications and Report Services<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Joint Insured Fidelity Bond of<BR>
Allianz Funds (File No.&nbsp;811-06161)<BR>
Allianz Funds Multi-Strategy Trust (File No.&nbsp;811-22167)<BR>
Premier VIT (File No.&nbsp;811-8512)<BR>
Allianz Global Investors Managed Accounts Trust (File No.&nbsp;811-9721)<BR>
PIMCO Municipal Income Fund (File No.&nbsp;811-10377)<BR>
PIMCO California Municipal Income Fund (File No.&nbsp;811-10379)<BR>
PIMCO New York Municipal Income Fund (File No.&nbsp;811-10381)<BR>
PIMCO Municipal Income Fund II (File No.&nbsp;811-21076)<BR>
PIMCO California Municipal Income Fund II (File No.&nbsp;811-21077)<BR>
PIMCO New York Municipal Income Fund II (File No.&nbsp;811-21078)<BR>
PIMCO Municipal Income Fund III (File No.&nbsp;811-21187)<BR>
PIMCO California Municipal Income Fund III (File No.&nbsp;811-21188)<BR>
PIMCO New York Municipal Income Fund III (File No.&nbsp;811-21189)<BR>
PIMCO Corporate Income Fund (File No.&nbsp;811-10555)<BR>
PIMCO Corporate Opportunity Fund (File No.&nbsp;811-21238)<BR>
Nicholas-Applegate Convertible &#038; Income Fund (File No.&nbsp;811-21284)<BR>
PIMCO High Income Fund (File No.&nbsp;811-21311)<BR>
Nicholas-Applegate Convertible &#038; Income Fund II (File No.&nbsp;811-21338)<BR>
PIMCO Floating Rate Income Fund (File No.&nbsp;811-21374)<BR>
PIMCO Floating Rate Strategy Fund (File No.&nbsp;811-21601)<BR>
NFJ Dividend, Interest &#038; Premium Strategy Fund (File No.&nbsp;811-21417)<BR>
Nicholas-Applegate International &#038; Premium Strategy Fund (File No.&nbsp;811-21724)<BR>
PIMCO Global StocksPLUS &#038; Income Fund (File No.&nbsp;811-21734)<BR>
Nicholas-Applegate Equity &#038; Convertible Income Fund (File No.&nbsp;811-21989)<BR>
Nicholas-Applegate Global Equity &#038; Convertible Income Fund (File No.&nbsp;811-22067)<BR>
PIMCO Income Opportunity Fund (File No.&nbsp;811-22121)<BR>
PCM Fund Inc. (File No.&nbsp;811-07816)<BR>
PIMCO Strategic Global Government Fund Inc. (File No.&nbsp;811-08216)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Enclosed for filing on behalf of the above-referenced registered investment management investment
companies (the &#147;Funds&#148;) pursuant to Rule&nbsp;17g-1 of the Investment Company Act of 1940, as amended,
are the following documents:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Allianz Global Investors of America L.P.<BR>
1345 Avenue of the Americas<BR>
New York, NY 10105<BR>
212.739.3000</B>

</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="y02443ay0244301.gif" alt="(ALLIANZ LOGO)">
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the Fidelity Bond Binder (the &#147;Bond&#148;), effective July&nbsp;1, 2009, issued by
National Union Fire Insurance Company, the primary policy for $25&nbsp;million; First Excess
Layer issued by Great American Insurance Company for $25&nbsp;million; and Second Excess Layer
issued by RLI Insurance Company for $7.5&nbsp;million, insuring the Funds is attached under
<U>Exhibit&nbsp;1</U>;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the executed joint Fidelity Bond Agreement between the joint insureds in
accordance with Rule&nbsp;17g-1(f) is attached under <U>Exhibit&nbsp;2</U>;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the resolutions of a majority of Trustees/Directors of each Board who are
not &#147;interested persons&#148; of the Funds, approving the amount, type, form and coverage of the
Bond and the portion of the premium to be paid by each Fund is attached under <U>Exhibit
3</U>; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Rule&nbsp;17g-1 Minimum Amount of Bond worksheet showing the amount of a single insured
bond which each Fund would have to maintain, had it not been named as an insured under the
joint Bond is attached under <U>Exhibit&nbsp;4</U>.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Premiums for the Bond have been appropriately paid from July&nbsp;1, 2009 through the period ending July
1, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If there are any questions regarding this filing, please contact the undersigned, at (212)
739-3222.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Very truly yours,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; border-bottom: 1px solid #000000; margin-right: 65%">/s/ Thomas
J. Fuccillo
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">Thomas
J. Fuccillo<BR>
Vice President, Secretary and Chief Legal Officer

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Allianz Global Investors of America L.P.<BR>
1345 Avenue of the Americas<BR>
New York, NY 10105<BR>
212.739.3000</B>

</DIV>


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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>y02443aexv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;1</B>
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA<BR>
(A stock Insurance Company, herein Called the Underwriter)</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>DECLARATIONS</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>BOND NUMBER</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;1.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name of Insured
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Allianz Funds</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6214333</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;250</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">680 Newport Center Drive</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Newport Beach CA 92660</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Herein called the Insured)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;2.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bond Period from 12:01&nbsp;a.m. on 07/01/2009 to 12:01&nbsp;a.m. on 07/01/2010.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The effective date of the termination or cancellation of this bond, standard time at the Principle Address as to
each of the said dates.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;3.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limit of Liability</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subject to Section&nbsp;9, 10 and 12 hereof:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Limit of Liability</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Deductible Amount</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement A FIDELITY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement B AUDIT EXPENSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement C ON PREMISES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement D IN TRANSIT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement E FORGERY OR ALTERATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement F SECURITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement G COUNTERFEIT CURRENCY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement H STOP PAYMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement I UNCOLLECTIBLE ITEMS OF DEPOSIT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OPTIONAL COVERAGES ADDED BY RIDER:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement J COMPUTER SYSTEMS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement K UNAUTHORIZED SIGNATURES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement L AUTOMATED PHONE SYSTEMS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring
Agreement M TELEFACSIMILE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If Not Covered is inserted above opposite any specified Insuring Agreement or Coverage, such Insuring
Agreement or Coverage and any other reference thereto in this bond shall be deemed to be deleted therefrom.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;4.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Office or Premises Covered  Offices acquired or established subsequent to the effective date of this bond are
covered according to the terms of General Agreement A. All other
Insured s offices or premises in existence at
the time this bond becomes effective are covered under this bond except the offices or premises located as
follows:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>No Exceptions</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;5.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Liability of the Underwriter is subject to the terms of the following riders attached hereto:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;1-7</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;6.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Insured by the acceptance of this bond gives notice to the Underwriter terminating or canceling prior bond(s)
or policy(ies) No. 9(s) N/A such termination or cancellation to be effective s of the time this bond becomes
effective.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;7.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Premium Amount:</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;$36,350</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Issue Date: 08/19/2009&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
John T. O&#146;Sullivan
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">Authorized Representative&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA<BR>
RIDER No.&nbsp;1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be attached to and form part of Bond No.&nbsp;6214333 in favor of Allianz Funds effective as of
07/01/09. </div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In consideration of the premium charged for the attached bond, it is hereby agreed that:
</DIV>


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>From and after the time this rider becomes effective the Insured under the
attached bond are:</TD>
</TR>

</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Allianz Funds</B><BR>
CCM Capital Appreciation Fund<BR>
CCM Emerging Companies Fund<BR>
CCM Focused Growth Fund<BR>
CCM Mid-Cap Fund<BR>
NACM Emerging Markets Opportunities Fund<BR>
NACM Global Fund<BR>
NACM Growth Fund<BR>
NACM Income &#038; Growth Fund<BR>
NACM International Fund<BR>
NACM Mid-Cap Growth Fund<BR>
NACM Pacific Rim Fund<BR>
NFJ All-Cap Value Fund<BR>
NFJ Dividend Value Fund<BR>
NFJ International Value Fund<BR>
NFJ Large-Cap Value Fund<BR>
NFJ Mid-Cap Value Fund<BR>
NFJ Small-Cap Value Fund<BR>
OCC Growth Fund<BR>
OCC Opportunity Fund<BR>
OCC Renaissance Fund<BR>
OCC Target<BR>
RCM Wellness Fund<BR>
RCM Global Resources Fund<BR>
RCM Global Small-Cap Fund<BR>
RCM Disciplined International Equity Fund<BR>
RCM Large-Cap Growth Fund<BR>
RCM Mid-Cap Fund<BR>
RCM Small-Cap Growth Fund<BR>
RCM Strategic Growth Fund<BR>
RCM Technology Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Allianz Funds Multi-Strategy Trust</B><BR>
RCM Global Water Fund<BR>
RCM Global EcoTrends Fund<BR>
RCM All Horizons Fund<BR>
RCM International Opportunities Fund<BR>
RCM Disciplined Equity Fund<BR>
NACM Global Equity 130 / 30 Fund<BR>
NACM International Growth Fund<BR>
NFJ Global Dividend Value Fund<BR>
Allianz Global Investors Solutions 2015 Fund<BR>
Allianz Global Investors Solutions 2020 Fund<BR>
Allianz Global Investors Solutions 2030 Fund<BR>
Allianz Global Investors Solutions 2040 Fund<BR>
Allianz Global Investors Solutions 2050 Fund<BR>
Allianz Global Investors Solutions Retirement Income Fund<BR>
Allianz Global Investors Solutions Core Allocation Fund

</DIV>
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Allianz Global Investors Solutions Growth Allocation Fund

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Premier VIT</B><BR>
OpCap Managed Portfolio<BR>
NACM Small Cap Portfolio<BR>
OpCap Mid Cap Portfolio<BR>
NFJ Dividend Value Portfolio

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Allianz Global Investors Managed Accounts Trust</B><BR>
Fixed Income SHares: Series&nbsp;C<BR>
Fixed Income SHares: Series&nbsp;M<BR>
Fixed Income SHares: Series&nbsp;R<BR>
Fixed Income SHares: Series&nbsp;H<BR>
Equity Shares: Series&nbsp;I

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Allianz Global Investors sponsored Closed-End Funds</B><BR>
PIMCO Municipal Advantage Fund Inc.<BR>
PIMCO Municipal Income Fund<BR>
PIMCO New York Municipal Income Fund<BR>
PIMCO California Municipal Income Fund<BR>
PIMCO Corporate Income Fund<BR>
PIMCO Municipal Income Fund II<BR>
PIMCO New York Municipal Income Fund II<BR>
PIMCO California Municipal Income Fund II<BR>
PIMCO Municipal Income Fund III<BR>
PIMCO New York Municipal Income Fund III<BR>
PIMCO California Municipal Income Fund III<BR>
PIMCO Corporate Opportunity Fund<BR>
Nicholas-Applegate Convertible &#038; Income Fund<BR>
PIMCO High Income Fund<BR>
Nicholas-Applegate Convertible &#038; Income Fund II<BR>
PIMCO Floating Rate Income Fund<BR>
PIMCO Floating Rate Strategy Fund<BR>
NFJ Dividend, Interest &#038; Premium Strategy Fund<BR>
Nicholas-Applegate International &#038; Premium Strategy Fund<BR>
PIMCO Global StocksPLUS &#038; Income Fund<BR>
Nicholas-Applegate Equity &#038; Convertible Income Fund<BR>
Nicholas-Applegate Global Equity &#038; Convertible Income Fund<BR>
PIMCO Income Opportunity Fund<BR>
PIMCO Strategic Global Government Fund, Inc.<BR>
PCM Fund, Inc.<BR>
AND ALL NOW EXISTING OR HEREINAFTER CREATED FUNDS

</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The first named Insured shall act for itself and for each and all of the Insured for all
the purposes of the attached bond.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Knowledge possessed or discovery made by the Corporate Risk Management Department, Internal
Audit Department, or General Counsel Department, of any Insured or by any partner or officer
thereof shall for all the purposes of the attached bond constitute knowledge or discovery by all
the Insured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;If, prior to the termination of the attached bond in its entirety, the attached bond is
terminated as to any Insured, there shall be no liability for any loss sustained by such Insured
unless discovered before the time such termination as to such Insured becomes effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;The liability of the Underwriter for loss or losses sustained by any or all of the Insured
shall not exceed the amount for which the Underwriter would be liable had all such loss or losses
been sustained by any one of the Insured. Payment by the Underwriter to the first named Insured of
loss sustained by any Insured shall fully release the Underwriter on account of such loss.
</DIV>

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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;If the first named Insured ceases for any reason to be covered under the attached bond,
then the Insured next named shall thereafter be considered as the first named Insured for all the
purposes of the attached bond.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;The attached bond shall be subject to all its agreements, limitations and conditions except
as herein expressly modified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;This rider shall become effective as 12:01&nbsp;a.m. on 07/01/09.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signed, Sealed and dated
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
Karolyn Jacobson
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Rider
No.&nbsp;2</b></div>

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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be
attached to and form part of Investment Company Blanket Bond No. 6214333 in favor of Allianz
Funds.
</DIV>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached bond is hereby amended by deleting Section&nbsp;13., TERMINATION, in its entirety and
substituting the following:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter may terminate this bond as an entirety by furnishing written notice specifying
the termination date which cannot be prior to 90&nbsp;days after the receipt of such written notice by
each Investment Company named as Insured and the Securities and Exchange Commission, Washington,
D.C. The Insured may terminate this bond as an entirety by furnishing written notice to the
Underwriter. When the Insured cancels, the Insured shall furnish written notice to the Securities
and Exchange Commission, Washington, D.C. prior to 90&nbsp;days before the effective date of the
termination. The Underwriter shall notify all other Investment
Companies named as Insured of the receipt of such termination notice and the termination
cannot be effective prior to 90&nbsp;days after receipt of written notice by all other
Investment Companies. Premiums are earned until the termination date as set forth herein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Bond will terminate as to any one Insured, (other than a registered management investment
company), immediately upon taking over of such Insured by a receiver or other liquidator or by
State or Federal officials, or immediately upon the filing of a petition under any State or Federal
statute relative to bankruptcy or reorganization of the Insured, or assignment for he benefit of
creditors of the Insured, or immediately upon such Insured ceasing to exist, whether through merger
into another entity, or by disposition of all of its assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Bond will terminate as to any registered management investment company upon the
expiration of 90&nbsp;days after written notice has been given to the Securities and Exchange
Commission, Washington, D.C.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter shall refund the unearned premium computed at short rates in accordance
with the standard short rate cancellation tables if terminated by the Insured or pro rata
terminated for any other reason.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This bond shall terminate</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any Employee as soon as the Corporate Risk Management Department, Internal
Audit Department or General Counsel, not in collusion with such Employee, shall learn of
any dishonest or fraudulent act(s), including Larceny or Embezzlement on the part of such
Employee without prejudice to the loss of any Property then in transit in the custody of
such Employee and upon the expiration of ninety (90)&nbsp;days after written notice has been
given to the Securities and Exchange Commission, Washington, D.C. (See Section&nbsp;16(d)) and
to the Insured Investment Company, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any Employee 90&nbsp;days after receipt by each Insured and by the Securities and
Exchange Commission of a written notice from the Underwriter of its desire to terminate
this bond as to such Employee, or</TD>
</TR>

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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any person, who is a partner, officer or employee of any Electronic Data
Processor covered under this bond, from and after the time that the Insured or any partner
or officer thereof not in collusion with such person shall have knowledge or information
that such person has committed any dishonest or fraudulent act(s), including Larceny or
Embezzlement in the service of the Insured or otherwise, whether such act be committed
before or after the time this bond is effective and upon the expiration of ninety (90)&nbsp;days
after written notice has been given by the Underwriter to the Securities and Exchange
Commission, Washington DC and to the insured Investment Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The automatic termination is waived with respect to any Employee provided the
fraudulent or dishonest act(s) was not in excess of $25,000; and the fraudulent or
dishonest act(s) occurred more than three (3)&nbsp;years prior to the Insured&#146;s knowledge;
and did not occur during the current or any prior employment of the Employee by the
Insured.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
limitations, conditions, or provisions of the attached bond other than as above stated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This rider is effective as of 12:01&nbsp;a.m. on July&nbsp;1, 2009.</TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
Karolyn Jacobson
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Authorized Representative&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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




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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>POLICYHOLDER NOTICE</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you for purchasing insurance from a member company of American International Group, Inc.
(AIG). The AIG member companies generally pay compensation to brokers and independent agents, and
may have paid compensation in connection with your policy. You can review and obtain information
about the nature and range of compensation paid by AIG member companies to brokers and independent
agents in the United States by visiting our website at www.aigproducercompensation.com or by
calling AIG at 1-800-706-3102.
</DIV>



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

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RIDER NO. 3</B>

</DIV>

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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
be attached to and form part of Bond No. <b>6214333</b> </div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in favor
of <b>Allianz Funds </b></div>

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached bond is amended by adding an additional insuring agreement as follows:</TD>
</TR>

</TABLE>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Loss resulting directly from a fraudulent
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>entry of data into, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change of data or programs within</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">a Computer System; provided the fraudulent entry or change causes
</DIV>


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

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

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

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>voice instructions or advices having been transmitted to the Insured or its agent(s) by
telephone;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and provided further, the fraudulent entry or change is made or caused by an individual
acting with the intent to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i) cause
the Insured or its agent(s) to sustain a loss, and</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii) obtain financial benefit for that individual or for other persons intended by
that individual to receive financial benefit,</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iii) and
further provided such voice instruction or advices:</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)
were made by a person who purported to represent an individual authorized to make such
voice instruction or advices; and</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b) were
electronically recorded by the Insured or its agent(s).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(4)&nbsp;It shall be a condition to recovery under the Computer Systems Rider that the Insured or its
agent(s) shall to the best of their ability electronically record all voice instructions or advices
received over telephone. The Insured or its agent(s) warrant that they shall make their best
efforts to maintain the electronic recording system on a continuous basis. Nothing, however, in
this Rider shall bar the Insured from recovery where no recording is available because of
mechanical failure of the device used in making such recording, or because of failure of the media
used to record conversation from any cause, or error or omission of any Employee(s) or agent(s) of
the Insured.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE OF SYSTEMS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">All computer systems utilized by the Insured

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. As used in this Rider, Computer System means:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a) computers with related peripheral components, including storage components, wherever
located,</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b) systems and application software,</DIV>

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

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


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



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)
terminal devices,</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)
related communication networks or customer communication systems,
and</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(e)
related Electronic Funds Transfer Systems,</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by which data are electronically collected, transmitted, processed, stored, and retrieved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. In addition to the exclusions in the attached bond, the following exclusions are applicable
to this Insuring Agreement:
</DIV>


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

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

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting directly or indirectly from entries or changes made by an individual
authorized to have access to a Computer System who acts in good faith on instructions, unless
such instructions are given to that individual by a software contractor (or by a partner,
officer or employee thereof) authorized by the Insured to design, develop, prepare, supply
service, write or implement programs for the Insured&#146;s Computer System.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4. The following portions of the attached bond are not applicable to this Rider:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the initial paragraph of the bond preceding the Insuring
Agreements which reads &#147;... at any
time but discovered during the Bond Period.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;9-NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;10-LIMIT OF LIABILITY</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5. The Coverage afforded by this rider applies only to loss discovered by the Insured during
the period this Rider is in force.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6. All loss or series of losses involving the fraudulent activity of one individual, or involving
fraudulent activity in which one individual is implicated, whether or not that individual is
specifically identified, shall be treated as one loss. A Series of losses involving unidentified
individuals but arising from the same method of operation may be deemed by the Underwriter to
involve the same individual and in that event shall be treated as one loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7. The Limit of Liability for the coverage provided by this Rider shall
be <b>Twenty Five Millions Dollars ($25,000,000)</b>, it
being understood however, that such liability shall be part of and not in addition to the Limit of
Liability stated in Item&nbsp;3 of the Declarations of the attached bond.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8. The Underwriter shall be liable hereunder for the amount by which one loss shall be in
excess of <b>Two Hundred and Fifty Thousand Dollars ($250,000)</b>, (herein called the Deductible amount) but not in excess of the Limit of
Liability stated above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9. If any loss is covered under this Insuring Agreement and any other Insuring Agreement or
Coverage, the maximum amount payable for such loss shall not exceed the largest amount available
under any one Insuring Agreement or Coverage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10. Coverage under this Rider shall terminate upon termination or cancellation of the bond to which
this Rider is attached. Coverage under this rider may also be terminated or cancelled without
canceling the bond as an entirety:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>60&nbsp;days after receipt by the Insured of written notice from the Underwriter of its desire to
terminate or cancel coverage under this Rider, or</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately upon receipt by the Underwriter of a written request from the Insured to
terminate or cancel coverage under this Rider.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Underwriter shall refund to the Insured the unearned premium for this coverage under this
Rider. The refund shall be computed at short rates if this Rider is terminated or cancelled or
reduced by notice from, or at the instance of, the Insured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11. Section&nbsp;4-LOSS-NOTICE-PROOF-LEGAL PROCEEDING of the Conditions and Limitations of this bond is
amended by adding the following sentence:
</DIV>


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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Proof of Loss resulting from Voice Instructions or advices covered under this bond shall include
Electronic Recording of such Voice Instructions or advices.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12. Not withstanding the foregoing, however, coverage afforded by this Rider is not designed to
provide protection against loss covered under a separate Electronic and Computer Crime Policy by
whatever title assigned or by whatever Underwriter written.
Any loss which is covered under such separate Policy is excluded from coverage under this
bond; and the Insured agrees to make claim for such loss under its separate Policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13. This rider shall become effective at 12:01&nbsp;a.m. Standard time on <b>07/01/2009</b>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
John T. O&#146;Sullivan
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Authorized Representative&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RIDER
NO. 4</B>

</DIV>

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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be attached to and form a part of Investment Company Blanket Bond No.&nbsp;<b>6214333 </b>in favor of
<b>Allianz Funds.</b>
</DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached bond is amended by adding an additional Insuring Agreement as follows:</TD>
</TR>

</TABLE>
</DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss resulting directly from the insured having accepted, paid or cashed any check or
withdrawal order, draft, made or drawn on a customer&#146;s account which bears the signature or
endorsement of one other than a person whose name and signature is on the application on file
with the Insured as a signatory on such account.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It shall be a condition precedent to the Insured&#146;s right of recovery under this rider that
the Insured shall have on file signatures all persons who are authorized signatories on such
account.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Limit of Liability for the coverage provided by this
rider shall be <b>Two Hundred and Fifty Thousand Dollars ($250,000)</b> it being understood, however, that such
liability shall be part of and not in addition to the Limit of Liability stated in item 3.
of the Declarations of the attached bond.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter shall not be liable under the Unauthorized Signatures Rider for any loss on
account of any instrument unless the amount of such instrument shall be excess of <b>Five
Thousand Dollars ($5,000)</b> (herein called Deductible Amount) and unless such loss on account of
such instrument, after deducting all recoveries on account of such instrument made prior to
the payment of such loss by the Underwriter, shall be in excess of such Deductible Amount and
then for such excess only, but in no event more than the amount of the attached bond, or the
amount of coverage under the Unauthorized Signatures Rider, if the amount of such coverage is
less than the amount of the attached bond.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
limitations, conditions, or provisions of the attached bond other than as above stated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rider is effective as of 12:01&nbsp;a.m. standard time on
<b>01-JUL-2009</b> as specified in the bond.</TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
John T. O&#146;Sullivan&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Authorized Representative&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RIDER NO. 5</B>

</DIV>

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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be
attached to and form part of Bond No.&nbsp;<b>6214333</b></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issued to <b>Allianz Funds</b>
</DIV>


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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached bond is amended by adding an additional Insuring Agreement as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AUTOMATED PHONE SYSTEM</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss caused by an Automated Phone System (&#147;APS&#148;) Transaction, where the request
for such APS Transaction is unauthorized or fraudulent and is made with the manifest
intent to deceive; provided, that the entity which receives such request generally
maintains and follows during the bond Period all APS Designated Procedures with respect
to APS Transactions. The Unintentional isolated failure of such entity to maintain and
follow a particular APS Designated Procedure in a particular instance shall not preclude
coverage under this Insuring Agreement, subject to the exclusions herein and in the
Bond.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">1. <U>Definitions.</U> The following terms used in this Insuring Agreement shall
have the following meanings:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">a. &#147;APS Transaction&#148; means any APS Redemption, APS Exchange or APS Election.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">b. &#147;APS Redemption&#148; means any redemption of shares issued by an Investment Company
which is requested over the telephone by means of information transmitted by an
individual caller through use of a telephone keypad.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">c. &#147;APS Election&#148; means any election concerning dividend options available to Fund
Shareholders which is made over the telephone by means of information transmitted by
an individual caller through use of a telephone keypad.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">d. &#147;APS Exchange&#148; means any exchange of shares in a registered account of one Fund
into shares in an identically registered account of another Fund in the same complex
pursuant to exchange privileges of the two Funds, which exchange is requested over the
telephone by means of information transmitted by an individual caller through use of a
telephone keypad.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">e. &#147;APS Designated Procedures&#148; means all of the following procedures:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">(1) <U>Election in Application:</U> No APS Redemption shall be executed unless
the shareholder to whose account such an APS Redemption relates has previously
elected by Official Designation to permit such APS Redemption.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">(2) <U>Logging:</U> All APS Transaction requests shall be logged or otherwise
recorded, so as to preserve all of the information transmitted by an individual
caller through use of a telephone keypad in the course of such a request, and
the records shall be retained for at least six months.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">(a)&nbsp;Information contained in the records shall be capable of being retrieved
through the following methods:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>audio tape and or transactions stored on computer disks</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">(b)&nbsp;Information contained in the records shall be capable of being retrieved
and produced within a reasonable time after retrieval of specific
information is requested, at a success rate of no less than 85&nbsp;percent.
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">(3) <U>Identity Test:</U> The identity of the caller in any request for an APS
Transaction shall be tested before execution of that APS Transaction by
requiring the entry by the caller of a confidential personal identification
number (&#147;PIN&#148;)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">(a)&nbsp;Limited Attempts to Enter PIN: If the caller fails to enter a
correct PIN within three attempts, the caller must not be allowed
additional attempts during the same (telephone call/twenty-four hour day)
to enter the PIN
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">(4) <U>Written Confirmation:</U> A written confirmation of any APS Transaction
shall be mailed to the shareholder(s) to whose account such APS Transaction
relates, at the original record address, by the end of the Insured&#146;s next
regular processing cycle, but in no event later than five business days
following such APS Transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">(5) <U>Access to APS Equipment:</U> Access to the equipment which permits the
entity receiving the APS Transaction request to process and effect the
transaction shall be limited in the following manner:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">2. <U>Exclusions.</U> It is further understood and agreed that this extension shall
not cover:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">a. Any loss covered under Insuring Agreement A. &#147;Fidelity&#148;, of this Bond;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">b. Any loss resulting from:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">(1)&nbsp;The redemption of shares, where the proceeds of such redemption are made
payable to other than
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">(i)&nbsp;the shareholder of record, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">(ii)&nbsp;a person officially Designated to receive redemption
proceeds, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">(iii)&nbsp;a bank account officially Designated to receive redemption
proceeds, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">(2)&nbsp;The redemption of shares, where the proceeds of such redemption are paid by
check mailed to any address, unless such address has either been
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">(i)&nbsp;designated by voice over the telephone or in
writing without a signature guarantee, in either case at least
thirty (30)&nbsp;days prior to such redemption, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">(ii)&nbsp;officially Designated, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">(iii)&nbsp;verified by any other procedures which may be stated below in this
Rider, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">(3)&nbsp;The redemption of shares, where the proceeds of such redemption are paid by
wire transfer to other than the shareholder&#146;s officially Designated bank
account, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">(4)&nbsp;the Intentional failure to adhere to one or more APS Designated
Procedures.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
limitations, conditions or provisions of the attached bond other than above stated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. This rider shall become effective as of 12:01&nbsp;a.m. on <b>07/01/2009</b> standard time as specified in
the bond.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
John T. O&#146;Sullivan&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Authorized Representative&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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




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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><b>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA</b>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><b>RIDER NO. 6</b>

</DIV>

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

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><b>TELEFACSIMILE TRANSMISSIONS</b>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be attached to and form part of Investment Company Blanket Bond
No.&nbsp;<b>6214333</b> issued to <b>Allianz Funds</b>
</DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached bond is amended by adding an additional Insuring Agreement as follows:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss resulting by reason of the Insured having transferred, paid or delivered any funds or
Property, established any credit, debited any account, or given any value relying on any
fraudulent instructions sent by a customer or financial institution by Telefacsimile
Transmission directed to the Insured, authorizing or acknowledging the transfer, payment, or
delivery of funds or property, the establishment of a credit, debiting of any account, or the
giving of value by the Insured, but only if such telefacsimile instructions:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>i) bear a valid test key exchanged between the Insured and a customer or another financial
institution with authority to use such test key for Telefacsimile instructions in the
ordinary course of business, but which test key has been wrongfully obtained by a person who
was not authorized to initiate, make, validate or authenticate a test key arrangement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ii) fraudulently purport to have been sent by such customer or financial institution,
but which telefacsimile instruction were transmitted without the knowledge or consent of
such customer or financial institution by a person other than such customer or financial
institution and which bear a forged signature.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&#147;Telefacsimile&#148; means a system of transmitting written documents by electronic signals
over telephone lines to equipment maintained by the Insured within its communication
room for the purposes of reproducing a copy of said document. It does not mean
electronic communication sent by Telex, TWC, or electronic mail, or Automated Clearing
House.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The limit of Liability for the coverage provided by this rider shall be
<b>Twenty Five Million Dollars ($25,000,000)</b>,
it being understood, however, that such liability shall be part of and not in
addition to the limit of liability stated in Item&nbsp;3 of the Declaration of the
attached bond.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter shall be liable hereunder for the amount by which a Single Loss
exceeds the Deductible Amount of <B>Two Hundred and Fifty Thousand Dollars
($250,000)</b>, but not in excess of the Limit of Liability stated above.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing herein contained shall be held to vary, alter, waive or extend any of the
terms, limitations conditions or agreements of the attached bond other than as above
stated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This rider is effective as of 12:01&nbsp;a.m. on <b>01-JUL-2009</b> standard time as
specified in the attached bond.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John T. O&#146;Sullivan
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><b>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA</b>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><b>Rider No.&nbsp;7</b>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><b>Internet Rider</b>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be attached to and form part of Investment Company Blanket Bond
No.&nbsp;<b>6214333 </b>in favor of <b>Allianz Funds</b>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that Section 2(d) of Computer Systems Insuring Agreement (J)&nbsp;is amended to include:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Related communications networks or customer communication including
but not limited to the INTERNET, by which Electronic Data are
electronically collected, transmitted, processed, stored, and
retrieved.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing herein shall be held to vary, alter, waive or extend any of
the terms, limitations, conditions or provisions of the attached<BR>
bond other than as above stated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This rider shall become effective as of 12:01&nbsp;a.m. on
<b>01-JUL-2009</b>
standard time as specified in the attached bond.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John T. O&#146;Sullivan
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Rider No.&nbsp;8</B>

</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is agreed that Insuring Agreement (A)&nbsp;FIDELITY is deleted and replaced by the
following:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(A)&nbsp;FIDELITY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Loss resulting from any dishonest or fraudulent act(s), including Larceny or
Embezzlement committed by an Employee, committed anywhere and whether committed alone
or in collusion with others, including loss of Property resulting from such acts of an
Employee, which Property is held by the Insured for any purpose or in any capacity and
whether so held gratuitously or not and whether or not the Insured is liable therefor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Dishonest or fraudulent act(s) as used in this Insuring Agreement shall mean only
dishonest or fraudulent act(s) committed by such Employee with the intent:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to cause the Insured to sustain such loss, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to obtain thereby an improper financial benefit for the
Employee, or for any person or entity intended by the Employee to
receive such benefit.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">It is agreed that loss resulting from the intentional transfer of Property to the benefit
of an innocent third party, committed by the Employee in the knowledge that such third party
was not lawfully entitled to such Property and which Property is not lawfully recoverable by
the Insured, shall be deemed to be a loss which meets the requirements of this Insuring
Agreement. Such loss must result from acts committed by the Employee with the intent to cause
the Insured to sustain such loss.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Notwithstanding the foregoing however, it is agreed that with regard to Loans and Trading
this bond covers only loss resulting directly from dishonest or fraudulent acts committed by an
Employee with the intent to make and which result in
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an improper financial benefit for the Employee, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an improper financial benefit for another person or entity with whom the Employee
committing the dishonest or fraudulent act was in collusion, provided that the Insured
establishes that the Employee intended to participate in the financial benefit.</TD>
</TR>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


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



</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Salaries, commissions, fees, bonuses, promotions, awards, profit sharing, pensions or
other Employee benefits shall not constitute an improper financial benefit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The word &#147;Loan&#148; as used in this Insuring Agreement means all extensions of credit by the
Insured and all transactions creating a creditor relationship in favor of the Insured and all
transactions by which the Insured assumes an existing creditor relationship.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The word &#147;Trading&#148; as used in this Insuring Agreement means trading or other dealings in
securities, commodities, futures, options, foreign or Federal Funds, currencies, foreign
exchange and the like.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing herein contained shall be held to vary, alter, waive or extend any of the terms,
limitations, conditions or agreements of the attached bond other than as above stated.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%; margin-right: 15%; border-bottom: 1px solid #000000">/s/
Karolyn
Jacobson
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 50%; margin-right: 15%; border-bottom: 0px solid #000000">AUTHORIZED REPRESENTATIVE

</DIV>

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RIDER No.&nbsp;9</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be attached to and form part of No.&nbsp;6214333 in favor of Allianz Funds.
</DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>INSURING AGREEMENT G &#147;Counterfeit Currency&#148; is deleted in its entirety and the following
is substituted therefor:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss resulting directly from the receipt by the Insured, in good faith, of any
counterfeited money orders or altered paper currency or coin of any country.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
limitations, conditions, or agreements of the attached bond other than as above stated.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; border-bottom: 1px solid #000000; margin-right: 65%">/s/
Karolyn Jacobson

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">AUTHORIZED REPRESENTATIVE

</DIV>

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RIDER NO. 10</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be attached to and form part of Investment Company Blanket Bond No.&nbsp;6214333 <BR>
<BR style="font-size: 6pt">in favor of
Allianz Funds
</DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 1., DEFINITIONS, (a) &#147;Employee,&#148; is hereby amended to include the following:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>registered representatives and retired Employees for a period of sixty (60)&nbsp;days after their
retirement.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing herein contained shall be held to vary, alter, waive or extend any of the terms,
limitations, conditions or agreements of the attached bond other than as above stated.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt; border-bottom: 1px solid #000000; margin-right: 60%">/s/
Karolyn Jacobson
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 0pt">AUTHORIZED REPRESENTATIVE
</DIV>


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

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RIDER NO. 11</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be attached to and form part of Investment Company Blanket Bond No.&nbsp;6214333 <BR><BR style="font-size: 6pt">in favor of
Allianz Funds.
</DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insuring Agreement (B), AUDIT EXPENSE, is amended so that it applies to any of the
Insuring Agreements contained in this Bond or added to this Bond by rider.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing herein contained shall be held to vary, alter, waive or extend any of the
terms, limitations, conditions or agreements of the attached bond other than as above
stated.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 50%; border-bottom: 1px solid #000000; margin-right: 15%">/s/
Karolyn Jacobson</div>
<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 50%; border-bottom: 0px solid #000000; margin-right: 15%">
AUTHORIZED REPRESENTATIVE
</DIV>


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

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RIDER No.&nbsp;12</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This rider, effective 07/01/09 forms a part of bond number 6214333 issued to Allianz Funds by AIG.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMEND LOSS &#151; NOTICE &#151; PROOF &#151; LEGAL PROCEEDINGS</B>
</DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;4, Loss &#151; Notice &#151; Proof &#151; Legal Proceedings, is amended by deleting the
following:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;At the earliest practicable moment after discovery of any loss...&#148; and
substituting the words &#147;At the earliest practicable moment, not to exceed sixty (60)&nbsp;days,
after discovery of any loss...&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following section is also deleted</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Discovery occurs
when the Insured</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>becomes aware of facts, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receives written notice of an actual
or potential claim by a third party which alleges that the Insured is liable under
circumstance which would cause a reasonable person to assume that a loss covered by the
bond has been or will be incurred even though the exact amount or details of loss may not
be then known.&#148;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">and replacing the above with the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&#147;Discovery occurs when the
Insured&#146;s Risk Manager&#146;s or General Counsel&#146;s office
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>becomes aware of facts, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receives written notice of an actual or potential claim by a third party which alleges
that the Insured is liable under circumstance which would cause a reasonable person to
assume that a loss covered by the bond has been or will be incurred even though the exact
amount or details of loss may not be then known of a loss that exceeds, or is likely to
exceed, $100,000.&#148;</TD>
</TR>

</TABLE>
</DIV>

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing herein contained shall be held to vary, alter, waive or extend any of the terms,
limitations, conditions or agreements of the attached bond other than as above stated.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 40%"><font style="border-bottom: 1px solid #000000">/s/
Karolyn Jacobson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></div>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 40%">AUTHORIZED REPRESENTATIVE

</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Underwriter, in consideration of an agreed premium, and subject to the Declarations made a part
hereof, the General Agreements, Conditions and Limitations and other terms of this bond, agrees
with the Insured, in accordance with the Insuring Agreements hereof to which an amount of insurance
is applicable as set forth in Item&nbsp;3 of the Declarations and with respect to loss sustained by the
Insured at any time but discovered during the Bond Period, to indemnify and hold harmless the
Insured for:
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(A)&nbsp;FIDELITY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss resulting from any dishonest or fraudulent
act(s), including Larceny or Embezzlement committed by
an Employee, committed anywhere and whether committed
alone or in collusion with others, including loss of
Property resulting from such acts of an Employee,
which Property is held by the Insured for any purpose
or in any capacity and whether so held gratuitously or
not and whether or not the Insured is liable therefor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dishonest or fraudulent act(s) as used in this
Insuring Agreement shall mean only dishonest or
fraudulent act(s) committed by such Employee with the
manifest intent:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to cause the Insured to sustain such loss; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to obtain financial benefit for the
Employee, or for any other person or organization intended by the Employee to receive such
benefit, other than salaries, commissions, fees, bonuses, promotions, awards, profit sharing,
pensions or other employee benefits earned in the normal course of employment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(B)&nbsp;AUDIT EXPENSE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense incurred by the Insured for that part of
the costs of audits or examinations required by any
governmental regulatory authority to be conducted
either by such authority or by an independent
accountant by reason of the discovery of loss
sustained by the Insured through any dishonest or
fraudulent act(s), including Larceny or Embezzlement
of any of the Employees. The total
liability of the Underwriter for such expense by
reason of such acts of any Employee or in which such
Employee is
concerned or implicated or with respect to any one
audit or examination is limited to the amount stated
opposite Audit Expense in Item&nbsp;3 of the Declarations;
it being understood, however, that such expense shall
be deemed to be a loss sustained by the Insured
through any dishonest or fraudulent act(s), including
Larceny or Embezzlement of one or more of the
Employees and the liability under this paragraph shall
be in addition to the Limit of liability stated in
Insuring Agreement (A)&nbsp;in Item&nbsp;3 of the Declarations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(C)&nbsp;ON PREMISES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss of Property (occurring with or without
negligence or violence) through robbery, burglary,
Larceny, theft, holdup, or other fraudulent means,
misplacement, mysterious unexplainable disappearance,
damage thereto or destruction thereof, abstraction or
removal from the possession, custody or control of the
Insured, and loss of subscription, conversion,
redemption or deposit privileges through the
misplacement or loss of Property, while the Property
is (or is supposed or believed by the Insured to be)
lodged or deposited within any offices or premises
located anywhere, except in an office listed in Item&nbsp;4
of the Declarations or amendment thereof or in the
mail or with a carrier for hire other than an armored
motor vehicle company, for the purpose of
transportation.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Offices and Equipment
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss of or damage to, furnishings, fixtures,
stationery, supplies or equipment, within any of
the Insured&#146;s offices covered under this bond
caused by Larceny or theft in, or by burglary,
robbery or holdup of such office, or attempt
thereat, or by vandalism or malicious mischief; or</TD>
</TR>

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

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss through damage to any such office by
Larceny or theft in, or by burglary, robbery or
holdup of such office or attempt thereat, or to
the interior of any such office by vandalism or
malicious mischief provided, in any event, that
the Insured is the owner of such offices,
furnishings, fixtures, stationery, supplies or
equipment or is legally liable for such loss or
damage, always excepting, however, all loss or
damage through fire.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(D)&nbsp;IN TRANSIT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss of Property (occurring with or without
negligence or violence) through robbery, Larceny,
theft, holdup, misplacement, mysterious unexplainable
disappearance, being lost or otherwise made away with,
damage thereto or destruction thereof, and loss of
subscription, conversion, redemption or deposit
privileges through the misplacement or loss of
Property, while the Property is in transit anywhere in
the custody of any person or persons acting as
messenger, except while in the mail or with a carrier
for hire, other than an armored motor vehicle company,
for the purpose of transportation, such transit to
begin immediately upon receipt of such Property by the
transporting person or persons, and to end immediately
upon delivery thereof at destination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(E)&nbsp;FORGERY OR ALTERATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss through FORGERY or ALTERATION of, on or in
any bills of exchange, checks, drafts, acceptances,
certificates of deposit. promissory notes, or other
written promises, orders or directions to pay sums
certain in money, due bills, money orders, warrants,
orders upon public treasuries, letters of credit,
written instructions, advices or applications directed
to the Insured, authorizing or acknowledging the
transfer, payment,
delivery or receipt of funds or Property, which
instructions or advices or applications purport to
have been signed or endorsed by any customer of the
Insured, shareholder or subscriber to shares, whether
certificated or uncertificated, of any Investment
Company or by any financial or banking institution or
stockbroker but which instructions, advices or
applications either bear the forged signature or
endorsement or have been altered without the knowledge
and consent of such customer,
shareholder or subscriber to shares, whether
certificated or uncertificated, of an Investment
Company, financial or banking institution or
stockbroker, withdrawal orders or receipts for the
withdrawal of funds or Property, or receipts or
certificates of deposit for Property and bearing the
name of the Insured as issuer, or of another
Investment Company for which the Insured acts as
agent, excluding, however, any loss covered under
Insuring Agreement (F)&nbsp;hereof whether or not coverage
for Insuring Agreement (F)&nbsp;is provided for in the
Declarations of this bond.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any check or draft (a)&nbsp;made payable to a
fictitious payee and endorsed in the name of such
fictitious payee or (b)&nbsp;procured in a transaction with
the maker or drawer thereof or with one acting as an
agent of such maker or drawer or anyone impersonating
another and made or drawn payable to the one so
impersonated and endorsed by anyone other than the one
impersonated, shall be deemed to be forged as to such
endorsement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mechanically reproduced facsimile signatures are
treated the same as handwritten signatures.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(F)&nbsp;SECURITIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss sustained by the Insured, including loss
sustained by reason of a violation of the
constitution, by-laws, rules or regulations of any
Self Regulatory Organization of which the Insured
is a member or which would have been imposed upon
the Insured by the constitution, by-laws, rules or
regulations of any Self Regulatory Organization if the
Insured had been a member thereof,
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>through the Insured&#146;s having, in good faith
and in the course of business, whether for its own
account or for the account of others, in any
representative, fiduciary, agency or any other
capacity, either gratuitously or otherwise,
purchased or otherwise acquired, accepted or
received, or sold or delivered, or given any
value, extended any credit or assumed any
liability, on the faith of, or otherwise acted
upon, any securities, documents or other written
instruments which prove to have been</TD>
</TR>

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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>counterfeited, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>forged as to the signature of any maker, drawer, issuer, endorser, assignor, lessee,
transfer agent or registrar, acceptor, surety or guarantor or as to the signature of any
person signing in any other capacity, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>raised or otherwise altered, or lost, or
stolen, or</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>through the Insured&#146;s having, in good faith
and in the course of business, guaranteed in
writing or witnessed any signatures whether for
valuable consideration or not and whether or not
such guaranteeing or witnessing is ultra vires the
Insured, upon any transfers, assignments, bills of
sale, powers of attorney, guarantees, endorsements
or other obligations upon or in connection with
any securities, documents or other written
instruments and which pass or purport to pass
title to such securities, documents or other
written instruments; EXCLUDING, losses caused by
FORGERY or ALTERATION of, on or in those
instruments covered under Insuring Agreement (E)
hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities, documents or other written
instruments shall be deemed to mean original
(including original counterparts)
negotiable or non-negotiable agreements
which in and of themselves represent an
equitable interest, ownership, or debt,
including an assignment thereof which
instruments are in the ordinary course of
business, transferable by delivery of such
agreements with any necessary endorsement or
assignment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The word &#147;counterfeited&#148; as used in this
Insuring Agreement shall be deemed to mean
any security, document or other written
instrument which is intended to deceive and
to be taken for an original.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mechanically produced facsimile signatures
are treated the same as handwritten
signatures.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(G)&nbsp;COUNTERFEIT CURRENCY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss through the receipt by the Insured, in good
faith, of any counterfeited money orders or altered
paper currencies or coin of the United States of
America or Canada issued or purporting to have been
issued by the United States of America or Canada or
issued pursuant to a United States of America or
Canadian statute for use as currency.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(H)&nbsp;STOP PAYMENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss against any and all sums which the Insured
shall become obligated to pay by reason of the
Liability imposed upon the Insured by law for damages:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">For having either complied with or failed to
comply with any written notice of any customer,
shareholder or subscriber of the Insured or any
Authorized Representative of such customer,
shareholder or subscriber to stop payment of any
check or draft made or drawn by such customer,
shareholder or subscriber or any Authorized
Representative
of such customer, shareholder or subscriber, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">For having refused to pay any check or draft
made or drawn by any customer, shareholder or
subscriber of the Insured or any Authorized
Representative of such customer, shareholder or
subscriber.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(I)&nbsp;UNCOLLECTIBLE ITEMS OF DEPOSIT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss resulting from payments of dividends or fund
shares, or withdrawals permitted from any customer&#146;s,
shareholder&#146;s or subscriber&#146;s account based upon
Uncollectible Items of Deposit of a customer,
shareholder or subscriber credited by the Insured or
the Insured&#146;s agent to such customer&#146;s, shareholder&#146;s
or subscriber&#146;s Mutual Fund Account; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;loss resulting from any Item of Deposit processed
through an Automated Clearing House which is reversed
by the customer, shareholder or subscriber and deemed
uncollectible by the Insured.
</DIV>


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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss includes dividends and interest accrued not
to exceed 15% of the Uncollectible Items which are
deposited.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Insuring Agreement applies to all Mutual
Funds with &#147;exchange privileges&#148; if all Fund(s) in the
exchange program are insured by a National Union
Fire Insurance Company of Pittsburgh, PA for
Uncollectible Items of Deposit. Regardless of the
number of transactions between Fund(s), the minimum
number of days of deposit within the Fund(s) before
withdrawal as declared in the
Fund(s) prospectus shall begin from the date a deposit
was first credited to any Insured Fund(s).
</DIV>


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


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">A .</TD>
    <TD>&nbsp;</TD>
    <TD>ADDITIONAL OFFICES OR EMPLOYEES- CONSOLIDATION
OR MERGER-NOTICE</TD>
</TR>
</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Insured shall, while this bond is
in force, establish any additional office or
offices, such office or offices shall be
automatically covered hereunder from the dates
of their establishment, respectively. No notice
to the Underwriter of an increase during any
premium period in the number of offices or in
the number of Employees at any of the offices
covered hereunder need be given and no
additional premium need be paid for the
remainder of such premium period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If an Investment Company, named as Insured
herein, shall, while this bond is in force,
merge or consolidate with, or purchase the
assets of another institution, coverage for
such acquisition shall apply automatically from
the date of acquisition. The Insured shall
notify the Underwriter of such acquisition
within 60&nbsp;days of said date, and an additional
premium shall be computed only if such
acquisition involves additional offices or
employees.</TD>
</TR>

</TABLE>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No statement made by or on behalf of the Insured,
whether contained in the application or otherwise,
shall be deemed to be a warranty of anything except
that it is true to the best of the
knowledge and belief of the person making the
statement.
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(Applicable to all Insuring Agreements or
Coverages now or hereafter forming part of this
bond)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriter will indemnify the Insured against
court costs and reasonable attorneys&#146; fees incurred and
paid by the Insured in defense, whether or not
successful, whether or not fully litigated on the merits
and whether or not settled of any suit or legal
proceeding brought against the Insured to enforce the
Insured&#146;s liability or alleged liability on account of
any loss, claim or damage which, if established against
the Insured, would constitute a loss sustained by the
Insured covered under the terms of this bond provided,
however, that with respect to Insuring Agreement (A)
this indemnity shall apply only in the event that
</DIV>


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

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

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

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

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Insured shall promptly give notice to the
Underwriter of any such suit or legal proceeding and
at the request of the Underwriter shall furnish it
with copies of all pleadings and other papers therein.
At the Underwriter&#146;s election the Insured shall permit
the Underwriter to conduct the defense of such suit or
legal proceeding, in the Insured&#146;s name, through
attorneys of the Underwriter&#146;s selection. In such
event, the Insured shall give all reasonable
information and assistance which the Underwriter shall
deem necessary to the proper defense of such suit or
legal proceeding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the amount of the Insured&#146;s liability or alleged
</DIV>


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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">liability is greater than the amount recoverable under
this bond, or if a Deductible Amount is applicable, or
both, the liability of the Underwriter under this
General Agreement is limited to the proportion of
court costs and attorneys&#146; fees incurred and paid by
the Insured or by the Underwriter that the amount
recoverable under this bond bears to the total of such
amount plus the amount which is not so recoverable.
Such indemnity shall be in addition to the Limit of
Liability for the applicable Insuring Agreement or
Coverage.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acts of an Employee, as defined in this bond, are
covered under Insuring Agreement (A)&nbsp;only while the
Employee is in the Insured&#146;s employ. Should loss
involving a former Employee of the Insured be
discovered subsequent to the termination of
employment, coverage would still apply under Insuring
Agreement (A)&nbsp;if the direct proximate cause of the
loss occurred while the former Employee performed
duties within the scope of his/her employment.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE FOREGOING INSURING AGREEMENTS AND<BR>
GENERAL AGREEMENTS ARE SUBJECT TO<BR>
THE FOLLOWING CONDITIONS<BR>
AND LIMITATIONS:</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following terms, as used in this bond, shall
have the respective meanings stated in this Section:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Employee&#148; means:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any of the Insured&#146;s officers, partners, or employees, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any of the officers or
employees of any predecessor of the Insured whose principal assets are acquired by the
Insured by consolidation or merger with, or purchase of assets or capital stock of such
predecessor, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>attorneys retained by the Insured to perform legal services for the
Insured and the employees of such attorneys while such attorneys or the employees of such
attorneys are performing such services for the Insured, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>guest students pursuing
their studies or duties in any of the Insured&#146;s offices, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>directors or trustees of
the Insured, the investment advisor, underwriter (distributor), transfer agent, or
shareholder accounting record keeper, or administrator authorized by written agreement to
keep financial and/or other required records, but only while
performing acts coming within the scope of the usual duties of an officer or employee or while
acting as a member of any committee duly elected or appointed to examine or audit or have custody
of or access to the Property of the Insured, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any individual or individuals assigned to
perform the usual duties of an employee within the premises of the Insured, by contract, or by any
agency furnishing temporary personnel on a contingent or part-time basis, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each natural
person, partnership or corporation authorized by written agreement with the Insured to perform
services as electronic data processor of checks or other accounting records of the Insured, but
excluding any such processor who acts as transfer agent or in any other agency capacity in issuing
checks, drafts or securities for the Insured, unless included under
Sub-section (9)&nbsp;hereof, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>
those persons so designated in Section&nbsp;15, Central Handling of Securities, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any officer,
partner or Employee of</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an investment advisor,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an underwriter (distributor),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a transfer agent or shareholder
accounting record-keeper, or</TD>
</TR>

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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an administrator authorized by
written agreement to keep financial
and/or other required records,</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">for an Investment Company named as
Insured while performing acts coming
within the scope of the usual duties of
an officer or Employee of any Investment
Company named as Insured herein, or
while acting as a member of any
committee duly elected or appointed to
examine or audit or have custody of or
access to the Property of any such
Investment Company, provided that only
Employees or partners of a transfer
agent, shareholder accounting
record-keeper or administrator which is
an affiliated person as defined in the
Investment Company Act of 1940, of an
Investment Company named as Insured or
is an affiliated person of the adviser,
underwriter or administrator of such
Investment Company, and which is not a
bank, shall be included within the
definition of Employee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">Each employer of temporary personnel or
processors as set forth in Sub-Sections
(6)&nbsp;and of Section 1(a) and their
partners, officers and employees shall
collectively be deemed to be one person
for all the purposes of this bond,
excepting, however, the last paragraph
of Section&nbsp;13.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Brokers, or other agents under contract or
representatives of the same general
character shall not be considered Employees.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Property&#148; means money (i.e.. currency, coin,
bank notes, Federal Reserve notes), postage and
revenue stamps, U.S. Savings Stamps, bullion,
precious metals of all kinds and in any form and
articles made therefrom, jewelry, watches,
necklaces, bracelets, gems, precious and
semi-precious stones, bonds, securities, evidences
of
debts, debentures, scrip, certificates,
interim receipts, warrants, rights, puts,
calls, straddles, spreads, transfers,
coupons, drafts, bills of exchange,
acceptances, notes, checks, withdrawal
orders, money orders, warehouse receipts,
bills of lading, conditional sales
contracts, abstracts of title, insurance
policies, deeds, mortgages under real estate
and/or chattels and upon interests therein,
and assignments of such policies, mortgages
and instruments, and other valuable papers,
including books of account and other records
used by the Insured in the conduct of its
business, and all other instruments similar
to or in the nature of the foregoing
including Electronic Representations of such
instruments enumerated above (but excluding
all data processing records) in which the
Insured has an interest or in which the
Insured acquired or should have acquired an
interest by reason of a predecessor&#146;s
declared financial condition at the time of
the Insured&#146;s consolidation or merger with,
or purchase of the principal assets of, such
predecessor or which are held by the Insured
for any purpose or in any capacity and
whether so held by the Insured for any
purpose or in any capacity and whether so
held gratuitously or not and whether or not
the Insured is liable therefor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Forgery&#148; means the signing of the name of
another with intent to deceive; it does not
include the signing of one&#146;s own name with or
without authority, in any capacity, for any
purpose.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Larceny and Embezzlement&#148; as it applies to
any named Insured means those acts as set forth in
Section&nbsp;37 of the Investment Company Act of 1940.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Items of Deposit&#148; means any one or more
checks and drafts. Items of Deposit shall not be
deemed uncollectible until the Insured&#146;s
collection procedures have failed.</TD>
</TR>

</TABLE>
</DIV>

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


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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIS BOND DOES NOT COVER:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss effected directly or indirectly by means of forgery or alteration of, on or in any
instrument, except when covered by Insuring Agreement (A), (E), (F)&nbsp;or (G).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss due to
riot or civil commotion outside the United States of America and Canada; or loss due to
military, naval or usurped power, war or insurrection unless such loss occurs in transit in the
circumstances recited in Insuring Agreement (D), and unless, when such transit was initiated,
there was no knowledge of such riot, civil commotion, military, naval or usurped power, war or
insurrection on the part of any person acting for the Insured in initiating such transit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss, in time of peace or war, directly or indirectly caused by or resulting from the
effects of nuclear fission or fusion or radioactivity; provided, however, that this paragraph
shall not apply to loss resulting from industrial uses of nuclear energy.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting
from any wrongful act or acts of any person who is a member of the Board of Directors of the
Insured or a member of any equivalent body by whatsoever name known unless such person is also
an Employee or an elected official, partial owner or partner of the Insured in some other
capacity, nor, in any event, loss resulting from the act or acts of any person while acting in
the capacity of a member of such Board or equivalent body.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from the complete
or partial non-payment of, or default upon, any loan or transaction in the nature of, or
amounting to, a loan made by or obtained from the Insured or any of its partners, directors or
Employees, whether authorized or unauthorized and whether procured in good faith or through
trick, artifice, fraud or false pretenses. unless such loss is covered under Insuring Agreement
(A), (E)&nbsp;or (F).</TD>
</TR>

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

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of law regulating (a)&nbsp;the issuance,
purchase or sale of securities,
(b)
securities transactions upon Security Exchanges or over the counter market, (c)
Investment Companies, or (d)&nbsp;Investment Advisors, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of any rule or regulation made
pursuant to any such law, unless such loss, in the absence of such laws, rules or
regulations, would be covered under Insuring Agreements (A)&nbsp;or (E).</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of Property or loss of privileges through
the misplacement or loss of Property as set forth
in Insuring Agreement (C)&nbsp;or (D)&nbsp;while the
Property is in the custody of any armored motor
vehicle company, unless such loss shall be in
excess of the amount recovered or received by the
Insured under (a)&nbsp;the Insured&#146;s contract with said
armored motor vehicle company, (b)&nbsp;insurance
carried by said armored motor vehicle company for
the benefit of users of its service, and (c)&nbsp;all
other insurance and indemnity in force in
whatsoever form carried by or for the benefit of
users of said armored motor vehicle company&#146;s
service, and then this bond shall cover only such
excess.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>potential income, including but not limited to
interest and dividends, not realized by the
Insured because of a loss covered under this bond,
except as included under Insuring Agreement (I).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all damages of any type for which the Insured
is legally liable, except direct compensatory
damages arising from a loss covered under this
bond.</TD>
</TR>

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

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to do bodily harm to any person, except loss of Property in transit in the custody of
any person acting as messenger provided that when such transit was initiated there was no
knowledge by the Insured of any such threat, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to do damage to the premises or Property
of the Insured, except when</TD>
</TR>

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

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>covered under Insuring Agreement (A).</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all costs, fees and other expenses incurred by
the Insured in establishing the existence of or
amount of loss covered under this bond unless such
indemnity is provided for under Insuring Agreement
(B).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from payments made or
withdrawals from the account of a customer of the
Insured, shareholder or subscriber to shares
involving funds erroneously credited to such
account, unless such payments are made to or
withdrawn by such depositor or representative of
such person, who is within the premises of the
drawee bank of the Insured or within the office of
the Insured at the time of such payment or
withdrawal or unless such payment is covered under
Insuring Agreement (A).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any loss resulting from Uncollectible Items of
Deposit which are drawn from a financial
institution outside the fifty states of the United
States of America, District of Columbia, and
territories and possessions of the United States
of America, and Canada.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 3. ASSIGNMENT OF RIGHTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This bond does not afford coverage in favor of
any Employers of temporary personnel or of processors
as set forth in sub-sections (6)&nbsp;and (7)&nbsp;of Section
1(a) of this bond, as aforesaid, and upon payment to
the Insured by the Underwriter on account of any loss
through dishonest or fraudulent act(s) including
Larceny or Embezzlement committed by any of the
partners, officers or employees of such Employers,
whether acting alone or in collusion with others, an
assignment of such of the Insured&#146;s rights and causes
of action as it may have against such Employers by
reason of such acts so committed shall, to the extent
of such payment, be given by the Insured to the
Underwriter, and the Insured shall execute all papers
necessary to secure to the Underwriter the rights
herein provided for.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 4. LOSS -NOTICE -PROOF- LEGAL PROCEEDINGS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This bond is for the use and benefit only of the
Insured named in the Declarations and the Underwriter
shall not be liable hereunder for loss sustained by
anyone other than the Insured unless the Insured, in
its sole discretion and at its option, shall include
such loss in the Insured&#146;s proof of loss. At the
earliest practicable moment after discovery of any
loss hereunder the Insured shall give the Underwriter
written notice thereof and shall also within six
months after such discovery furnish to the Underwriter
affirmative proof of loss with full particulars. If
claim is made under this bond for loss of securities
or shares, the Underwriter shall not be liable unless
each of such securities or shares is identified in
such proof of loss by a certificate or bond number or,
where such securities or shares are uncertificated, by
such identification means as agreed to by the
Underwriter. The Underwriter shall have thirty days
after notice and proof of loss within which to
investigate the claim, but where the loss is clear and
undisputed, settlement shall be made within
forty-eight hours; and this shall apply
notwithstanding the loss is made up wholly or in part
of securities of which duplicates may be obtained.
Legal proceedings for recovery of any loss hereunder
shall not be brought prior to the expiration of sixty
days after such proof of loss is filed with the
Underwriter nor after the expiration of twenty-four
months from the discovery of such loss, except that
any action or proceeding to recover hereunder on
account of any judgment against the Insured in any
suit mentioned in General Agreement C or to recover
attorneys&#146; fees paid in any such suit, shall be begun
within twenty-four months from the date upon which the
judgment in such suit shall become final. If any
limitation embodied in this bond is prohibited by any
law controlling the construction hereof, such
limitation shall be deemed to be amended so as to be
equal to the minimum period of limitation permitted by
such law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery occurs when the Insured
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>becomes aware of facts, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receives written notice of an actual or potential claim by a third party which alleges
that the Insured is liable under circumstance</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which would cause a reasonable person to assume that
a loss covered by the bond has been or will be
</DIV>


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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">incurred even though the exact amount or details of
loss may not be then known.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5. VALUATION OF PROPERTY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The value of any Property, except books of
accounts or other records used by the Insured in the
conduct of its business, for the loss of which a claim
shall be made hereunder, shall be determined by the
average market value of such Property on the business
day next preceding the discovery of such loss;
provided, however, that the value of any Property
replaced by the Insured prior to the payment of claim
therefor shall be the actual market value at the time
of replacement; and further provided that in case of a
loss or misplacement of interim certificates,
warrants, rights, or other securities, the production
which is necessary to the exercise of subscription,
conversion, redemption or deposit privileges, the
value thereof shall be the market value of such
privileges immediately preceding the expiration
thereof if said loss or misplacement is not discovered
until after their expiration. If no market price is
quoted for such Property or for such privileges, the
value shall be fixed by agreement between the parties
or by arbitration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of any loss or damage to Property
consisting of books of accounts or other records used
by the Insured in the conduct of its business, the
Underwriter shall be liable under this bond only if
such books or records are actually reproduced and then
for not more than the cost of blank books, blank pages
or other materials plus the cost of labor for the
actual transcription or copying of data which
shall have been furnished by the Insured in order
to reproduce such books and other records.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left" colspan="3">SECTION 6. VALUATION OF PREMISES AND
FURNISHINGS</TD>
</TR>
</TABLE>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 7. LOST SECURITIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Insured shall sustain a loss of securities
the total value of which is in excess of the limit
stated in Item&nbsp;3 of the Declarations of this bond, the
liability of the Underwriter shall be limited to
payment for, or duplication of, securities having
value equal to the limit stated in Item&nbsp;3 of the
Declarations of this bond.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Underwriter shall make payment to the
Insured for any loss of securities, the Insured shall
thereupon assign to the Underwriter all of the
Insured&#146;s rights, title and interests in and to said
securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to securities the value of which do
not exceed the Deductible Amount (at the time of the
discovery of the loss) and for which the Underwriter
may at its sole discretion and option and at the
request of the Insured issue a Lost Instrument Bond or
Bonds to effect replacement thereof, the Insured will
pay the usual premium
charged therefor and will indemnify the
Underwriter against all loss or expense that the
Underwriter may sustain because of the issuance of
such Lost Instrument Bond or Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to securities the value of which
exceeds the Deductible Amount (at the time of
discovery of the loss) and for which the Underwriter
may issue or arrange for the issuance of a Lost
Instrument Bond or Bonds to effect replacement
thereof, the Insured agrees that it will pay as
premium therefor a proportion of the usual premium
charged therefor, said proportion being equal to the
percentage that the Deductible Amount bears to the
value of the securities upon discovery of the loss,
and that it will indemnify the issuer of said Lost
Instrument Bond or Bonds against all loss and expense
that is not recoverable from the Underwriter under the
terms and conditions of this INVESTMENT COMPANY
BLANKET BOND subject to the Limit of Liability
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 8. SALVAGE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of recovery, whether made by the Insured
or by the Underwriter, on account of any loss in
excess of the Limit of Liability hereunder plus the
Deductible Amount applicable to such loss from any
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">source other than suretyship, insurance, reinsurance,
security or indemnity taken by or for the benefit of
the Underwriter, the net amount of such recovery, less
the actual costs and expenses of making same, shall be
applied to reimburse the Insured in full for the
excess portion of such loss, and the remainder, if
any, shall be paid first in reimbursement of the
Underwriter and thereafter in reimbursement of the
Insured for that part of such loss within the
Deductible Amount. The Insured shall execute all
necessary papers to secure to the Underwriter the
rights provided for herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 9. NON-REDUCTION AND NON-ACCUMULATION OF
LIABILITY AND TOTAL LIABILITY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At all times prior to termination hereof this
bond shall continue in force for the limit stated in
the applicable sections of Item&nbsp;3 of the Declarations
of this bond notwithstanding any previous loss for
which the Underwriter may have paid or be liable to
pay hereunder; PROVIDED, however, that regardless of
the number of years this bond shall continue in force
and the number of premiums which shall be payable or
paid, the liability of the Underwriter under this bond
with respect to all loss resulting from
</DIV>


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

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one
unintentional or negligent act on the part of any one person resulting in damage to or
destruction or misplacement of Property, shall be deemed to be one loss, or</TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all wrongful acts, other than those specified
in (a)&nbsp;above, of one or more persons (which
dishonest act(s) or act(s) of Larceny or
Embezzlement include, but are not limited to, the
failure of an Employee to report such acts of
others) whose dishonest act or acts intentionally
or unintentionally, knowingly or unknowingly,
directly or indirectly, aid or aids in any way, or
permits the continuation of, the dishonest act or
acts
of any other person or persons shall be deemed to be one loss with the act or acts of the
persons aided, or</TD>
</TR>

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

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall be limited to the applicable Limit of Liability
stated in Item&nbsp;3 of the Declarations of this bond
irrespective of the total amount of such loss or
losses and shall not be cumulative in amounts from
year to year or from period to period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-section (c)&nbsp;is not applicable to any
situation to which the language of sub-section (d)
applies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10. LIMIT OF LIABILITY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to any loss set forth in the
PROVIDED clause of Section&nbsp;9 of this bond which is
recoverable or recovered in whole or in part under any
other bonds or policies issued by the Underwriter to
the Insured or to any predecessor in interest of the
Insured and terminated or cancelled or allowed to
expire and in which the period for discovery has not
expired at the time any such loss thereunder is
discovered, the total liability of the Underwriter
under this bond and under other bonds or policies
shall not exceed, in the aggregate, the amount carried
hereunder on such loss or the amount available to the
Insured under such other bonds or policies, as limited
by the terms and conditions thereof, for any such loss
if the latter amount be the larger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 11. OTHER INSURANCE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Insured shall hold, as indemnity against
any loss covered hereunder, any valid and enforceable
insurance or suretyship, the Underwriter shall be
liable hereunder only for such amount of such loss
which is in excess of the amount of such other
insurance or suretyship, not exceeding, however, the
Limit of Liability of this bond applicable to such
loss.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriter shall not be liable under any of
the Insuring Agreements of this bond on account of loss
as specified, respectively, in <BR>
sub-sections (a), (b),
(c), (d)&nbsp;and (e)&nbsp;of Section&nbsp;9, NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TOTAL LIABILITY, unless the amount of such loss, after
deducting the net amount of all reimbursement and/or
recovery obtained or made by the Insured, other than
from any bond or policy of insurance issued by an
insurance company and covering such loss, or by the
Underwriter on account thereof prior to payment by the
Underwriter of such loss, shall exceed the Deductible
Amount set forth in Item&nbsp;3 of the Declarations hereof
(herein called Deductible Amount) and then for such
excess only, but in no event for more than the
applicable Limit of Liability stated in Item&nbsp;3 of the
Declarations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Insured will bear, in addition to the
Deductible Amount, premiums on Lost Instrument Bonds
as set forth in Section&nbsp;7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall be no deductible applicable to any
loss under Insuring Agreement A sustained by any
Investment Company named as Insured herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 13. TERMINATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriter may terminate this bond as an
entirety by furnishing written notice specifying the
termination date which cannot be prior to 60&nbsp;days
after the receipt of such written notice by each
Investment Company named as Insured and the Securities
and Exchange Commission, Washington, D.C. The Insured
may terminate this bond as an entirety by furnishing
written notice to the Underwriter. When the Insured
cancels, the Insured shall furnish written notice to
the Securities and Exchange Commission, Washington.
D.C. prior to 60&nbsp;days before the effective date of the
termination. The Underwriter shall notify all other
Investment Companies named as Insured of the receipt
of such termination notice and the termination cannot
be effective prior to 60&nbsp;days after receipt of written
notice by all other Investment Companies. Premiums are
earned until the termination date as set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Bond will terminate as to any one Insured
immediately upon taking over of such Insured by a
receiver or other liquidator or by State or Federal
officials, or immediately upon the filing of a
petition under any State or Federal statute
relative to bankruptcy or reorganization of the
Insured, or
assignment for the benefit of creditors of the
Insured. or immediately upon such Insured ceasing to
exist, whether through merger into another entity, or
by disposition of all of its assets.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Bond shall terminate
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any Employee as soon as any partner, officer or supervisory Employee of the
Insured, who is not in collusion with such Employee, shall learn of any dishonest or
fraudulent act(s), including Larceny or Embezzlement on the part of such Employee without
prejudice to the loss of any Property then in transit in the custody of such Employee (See
Section&nbsp;16&#091;d&#093;), or</TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any person, who is a partner, officer
or employee of any Electronic Data Processor covered under this bond, from and after the time
that the Insured or any partner or officer thereof not in collusion with such person shall
have knowledge or information that such person has committed any dishonest or fraudulent
act(s), including Larceny or Embezzlement in the service of the Insured or otherwise, whether
such act be committed before or after the time this bond is effective.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left" colspan="3">SECTION 14. RIGHTS AFTER TERMINATION
OR CANCELLATION</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time prior to the termination or
cancellation of this bond as an entirety, whether by
the Insured or the Underwriter, the Insured may give
to the Underwriter notice that it desires under this
bond an additional period of 12&nbsp;months within which to
discover loss sustained by the Insured prior to the
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">effective date of such termination or cancellation and
shall pay an additional premium therefor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon receipt of such notice from the Insured, the Underwriter shall give its written consent
thereto; provided, however, that such additional period of time shall terminate immediately;
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on
the effective date of any other insurance obtained by the Insured, its successor in business or any
other party, replacing in whole or in part the insurance afforded by this bond, whether or not such
other insurance provides coverage for loss sustained prior to its effective date, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon
takeover of the Insured&#146;s business by any State or Federal official or agency, or by any receiver
or liquidator, acting or appointed for this purpose</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">without the necessity of the Underwriter giving
notice of such termination. In the event that such additional period of time is terminated, as
provided above, the Underwriter shall refund any unearned premium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The right to purchase such additional period for
the discovery of loss may not be exercised by any
State or Federal official or agency, or by any
receiver or liquidator, acting or appointed to take
over the Insured&#146;s business for the operation or for
the liquidation thereof or for any other purpose.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 15. CENTRAL HANDLING OF SECURITIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities included in the systems for the
central handling of securities established and
maintained by Depository Trust Company, Midwest
Depository Trust Company, Pacific Securities
Depository Trust Company, and Philadelphia Depository
Trust Company, hereinafter called Corporations, to the
extent of the Insured&#146;s interest therein as effective
by the making of appropriate entries on the books and
records of such Corporations shall be deemed to be
Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The words &#147;Employee&#148; and &#147;Employees&#148; shall be
deemed to include the officers, partners, clerks and
other employees of the New York Stock Exchange, Boston
Stock Exchange, Midwest Stock Exchange, Pacific Stock
Ex- change and Philadelphia Stock Exchange,
hereinafter called Exchanges, and of the above named
Corporations, and of any nominee in whose name is
registered any security included within
the systems for the central handling of securities
established and maintained by such Corporations, and
any employee of any recognized service company, while
such officers, partners, clerks and other employees
and employees of service companies perform services
for such Corporations in the operation of such
systems. For the purpose of the above definition a
recognized service company shall be any company
providing clerks or other personnel to said Exchanges
or Corporation on a contract basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriter shall not be liable on account of
any loss(es) in connection with the central handling
of securities within the systems established and
maintained by such Corporations, unless such loss(es)
shall be in excess of the amount(s) recoverable or
recovered under any bond or policy of insurance
indemnifying such Corporations, against such loss(es),
and then the Underwriter shall be liable hereunder
only for the Insured&#146;s share of such excess loss(es),
but in no event for more than the Limit of Liability
applicable hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of determining the Insured&#146;s
share of excess loss(es) it shall be deemed that the
Insured has an interest in any certificate
representing any security included within such systems
equivalent to the interest the Insured then has in all
certificates representing the same security included
within such systems and that such Corporations shall
use their best judgement in apportioning the amount(s)
recoverable or recovered under any bond or policy of
insurance indemnifying such Corporations against such
loss(es) in connection with the central handling of
securities within such systems among all those having
an interest as recorded by appropriate entries in the
books and records of such Corporations in Property
involved in such loss(es) on the basis that each such
interest shall share in the amount(s) so recoverable
or recovered in the ratio that the value of each such
interest bears to the total value of all such
interests and that the Insured&#146;s share of such
excess loss(es) shall be the amount of the
Insured&#146;s interest in such Property in excess of the
amount(s) so apportioned to the Insured by such
Corporations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This bond does not afford coverage in favor of
such Corporations or Exchanges or any nominee in whose
name is registered any security included within the
systems for the central handling of securities
established and maintained by such Corporations, and
upon payment to the Insured by the Underwriter on
account of any loss(es) within the systems, an
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">assignment of such of the Insured&#146;s rights and causes
of action as it may have against such Corporations or
Exchanges shall to the extent of such payment, be
given by the Insured to the Underwriter, and the
Insured shall execute all papers necessary to secure
to the Underwriter the rights provided for herein.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left" colspan="3">SECTION 16. ADDITIONAL COMPANIES
INCLUDED AS INSURED</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If more than one corporation, co-partnership or
person or any combination of them be included as the
Insured herein:
</DIV>

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

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the one first named herein
shall be deemed authorized to make, adjust and receive and enforce payment of all claims
hereunder and shall be deemed to be the agent of the others for such purposes and for the
giving or receiving of any notice required or permitted to be given by the terms hereof,
provided that the Underwriter shall furnish each named Investment Company with a copy of the
bond and with any amendment thereto, together with a copy of each formal filing of the
settlement of each such claim prior to the execution of such settlement,</TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>knowledge possessed or discovery made by any partner, officer or
supervisory Employee of any Insured shall for the purposes of Section&nbsp;4 and Section&nbsp;13 of
this bond constitute knowledge or discovery by all the Insured, and</TD>
</TR>

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

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 17. NOTICE AND CHANGE OF CONTROL
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the Insured&#146;s obtaining knowledge of a transfer of its outstanding voting securities
which results in a change in control (as set forth in Section 2(a) (9)&nbsp;of the Investment Company
Act of 1940) of the Insured, the Insured shall within thirty (30)&nbsp;days of such knowledge give
written notice to the Underwriter setting forth:
</DIV>

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

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

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

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

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in this section, control means the power
to exercise a controlling influence over the
management or policies of the Insured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure to give the required notice shall result
in termination of coverage of this bond, effective
upon the date of stock transfer for any loss in which
any transferee is concerned or implicated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such notice is not required to be given in the
case of an Insured which is an Investment Company.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This bond or any instrument amending or effecting
same may not be changed or modified orally. No changes
in or modification thereof shall be effective unless
made by written endorsement issued to form a part
hereof over the signature of the Underwriter&#146;s
Authorized Representative. When a bond covers only one
Investment Company no change or modification which
would adversely affect the rights of the Investment
Company shall
be effective prior to 60&nbsp;days after written
notification has been furnished to the Securities and
Exchange Commission, Washington, D.C. by the Insured
or by the
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Underwriter. If more than one Investment Company is
named as the Insured herein, the Underwriter shall
give written notice to each Investment Company and to
the Securities and Exchange Commission, Washington,
D.C. not less than 60&nbsp;days prior to the effective date
of any change or modification which would adversely
affect the rights of such Investment Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, the Underwriter has caused this
bond to be executed on the Declarations Page.
</DIV>



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Rider No. #13</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be attached to and form part of Investment Company Blanket Bond No.&nbsp;6214333 in favor of Allianz
Funds.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In consideration of the premium paid, it is hereby understood and agreed that
Item&nbsp;3 of the Declaration Page is deleted in its entirety and replaced with the
following:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><b>Item&nbsp;3.</b></TD>
    <TD>&nbsp;</TD>
    <TD>Limit of Liability &#151;<br>
Subject to Section&nbsp;9, 10, and 12 hereof:</TD>
</TR>
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Limit of Liability</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Deductible Amount</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:30px; text-indent:-15px" >Insuring Agreement A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">- FIDELITY</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25,000,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">250,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement B</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">- AUDIT EXPENSE</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">50,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement C</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">- ON PREMISES</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25,000,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">250,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement D</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">- IN TRANSIT</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25,000,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">250,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement E</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">- FORGERY OR ALTERATION</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25,000,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">250,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement F</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">- SECURITIES</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25,000,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">250,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement G</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">- COUNTERFEIT CURRENCY</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25,000,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">250,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement H</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">- STOP PAYMENT</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">50,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">- UNCOLLECTIBLE ITEMS OF DEPOSIT</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">50,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:15px; text-indent:-15px">OPTIONAL COVERAGES ADDED BY RIDER:</DIV></TD>
<TD valign="top">&nbsp;</TD>


    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement J</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">- COMPUTER SYSTEMS</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25,000,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">250,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement K</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">- UNAUTHORIZED SIGNATURES</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">50,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement L</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">- AUTOMATED PHONE SYSTEMS</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25,000,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">250,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:30px; text-indent:-15px">Insuring Agreement M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">- TELEFACSIMILE</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25,000,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">250,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If &#147;Not Covered&#148; is inserted above opposite any specified Insuring Agreement or Coverage, such
Insuring Agreement or Coverage and any other reference thereto in this bond shall be deemed to be
deleted therefrom.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing herein shall be held to vary, alter, waive or extend any of the terms, limitations,
conditions or provisions of the attached bond other than as above stated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This rider shall become effective as of 12:01&nbsp;a.m. on 7/1/2009 standard time as
specified in the attached bond.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John T. O&#146;Sullivan
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">FINANCIAL INSTITUTION EXCESS FOLLOW FORM CERTIFICATE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">The Great American Insurance Company, herein called the UNDERWRITER
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bond
Number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>FS 559-46-74 - 02</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name and Address of Insured:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Allianz Funds</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>680 Newport Center Drive</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Newport Beach, CA 92660</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The UNDERWRITER, in consideration of an agreed premium, and in reliance upon the statements and
information furnished to the UNDERWRITER by the Insured, and subject to the terms and conditions of
the underlying coverage scheduled in ITEM 3 below, as excess and not contributing insurance, agrees
to pay the Insured for loss which:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Would have been paid under the Underlying but for the fact that such loss exceeds the limit of
liability of the Underlying Carrier (s)&nbsp;listed in Item&nbsp;3, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for which the Underlying Carrier (s)&nbsp;has (have)&nbsp;made payment, and the Insured has collected the full amount of the expressed limit
of the Underlying Carrier&#146;s (s)&nbsp;liability.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 1. BOND PERIOD: from 12:01&nbsp;a.m. on <B>07/01/2009 </B>to 12:01&nbsp;a.m. on <B>07/01/2010</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1px">
    <TD width="38%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(inception)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(expiration)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM 2. LIMIT OF LIABILITY AT INCEPTION:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>$25,000,000 and $25,000,000 in the Aggregate (National
Union Fire Insurance Company of Pittsburgh, PA (AIG)&nbsp;Investment Company Blanket Bond Insuring
Agreements A, C, D, E, F, G, J, L, M.)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CARRIER:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>National Union Fire Insurance Company of Pittsburgh, PA</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LIMIT:<br>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>$25,000,000 and $25,000,000 in the Aggregate subject to a $250,000 deductible.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BOND NUMBER:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>6214333</B>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BOND PERIOD:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>07/01/2009 &#151; 07/01/2010</B>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 4. Coverage provided by this Bond is subject to the following attached Rider(s): <B>No.&nbsp;1 and 2</B>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">ITEM 5.</TD>
    <TD>&nbsp;</TD>
    <TD>By acceptance of this Bond, you give us notice canceling
prior Bond No. <B>FS 559-46-74 - 01</B>,
the cancellation to be effective at the same time this Bond becomes effective.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In witness whereof, the UNDERWRITER has caused this certificate to be signed by an Attorney-in-Fact
of the UNDERWRITER this <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2009.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left" nowrap>THE GREAT AMERICAN INSURANCE COMPANY<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">(Attorney-in-Fact)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RIDER NO. 2</B>
</DIV>


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be
attached to and form part of Bond No.&nbsp;FS 559-46-74 - 02

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in favor of &nbsp;&nbsp;&nbsp;&nbsp;Allianz Funds

</DIV>

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

</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In compliance with the ruling of the Commissioner of Insurance of the State of California and
the Opinion of the Attorney-General of that State requiring that the premium for all bonds or
policies be endorsed thereon, the basic premium charged for the attached bond for the period</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">From:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">07/01/2009</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">To:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">07/01/2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Is:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thirty Seven Thousand Three Hundred Six and 00/100 Dollars ($37,306.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This rider shall become effective as of 12:01&nbsp;a.m. on 07/01/2009 standard time.</TD>
</TR>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


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



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RIDER NO. 1</B>
</DIV>


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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be
attached to and form part of Excess Follow Form&nbsp;Bond No.&nbsp;FS 559-46-74 - 02
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In favor of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz Funds
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The attached bond is amended by adding an additional Condition as follows:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All Underlying Coverage detailed in ITEM 3 of the Declarations shall be maintained in full
force and effect during the period of this Bond, except for any reduction in the aggregate
limits contained therein solely by payment of claims, including court costs and attorneys
fees.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If by reason of the payment of any claim or claims by the Underwriter during the period of
this coverage, which reduces the aggregate limits of the underlying coverage, this Bond shall
respond excess over the Single Loss Limits of Liability of the Underlying Carrier(s) named in
Item&nbsp;3 of the Declarations until the reduced Annual Aggregate Limits are exhausted; and in
such event, this Bond shall continue in force as Primary Bond, and the Deductible set forth on
the Declarations Page of the Primary Bond shall apply to this Bond.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
limitations, conditions, or provisions of the attached Bond other than as above stated</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This rider shall become effective as of 12:01&nbsp;a.m. on 07/01/2009 standard time as specified
in the Bond.</TD>
</TR>



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


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



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Policy Number: BND0100215
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="y02443ay0244308.gif" alt="(RLI LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>NOTICE TO OUR INSURED AND THEIR AGENTS<br>
OF OUR CLAIM NOTIFICATION PROCEDURE</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">As part of our continuing effort to provide you with the best service available,<BR>
ALL CLAIMS, OCCURRENCES, INCIDENTS, LAWSUITS<BR>
under this policy are to be reported immediately to:
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RLI Insurance Company<BR>
9025 N. Lindbergh Drive<BR>
Peoria, IL 61615</B>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Phone: </B>&nbsp;&nbsp;<B>(800)&nbsp;444-0406<BR>
Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (866)&nbsp;692-6796<BR>
new_claim@rlicorp.com</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event you suffer an EMERGENCY LOSS during NON-BUSINESS hours
(holidays, weekends, or 5:00 p.m. CST &#151; 8:30 a.m. on normal business days), you may now call the
special toll-free hot-line number to receive advice and assistance appropriate to your needs. The
number is <B>1-800-621-5410</B>. This number is to be utilized ONLY during NON-BUSINESS hours as set forth
above and ONLY IN THE EVENT OF AN EMERGENCY!!
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ALL LOSSES must be reported in the usual manner as well, to your AGENT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below is a &#147;cut-out&#148; card to keep in your wallet or with your business papers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We pledge to continue upgrading our services to our valued policyholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sincerely,
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top" style="border-bottom: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">/s/ Donald J. Driscoll
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald J. Driscoll
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">CUT ALONG DOTTED LINE</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Vice President, Claims</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Insured:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Allianz Funds</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Policy No:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BND0100215</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>EMERGENCY HOT-LINE</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>PHONE CONTACT</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(Non-Business Hours)</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-800-621-5410</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Keep this card with you or in a safe place </TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">for emergency use only.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXCESS FIDELITY and CRIME POLICY</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="y02443ay0244308.gif" alt="(RLI LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Policy No. </B>BND0100215</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RLI Insurance Company</B><BR>
(Herein called <B>Company</B>)
</DIV>


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


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.</B></TD>
    <TD>&nbsp;</TD>
    <TD>Name of Insured (herein called <B>Insured</B>): Allianz Funds<BR>
<BR style="font-size: 6pt">

and any entity in which you own more than 50% of the voting interest, and any entity you manage
pursuant to a written agreement, and any entity in which you own 50% or less of the voting interest
up to your ownership interest in that entity, and any welfare or pension benefit plan subject to
the Employee Retirement Income Security Act of 1974(ERISA) sponsored and approved by you.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">680 Newport Beach Dr.&nbsp;Suite&nbsp;250&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Newport Beach, CA 92660&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><B>Item&nbsp;2.</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Single Loss Limit Liability</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$ 7,500,000&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Aggregate Limit of Liability</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$ 7,500,000&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><B>Item&nbsp;3.</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>Underlying Insurance</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><b>(A)</b>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><b>Primary Policy:</b></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Insurer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">National Union</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Policy Number
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6214333&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Single Loss Limit of Liability
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$25,000,000&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Aggregate Limit of Liability
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$25,000,000&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deductible
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$250,000&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>(B)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Policies:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Insurer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Great American Insurance Co.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Policy Number
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FS559467402&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Single Loss Limit of Liability
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$25,000,000&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Aggregate Limit of Liability
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$25,000,000&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>(C)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Policies:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Insurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Policy Number</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Single Loss Limit of Liability
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Aggregate Limit of Liability
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;4.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Policy Period: </B>from 12:01&nbsp;a.m. on 07/01/2009 to 12:01&nbsp;a.m. on 07/01/2010 standard time at
the Principal Address as to each said dates. <FONT style="font-variant: SMALL-CAPS">(month, day, year) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(month, day, year)</FONT></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;5.</B></TD>
    <TD>&nbsp;</TD>
    <TD>Endorsement(s) Effective at
Inception:<BR><BR style="font-size: 6pt">
See Schedule of Applicable Forms &#038; Endorsements/Riders</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;6.</B></TD>
    <TD>&nbsp;</TD>
    <TD>The <B>Named Insured </B>by the acceptance of this policy gives notice to the <B>Company </B>terminating
or canceling prior bond(s) or policy(ies) No.(s) n/a such termination or cancellation to be
effective as of the time this policy becomes effective.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In witness whereof, the <B>Company </B>issuing this policy has caused this policy to be signed by its
authorized officers, but it shall not be valid unless also signed by the duly authorized
representative of the <B>Company</B>.
</DIV>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Page 1 of 3</div>

<P align="right" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In consideration of payment of the premium and in reliance upon all statements made and information
furnished to RLI Insurance Company (herein called the <B>Company</B>) and to the Insurers of the
<B>Underlying Insurance</B>, including the statements made in the application and its attachments and any
material submitted therewith, all of which are made a part hereof, and subject to the Declarations
and the limitations, conditions, provisions, and other terms of this policy (including any
endorsements hereto), the <B>Company </B>and the <B>Named Insured </B>agree as follows:
</DIV>


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

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The <B>Company </B>shall provide the <B>Insureds </B>with insurance coverage during the <B>Policy Period </B>excess
of the <B>Underlying Insurance</B>. Coverage under this policy shall attach only after all of the
Single Loss Limit(s) of Liability or Aggregate Limit(s) of Liability, as applicable, of the
<B>Underlying Insurance </B>has been exhausted by the actual payment of loss(es). Except as otherwise
provided herein, coverage under this policy shall then apply in conformance with and subject to
the warranties, limitations, conditions, provisions and other terms of the <B>Primary Policy </B>as in
effect the first day of the <B>Policy Period</B>, together with the warrants and limitations of any
other <B>Underlying Insurance</B>. In no event shall coverage under this policy be broader than
coverage under any <B>Underlying Insurance</B>.</TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When used in this policy:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Insured</B>, either in the singular or plural, means those organizations designated as insureds
under the <B>Primary Policy</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Named Insured </B>means the organization designated in <B>Item&nbsp;1. </B>of the Declarations of this
policy.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>C.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Policy Period </B>means the period of time specified in <B>Item&nbsp;4. </B>of the Declarations of this
policy, subject to prior termination in accordance with <B>Subsection III. H. </B>of this policy. If
this period is less than or greater than one year, the Single Loss Limit of Liability and
Aggregate Limit of Liability specified in <B>Item&nbsp;2. </B>of the Declarations of this policy shall be
the <B>Company&#146;s </B>maximum limit of liability under this policy for the entire period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>D.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Primary Policy </B>means the policy designated in <B>Item&nbsp;3.(A) </B>of the Declarations of this policy.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>E.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Underlying Insurance </B>means all those policy(ies) designated in <B>Item&nbsp;3. </B>of the Declarations of
this policy.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>III.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>GENERAL CONDITIONS AND LIMITATIONS</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Maintenance of <B>Underlying Insurance</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Single Loss Limit(s) of Liability of the <B>Underlying Insurance </B>scheduled in <B>Item&nbsp;3. </B>of
the Declarations of this policy shall be maintained during the <B>Policy Period </B>in full effect
with solvent insurers except for any reduction or exhaustion of the Aggregate Limit(s) of
Liability available under the <B>Underlying Insurance </B>solely by reason of actual payment of
loss(es) thereunder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of a change to any Underlying Insurance by rewrite, endorsement or otherwise,
coverage under this policy shall become subject to such change only if and to the extent the
<B>Company&#146;s </B>consent to such change is endorsed in writing to this policy. If such consent is
not endorsed in writing on this policy, the <B>Company </B>shall not be liable to a greater extent
than it would have been in the absence of such change to the <B>Underlying Insurance</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reduction/Exhaustion of Underlying Limit(s)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event and only in the event of the reduction or exhaustion of the Aggregate Limit(s)
of Liability of the Underlying Insurance solely as the result of actual payment of loss
covered thereunder, this policy shall <B>(i) </B>in the event of reduction, pay excess of the
reduced Aggregate Limit(s) of Liability of the <B>Underlying Insurance </B>and <B>(ii) </B>in the event of
exhaustion, continue in force as primary insurance excess of the deductible applicable in
the <B>Primary Policy</B>, which deductible shall be applied to any subsequent loss as specified in
the <B>Primary Policy</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any of the terms of this policy which might be constructed otherwise, this
policy shall not drop down for any reason including, but not limited to, uncollectibility
(in whole or in part) of any <B>Underlying Insurance</B>. The risk of uncollectibility of such
<B>Underlying Insurance </B>(in whole or in part), whether because of financial impairment or
insolvency of the underlying insurer or for any other reason, is expressly retained by the
<B>Insureds </B>and is not in any way or under any circumstances Insured or assumed by the <B>Company</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event the insurer of any <B>Underlying Insurance </B>fails to pay loss in connection with
any claim covered thereunder as a result of the insolvency, bankruptcy or liquidation of
said insurer, then the <B>Insured </B>shall be deemed self-insured for the amount of the Limit(s)
of Liability of said insurer which is not paid as a result of such insolvency, bankruptcy or
liquidation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Page 2 of 3</div>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>C.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Limit of Liability</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount set forth in <B>Item&nbsp;2. </B>of the Declarations is the maximum liability of the <B>Company </B>for
any one loss and in the aggregate under this policy with respect to all loss covered by the
<B>Underlying Insurance </B>in effect during this <B>Policy Period</B>. Upon exhaustion of the Aggregate Limit
of Liability by payment, the <B>Company </B>shall have no further liability for loss regardless of when
discovered and whether or not previously reported to the <B>Company</B>.</TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The <B>Company </B>may, in its sole discretion, elect to participate in the investigation of any matter
covered by this policy even if the <B>Underlying Insurance </B>has not been exhausted and the <B>Insureds</B>
shall give the <B>Company </B>such information and cooperation as it may reasonably require.</TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In that this policy is &#147;Excess Coverage,&#148; the <B>Insureds&#146; </B>right of recovery against any person or
entity may not be exclusively subrogated to the <B>Company</B>. Therefore, in the event of any payment
under this policy, the <B>Company </B>will act in concert with all other interests (including the
<B>Insureds&#146;</B>) concerned in the exercise of such rights of recovery. The apportioning of amounts
which may be so recovered shall follow the principle that any interests (including the
<B>Insureds&#146;</B>) that shall have paid an amount over and above any payment hereunder, shall first be
reimbursed up to the amount paid by them; the <B>Company </B>is then to be reimbursed out of any
balance then remaining up to the amount paid hereunder; lastly the interests (including the
<B>Insureds&#146;</B>) of which this coverage is in excess are entitled to claim the residue, if any.
Expenses necessary to the recovery of any such amounts shall be apportioned between the
interests (including the <B>Insureds&#146;</B>) concerned, in the ratio of their respective recoveries as
finally settled.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>F.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notice and Proof of Loss</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The <B>Insureds </B>shall, as a condition precedent to exercising their rights under this policy, give
to the <B>Company </B>written notice of loss or of an occurrence which may become a loss and proof of
loss in the same manner required by terms and conditions of the <B>Primary Policy</B>. The <B>Company</B>
shall be given notice in writing as soon as practicable in the event of <B>(a) </B>the termination of
any <B>Underlying Insurance</B>, <B>(b) </B>any additional or return premiums charged or allowed in connection
with any <B>Underlying Insurance</B>, or <B>(c) </B>any change to the <B>Underlying Insurance </B>by rewrite,
endorsement or otherwise. Written notice to the <B>Company </B>shall be given to RLI Insurance Company,
Peoria, IL.</TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No change in, modification of, or assignment of interest under this policy shall be effective
except when made by a written endorsement to this policy which is signed by an authorized
representative of the <B>Company</B>.</TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This policy shall terminate at the earliest of the following times:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the effective date of termination specified in written prior notice by the <B>Named Insured </B>to
the <B>Company</B>,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sixty (60)&nbsp;days after receipt by the <B>Named Insured </B>of a written notice of
termination from the <B>Company</B>,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon expiration of the <B>Policy Period </B>as set forth in <B>Item&nbsp;4. </B>of
the Declarations,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ten (10)&nbsp;days after receipt by the <B>Named Insured </B>of a written notice of termination from the
<B>Company </B>for failure to pay a premium when due,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon the appointment of a trustee, receiver, or liquidator of any Insured or the taking over
of any <B>Insured </B>by State or Federal officials,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon the exhaustion of the Aggregate Limit of Liability,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at such time as may be agreed upon the <B>Company </B>and the <B>Named Insured</B>.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The <B>Company </B>shall refund the unearned premium computed at customary short rates if the policy is
terminated by the <B>Named Insured </B>pursuant to <B>1. </B>above. Under any circumstances other than expiration
of the <B>Policy Period </B>or exhaustion of the Aggregate Limit of Liability, the refund shall be
computed pro rata.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Page 3 of 3</div>




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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Policy No. BND0100215</TD>

    <TD>&nbsp;</TD>
    <TD align="right" valign="top">RLI Insurance Company
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Witness Whereof, we have caused this policy to be executed and attested, and, if required by
state law, this policy shall not be valid unless countersigned by our authorized representative.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">/s/ Jean M. Stephenson
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ M. J. Stone</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Corporate Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">President &#038; COO</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Policy Number: BND0100215
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>APPLICABLE FORMS &#038; ENDORSEMENTS/RIDERS</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">FORMS AND ENDORSEMENTS/RIDERS LISTED BELOW APPLY TO AND ARE MADE PART OF THIS POLICY AT TIME OF
ISSUE.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ILF 0001 (01/01)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature Page</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">FI 628
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OFAC Rider</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ALL OTHER TERMS AND CONDITIONS OF THIS POLICY REMAIN UNCHANGED.</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Page 1
of 1</div>



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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




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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be attached to and form part of Bond/Policy No.&nbsp;BND0100215 in favor of Allianz Funds.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In consideration of the premium charged, it is hereby understood and agreed that payment of loss
under this policy shall only be made in full compliance with all United States of America economic
or trade sanction law or regulation, including, but not limited to, sanction laws and regulations
administered and enforced by the U.S. Treasury Department&#146;s Office of Foreign Assets Control (OFAC)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All other terms, conditions and exclusions remain unchanged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This rider shall become effective as of 12:01&nbsp;a.m. on 07/01/2009.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>OFAC RIDER</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" NOWRAP><DIV style="margin-left:0px; text-indent:-0px">FOR USE WITH ALL FINANCIAL INSTITUTION
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" NOWRAP><DIV style="margin-left:0px; text-indent:-0px">BONDS AND THE CRIME PROTECTION POLICY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CREATED AUGUST, 2008&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Page 1
of 1</div>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>y02443aexv99w2.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>AGREEMENT AMONG JOINT INSUREDS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS AGREEMENT made as of July&nbsp;1, 2009 by and among, Premier VIT, Allianz Global Investors
Managed Accounts Trust, NFJ Dividend, Interest &#038; Premium Strategy Fund, Nicholas-Applegate
Convertible &#038; Income Fund, Nicholas-Applegate Convertible &#038; Income Fund II, Nicholas-Applegate
Equity &#038; Convertible Income Fund, Nicholas-Applegate Global Equity &#038; Convertible Income Fund,
Nicholas-Applegate International &#038; Premium Strategy Fund, PCM Fund Inc., PIMCO California Municipal
Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund
III, PIMCO Corporate Income Fund, PIMCO Corporate Opportunity Fund, PIMCO Floating Rate Income
Fund, PIMCO Floating Rate Strategy Fund, PIMCO Global StocksPLUS &#038; Income Fund, PIMCO High Income
Fund, PIMCO Income Opportunity Fund, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II,
PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal
Income Fund II, IMCO New York Municipal Income Fund III, , PIMCO Strategic Global Government Fund
Inc., Allianz Funds and Allianz Funds Multi-Strategy Trust (each a &#147;Trust&#148;), on behalf of each
Trust&#146;s respective series of shares (the &#147;Funds&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, each of the Trusts and Funds have investment advisers which are affiliates of each
other (each such firm, and any other advisory firm that is an affiliate of such firms, an
&#147;Affiliated Manager&#148;)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trusts and Funds are named as insureds under a joint Investment Company Blanket
Bond (the &#147;Bond&#148;) issued by National Union Fire Insurance Company, Great American Insurance Company
and RLI Insurance Company (collectively, the &#147;Insurers&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trusts desire to establish (i)&nbsp;the basis on which additional investment companies
for which an Affiliated Manager may hereafter act as investment adviser may be
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">added as named
insureds under the Bond, and (ii)&nbsp;the criteria by which recoveries under the Bond shall be
allocated among the parties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, it is agreed as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;If the Insurers are willing without additional premium to add, as an insured under the
Bond, any investment company, not listed at the head of this agreement for which an Affiliated
Manager hereafter is investment adviser, which may be included in the Bond pursuant to Rule
17g-1(b) under the Investment Company Act of 1940, as amended, and the rules and regulations
thereunder (the &#147;Act&#148;), the Trusts agree (a)&nbsp;that such addition may be made, provided that those
trustees of each Trust who are not &#147;interested persons&#148; of such Trust shall approve such addition,
and (b)&nbsp;that such investment company may become a party to this agreement and be included within
the terms &#147;Trust,&#148; &#147;Fund,&#148; or &#147;party,&#148; provided that in each case such investment company shall
have executed and delivered to the Trusts its written agreement to become a party hereto and to be
bound by the terms of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;In the event that the claims of loss of two or more insureds under the Bond are so related
that the Insurers are entitled to assert that the claims must be aggregated, each Fund shall
receive an equitable and proportionate share of the recovery, but at least equal to the amount it
would have received had it provided and maintained a single insured bond with the minimum coverage
required under Rule&nbsp;17g-1 under the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;A copy of the Agreement and Declaration of Trust or Trust Instrument of each Trust is on
file with the Secretary of State of the state in which such Trust was organized, and notice is
hereby given that this instrument is executed on behalf of the Trustees of each Trust as Trustees
and not individually and that the obligations under this instrument are not binding upon any of the
Trustees or holders of shares of beneficial interest of any Trust or Fund individually but are
binding only upon the respective assets and property of each Trust and Fund.
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF the parties have caused these presents to be executed by their officers
hereunto duly authorized all as of the day and year first above written.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 40%"><B>Premier VIT<BR>
Allianz Global Investors Managed Accounts Trust<BR>
NFJ Dividend, Interest &#038; Premium Strategy Fund<BR>
Nicholas-Applegate Convertible &#038; Income Fund<BR>
Nicholas-Applegate Convertible &#038; Income Fund II<BR>
Nicholas-Applegate Equity &#038; Convertible Income Fund<BR>
Nicholas-Applegate Global Equity &#038; Convertible Income Fund<BR>
Nicholas-Applegate International &#038; Premium Strategy Fund<BR>
PCM Fund, Inc.<BR>
PIMCO California Municipal Income Fund<BR>
PIMCO California Municipal Income Fund II<BR>
PIMCO California Municipal Income Fund III<BR>
PIMCO Corporate Income Fund<BR>
PIMCO Corporate Opportunity Fund<BR>
PIMCO Floating Rate Income Fund<BR>
PIMCO Floating Rate Strategy Fund<BR>
PIMCO Global StocksPLUS &#038; Income Fund<BR>
PIMCO High Income Fund<BR>
PIMCO Income Opportunity Fund<BR>
PIMCO Municipal Income Fund<BR>
PIMCO Municipal Income Fund II<BR>
PIMCO Municipal Income Fund III<BR>
PIMCO New York Municipal Income Fund<BR>
PIMCO New York Municipal Income Fund II<BR>
PIMCO New York Municipal Income Fund III<BR>
PIMCO Strategic Global Government Fund Inc.</B>

</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                                       /s/ Brian S. Shlissel
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Brian S. Shlissel&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and CEO&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>Allianz Funds<BR>
Allianz Funds Multi-Strategy Trust</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Brian S. Shlissel
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Brian S. Shlissel&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" NOWRAP>Treasurer, Principal Financial and Accounting Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>y02443aexv99w3.htm
<DESCRIPTION>EX-99.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->


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


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3</B>
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ALLIANZ FUNDS MULTI-STRATEGY TRUST </B>(&#147;MST&#148;)<BR>
<B>ALLIANZ GLOBAL INVESTORS MANAGED ACCOUNTS TRUST </B>(&#147;AGIMAT&#148;)<BR>
<B>PREMIER VIT </B>(&#147;VIT&#148;)<BR>
<B>NFJ DIVIDEND, INTEREST &#038; PREMIUM STRATEGY FUND </B>(&#147;NFJ&#148;)<BR>
<B>NICHOLAS-APPLEGATE CONVERTIBLE &#038; INCOME FUND </B>(&#147;NCV&#148;)<BR>
<B>NICHOLAS-APPLEGATE CONVERTIBLE &#038; INCOME FUND II </B>(&#147;NCZ&#148;)<BR>
<B>NICHOLAS-APPLEGATE EQUITY &#038; CONVERTIBLE INCOME FUND </B>(&#147;NIE&#148;)<BR>
<B>NICHOLAS-APPLEGATE GLOBAL EQUITY &#038; CONVERTIBLE INCOME FUND </B>(&#147;NGZ&#148;)<BR>
<B>NICHOLAS-APPLEGATE INTERNATIONAL &#038; PREMIUM STRATEGY FUND </B>(&#147;NAI&#148;)<BR>
<B>PCM FUND, INC. </B>(&#147;PCM&#148;)<BR>
<B>PIMCO CALIFORNIA MUNICIPAL INCOME FUND </B>(&#147;PCQ&#148;)<BR>
<B>PIMCO CALIFORNIA MUNICIPAL INCOME FUND II </B>(&#147;PCK&#148;)<BR>
<B>PIMCO CALIFORNIA MUNICIPAL INCOME FUND III </B>(&#147;PZC&#148;)<BR>
<B>PIMCO CORPORATE INCOME FUND </B>(&#147;PCN&#148;)<BR>
<B>PIMCO CORPORATE OPPORTUNITY FUND </B>(&#147;PTY&#148;)<BR>
<B>PIMCO FLOATING RATE INCOME FUND </B>(&#147;PFL&#148;)<BR>
<B>PIMCO FLOATING RATE STRATEGY FUND </B>(&#147;PFN&#148;)<BR>
<B>PIMCO GLOBAL STOCKSPLUS &#038; INCOME FUND </B>(&#147;PGP&#148;)<BR>
<B>PIMCO HIGH INCOME FUND </B>(&#147;PHK&#148;)<BR>
<B>PIMCO INCOME OPPORTUNITY FUND </B>(&#147;PKO&#148;)<BR>
<B>PIMCO MUNICIPAL ADVANTAGE FUND INC. </B>(&#147;MAF&#148;)<BR>
<B>PIMCO MUNICIPAL INCOME FUND </B>(&#147;PMF&#148;)<BR>
<B>PIMCO MUNICIPAL INCOME FUND II </B>(&#147;PML&#148;)<BR>
<B>PIMCO MUNICIPAL INCOME FUND III </B>(&#147;PMX&#148;)<BR>
<B>PIMCO NEW YORK MUNICIPAL INCOME FUND </B>(&#147;PNF&#148;)<BR>
<B>PIMCO NEW YORK MUNICIPAL INCOME FUND II </B>(&#147;PNI&#148;)<BR>
<B>PIMCO NEW YORK MUNICIPAL INCOME FUND III </B>(&#147;PYN&#148;)<BR>
<B>PIMCO STRATEGIC GLOBAL GOVERNMENT FUND INC. </B>(&#147;RCS&#148;)<BR>
<B>(collectively, the &#147;Funds&#148;)</B>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Regarding Fidelity Bond</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, being the duly elected, qualified and acting Secretary of the above
referenced Funds, each a business trust organized under the laws of the Commonwealth of
Massachusetts (except PCM and RCS) which are Maryland Corporations), hereby certifies that attached
hereto is a true and complete copy of resolutions that were approved in substantially the form
attached hereto by the Board of Trustees of the Funds at meetings held on June&nbsp;16-17, 2009 and
September 9-10, 2009, at which a quorum was present and voted in favor thereof, and that said
resolutions have not been revoked or amended and are now in full force and effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has executed this certificate as Secretary of the above
mentioned Funds on this 27<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of October, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%; border-bottom: 1px solid #000000; margin-right: 15%">/s/
Thomas J. Fuccillo
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 50%; border-bottom: 0px solid #000000; margin-right: 15%">Thomas J. Fuccillo<BR>
Secretary

</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ALLIANZ FUNDS MULTI-STRATEGY TRUST </B>(&#147;MST&#148;)<BR>
<B>ALLIANZ GLOBAL INVESTORS MANAGED ACCOUNTS TRUST </B>(&#147;AGIMAT&#148;)<BR>
<B>PREMIER VIT </B>(&#147;VIT&#148;)<BR>
<B>NFJ DIVIDEND, INTEREST &#038; PREMIUM STRATEGY FUND </B>(&#147;NFJ&#148;)<BR>
<B>NICHOLAS-APPLEGATE CONVERTIBLE &#038; INCOME FUND </B>(&#147;NCV&#148;)<BR>
<B>NICHOLAS-APPLEGATE CONVERTIBLE &#038; INCOME FUND II </B>(&#147;NCZ&#148;)<BR>
<B>NICHOLAS-APPLEGATE EQUITY &#038; CONVERTIBLE INCOME FUND </B>(&#147;NIE&#148;)<BR>
<B>NICHOLAS-APPLEGATE GLOBAL EQUITY &#038; CONVERTIBLE INCOME FUND </B>(&#147;NGZ&#148;)<BR>
<B>NICHOLAS-APPLEGATE INTERNATIONAL &#038; PREMIUM STRATEGY FUND </B>(&#147;NAI&#148;)<BR>
<B>PCM FUND, INC. </B>(&#147;PCM&#148;)<BR>
<B>PIMCO CALIFORNIA MUNICIPAL INCOME FUND </B>(&#147;PCQ&#148;)<BR>
<B>PIMCO CALIFORNIA MUNICIPAL INCOME FUND II </B>(&#147;PCK&#148;)<BR>
<B>PIMCO CALIFORNIA MUNICIPAL INCOME FUND III </B>(&#147;PZC&#148;)<BR>
<B>PIMCO CORPORATE INCOME FUND </B>(&#147;PCN&#148;)<BR>
<B>PIMCO CORPORATE OPPORTUNITY FUND </B>(&#147;PTY&#148;)<BR>
<B>PIMCO FLOATING RATE INCOME FUND </B>(&#147;PFL&#148;)<BR>
<B>PIMCO FLOATING RATE STRATEGY FUND </B>(&#147;PFN&#148;)<BR>
<B>PIMCO GLOBAL STOCKSPLUS &#038; INCOME FUND </B>(&#147;PGP&#148;)<BR>
<B>PIMCO HIGH INCOME FUND </B>(&#147;PHK&#148;)<BR>
<B>PIMCO INCOME OPPORTUNITY FUND </B>(&#147;PKO&#148;)<BR>
<B>PIMCO MUNICIPAL ADVANTAGE FUND INC. </B>(&#147;MAF&#148;)<BR>
<B>PIMCO MUNICIPAL INCOME FUND </B>(&#147;PMF&#148;)<BR>
<B>PIMCO MUNICIPAL INCOME FUND II </B>(&#147;PML&#148;)<BR>
<B>PIMCO MUNICIPAL INCOME FUND III </B>(&#147;PMX&#148;)<BR>
<B>PIMCO NEW YORK MUNICIPAL INCOME FUND </B>(&#147;PNF&#148;)<BR>
<B>PIMCO NEW YORK MUNICIPAL INCOME FUND II </B>(&#147;PNI&#148;)<BR>
<B>PIMCO NEW YORK MUNICIPAL INCOME FUND III </B>(&#147;PYN&#148;)<BR>
<B>PIMCO STRATEGIC GLOBAL GOVERNMENT FUND INC. </B>(&#147;RCS&#148;)<BR>
<B>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;)</B>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Minutes of the Joint Meeting of the Boards of Trustees held on June&nbsp;16-17, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Approval of Fidelity Bond Coverage and Agreement Among Joint Insureds</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VOTED:&nbsp;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That, after considering all relevant factors, the action of the
Funds in joining Allianz Funds in a Joint Investment Company
Blanket Bond to be issued by a consortium of insurers&nbsp;covering
larceny and embezzlement and certain other acts, with a limit of
liability of $52.5&nbsp;million, or such amount as is necessary to
cover the addition of the Funds to the Investment Company
Blanket Bond, for an aggregate one-year premium of an amount to
be determined by AGIFM once an aggregate premium figure is
provided by the insurance companies, plus any additional amount
as may be necessary to cover the addition of the Funds to the
Investment Company Blanket Bond, be and it is hereby approved,
each Funds&#146; share of the premium to be no greater than a pro
rata amount based on the gross</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">assets of the named insured and to be paid from the
Administrative Fee paid to Allianz Global Investors Fund
Management LLC.&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VOTED:&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That the officers of the Funds, are each hereby authorized to
approve insurers included in the consortium of insurers
referenced in the&nbsp;foregoing resolution, with their approval
deemed to constitute approval by the Trustees/Directors, subject
to ratification by the Trustees/Directors at a subsequent
meeting when the list of insurers&nbsp;from whom coverage has been
obtained&nbsp;is finalized.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VOTED:&nbsp;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That pursuant to Rule&nbsp;17g-1 under the Investment Company Act of
1940, as amended, the officers of the Funds are each hereby
designated as an agent for the Funds to make the filings and
give the notices required by subparagraph (g)&nbsp;of said Rule.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VOTED:&nbsp;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That the officers of the Funds, or any of them, are authorized
to make any and all payments and to do any and all other acts in
the name of the Funds and on their behalf, as they, or any of
them, may determine to be necessary or desirable and proper in
connection with or in furtherance of the foregoing resolutions;
and further</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VOTED:&nbsp;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That each Fund be and it hereby is authorized to enter into an
agreement with the other parties to the Investment Company
Blanket Bond, stating that in the event recovery is received
under the bond as a result of the loss of any Fund and of one or
more of the other named insured parties, the other Funds shall
receive an equitable and proportionate share of recovery, such
share being at least equal to the amount it would have received
had it provided and maintained a single insured bond with the
minimum coverage required under Rule&nbsp;17g-1 under the Investment
Company Act of 1940, as amended, and the President, the
Treasurer and the Secretary of the Funds be and they hereby are,
and each of them acting individually hereby is, authorized to
execute and deliver such agreement, the taking of any or all
such actions to be conclusive evidence of its authorization
hereby.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VOTED:&nbsp;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That the form and amount of the Investment Company Blanket Bond,
after consideration of all relevant factors including each
Fund&#146;s aggregate assets to which persons covered by the bond
have access, the type and terms of arrangements made for custody
and safekeeping of assets, and the nature of the securities
held, be and they hereby are approved.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VOTED:&nbsp;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That each Fund&#146;s participation in the Joint Fidelity Bond
described above is in the best interest of each Fund.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ALLIANZ FUNDS MULTI-STRATEGY TRUST </B>(&#147;MST&#148;)<BR>
<B>ALLIANZ GLOBAL INVESTORS MANAGED ACCOUNTS TRUST </B>(&#147;AGIMAT&#148;)<BR>
<B>PREMIER VIT </B>(&#147;VIT&#148;)<BR>
<B>NFJ DIVIDEND, INTEREST &#038; PREMIUM STRATEGY FUND </B>(&#147;NFJ&#148;)<BR>
<B>NICHOLAS-APPLEGATE CONVERTIBLE &#038; INCOME FUND </B>(&#147;NCV&#148;)<BR>
<B>NICHOLAS-APPLEGATE CONVERTIBLE &#038; INCOME FUND II </B>(&#147;NCZ&#148;)<BR>
<B>NICHOLAS-APPLEGATE EQUITY &#038; CONVERTIBLE INCOME FUND </B>(&#147;NIE&#148;)<BR>
<B>NICHOLAS-APPLEGATE GLOBAL EQUITY &#038; CONVERTIBLE INCOME FUND </B>(&#147;NGZ&#148;)<BR>
<B>NICHOLAS-APPLEGATE INTERNATIONAL &#038; PREMIUM STRATEGY FUND </B>(&#147;NAI&#148;)<BR>
<B>PCM FUND, INC. </B>(&#147;PCM&#148;)<BR>
<B>PIMCO CALIFORNIA MUNICIPAL INCOME FUND </B>(&#147;PCQ&#148;)<BR>
<B>PIMCO CALIFORNIA MUNICIPAL INCOME FUND II </B>(&#147;PCK&#148;)<BR>
<B>PIMCO CALIFORNIA MUNICIPAL INCOME FUND III </B>(&#147;PZC&#148;)<BR>
<B>PIMCO CORPORATE INCOME FUND </B>(&#147;PCN&#148;)<BR>
<B>PIMCO CORPORATE OPPORTUNITY FUND </B>(&#147;PTY&#148;)<BR>
<B>PIMCO FLOATING RATE INCOME FUND </B>(&#147;PFL&#148;)<BR>
<B>PIMCO FLOATING RATE STRATEGY FUND </B>(&#147;PFN&#148;)<BR>
<B>PIMCO GLOBAL STOCKSPLUS &#038; INCOME FUND </B>(&#147;PGP&#148;)<BR>
<B>PIMCO HIGH INCOME FUND </B>(&#147;PHK&#148;)<BR>
<B>PIMCO INCOME OPPORTUNITY FUND </B>(&#147;PKO&#148;)<BR>
<B>PIMCO MUNICIPAL ADVANTAGE FUND INC. </B>(&#147;MAF&#148;)<BR>
<B>PIMCO MUNICIPAL INCOME FUND </B>(&#147;PMF&#148;)<BR>
<B>PIMCO MUNICIPAL INCOME FUND II </B>(&#147;PML&#148;)<BR>
<B>PIMCO MUNICIPAL INCOME FUND III </B>(&#147;PMX&#148;)<BR>
<B>PIMCO NEW YORK MUNICIPAL INCOME FUND </B>(&#147;PNF&#148;)<BR>
<B>PIMCO NEW YORK MUNICIPAL INCOME FUND II </B>(&#147;PNI&#148;)<BR>
<B>PIMCO NEW YORK MUNICIPAL INCOME FUND III </B>(&#147;PYN&#148;)<BR>
<B>PIMCO STRATEGIC GLOBAL GOVERNMENT FUND INC. </B>(&#147;RCS&#148;)<BR>
<B>(each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;)</B>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Minutes of the Joint Meeting of the Boards of Trustees held on September 9-10, 2009
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Approval and Ratification Increase to Fidelity Bond Coverage and Agreement Among Joint
Insureds</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">VOTED (I):
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That, the Trustees/Directors having considered all relevant
factors, the action of the Funds in joining Allianz Funds in a
Joint Investment Company Blanket Bond (the &#147;Joint Fidelity
Bond&#148;) for the term July&nbsp;1, 2009 to July&nbsp;1, 2010 issued by a
consortium of insurers covering larceny and embezzlement and
certain other acts, with a limit of liability of $57.5&nbsp;million,
for an aggregate one-year premium of $81,021, be and it is
hereby ratified and approved, each Funds&#146; share of the premium
to be no greater than a pro rata amount based on the gross
assets of the named insured and to be paid from the
Administrative Fee paid to AGIFM.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VOTED (I):
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That the form, terms and provisions of the agreement with the
other parties to the Joint Fidelity Bond, stating that in the
event recovery is</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">received under the bond as a result of the
loss of any Fund and of one or more of the other named insured
parties, the other Funds shall receive an equitable and
proportionate share of recovery, such share being at least
equal to the amount it would have received had it provided and
maintained a single insured bond with the minimum coverage
required under Rule&nbsp;17g-1 under the 1940 Act (the &#147;Agreement
Among Joint Insureds&#148;), as presented to this meeting, be, and
they hereby are, ratified and approved, and that the action of
the Funds in entering into the Agreement Among Joint Insureds
be, and it hereby is, ratified and approved.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">VOTED (I):
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That the appropriate officers of the Funds be, and they hereby
are, authorized to file a copy of the Joint Fidelity Bond with
the Securities and Exchange Commission within 10&nbsp;days after
receipt of the executed endorsement to the Joint Fidelity Bond,
together with (1)&nbsp;a copy of the resolution of the Board
approving the amount, type, form, and coverage of the Joint
Fidelity Bond, (2)&nbsp;a statement showing the amount of a single
insured bond which each fund would have provided and maintained
had it not been named as an insured under the Joint Fidelity
Bond, (3)&nbsp;a statement as to the period for which premiums have
been paid, and (4)&nbsp;a copy of the Fidelity Bond Agreement.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>y02443aexv99w4.htm
<DESCRIPTION>EX-99.4
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;4</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Fidelity Bond Policy</B><BR>
$70.5&nbsp;million policy* ($57.5 eff 7/1/09)
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(allocation based on each fund&#146;s coverage requirements under Rule&nbsp;17g-1)</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Gross Assets</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Required</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">9/30/2009</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Coverage</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allianz Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr>
<TD style="font-size:10pt">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CCM Capital Appreciation Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>944,771,629</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,250,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CCM Emerging Companies Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>88,622,376</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>450,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CCM Focused Growth Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>111,240,873</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>525,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CCM Mid-Cap Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>799,891,157</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,000,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NACM Global Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>28,216,049</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>300,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NACM Growth Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>38,827,442</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>350,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NACM International Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>151,209,128</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>600,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NACM Mid-Cap Growth Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,347,427</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>175,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NACM Pacific Rim Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>176,799,277</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>600,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NACM Emerging Markets Opportunities Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>82,868,627</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>450,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NACM Income &#038; Growth Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>62,102,402</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>400,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NFJ Dividend Value Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,772,074,468</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,500,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NFJ International Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,313,567,088</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,500,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NFJ Large-Cap Value Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,244,130,246</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,500,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NFJ Small-Cap Value Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,122,035,559</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,500,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NFJ Mid-Cap Value Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,197,787</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>200,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NFJ All-Cap Value Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19,970,857</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>250,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NFJ Renaissance Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>803,038,819</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,000,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OCC Growth Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>533,895,476</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>900,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OCC Opportunity Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>247,573,635</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>750,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OCC Target Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>345,796,795</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>750,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>RCM Wellness Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>130,416,236</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>600,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>RCM Global Resources Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>38,640,791</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>350,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>RCM Global Small-Cap Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>84,775,400</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>450,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>RCM Disciplined International Equity Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>48,182,810</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>400,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>RCM Large-Cap Growth Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>396,551,697</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>750,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>RCM Mid-Cap Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>57,140,358</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>400,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>RCM Strategic Growth Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,893,011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>200,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>RCM Technology Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,168,116,266</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,250,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premier VIT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr>
<TD style="font-size:10pt">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OpCap Managed Portfolio</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>136,430,721</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>525,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NACM Small Cap Portfolio</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>69,880,757</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>450,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OpCap Mid Cap Portfolio</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>66,904,052</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>450,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NFJ Dividend Value Portfolio</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,154,964</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>150,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allianz Global Investors Managed Accounts Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fixed Income SHares: Series&nbsp;C</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,553,255,936</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,300,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fixed Income SHares: Series&nbsp;H</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,704,979</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>125,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fixed Income SHares: Series&nbsp;M</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,002,178,763</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,500,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fixed Income SHares: Series&nbsp;R</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>473,544,564</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>900,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Gross Assets</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Required</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">9/30/2009</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Coverage</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Equity Shares: Series&nbsp;I</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,163,611</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>125,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PIMCO Municipal Income Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>497,133,175</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>900,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PIMCO New York Municipal Income Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>131,548,852</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>600,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PIMCO California Municipal Income Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>396,628,335</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>900,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PIMCO Corporate Income Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>675,201,636</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>900,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PIMCO Municipal Income Fund II</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,021,940,755</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,250,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PIMCO New York Municipal Income Fund II</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>200,466,792</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>600,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PIMCO California Municipal Income Fund II</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>433,829,474</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>750,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PIMCO Municipal Income Fund III</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>523,896,326</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>900,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PIMCO New York Municipal Income Fund III</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>83,876,928</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>450,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PIMCO California Municipal Income Fund III</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>336,778,816</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>750,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PIMCO Corporate Opportunity Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,452,286,722</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,500,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Nicholas-Applegate Convertible &#038; Income Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>984,367,999</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,250,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PIMCO High Income Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,204,407,927</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,250,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Nicholas-Applegate Convertible &#038; Income Fund II</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>753,999,656</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,000,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PIMCO Floating Rate Income Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>290,423,616</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>750,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PIMCO Floating Rate Strategy Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>569,323,842</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>900,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NFJ Dividend, Interest &#038; Premium Strategy Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,551,135,687</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,500,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Nicholas-Applegate International &#038; Premium Stratetgy Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>147,145,558</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>600,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PIMCO Global StocksPLUS &#038; Income Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>246,466,945</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>750,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Nicholas-Applegate Equity &#038; Convertible Income Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>389,440,171</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>750,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allianz RCM Global EcoTrends Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>106,395,157</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>525,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allianz RCM Global Water Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>60,831,607</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>400,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allianz RCM Disciplined Equity Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,403,010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>225,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allianz RCM All Horizons Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,220,633</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>125,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allianz RCM International Opportunities Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,380,431</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>200,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allianz NACM Global Equity 130/30 Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,315,698</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>150,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allianz NFJ Global Dividend Value Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,977,422</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>150,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allianz NACM International Growth Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,590,202</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>175,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allianz Global Investors Solutions 2015 Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,025,204</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>150,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allianz Global Investors Solutions 2020 Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,716,411</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>150,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allianz Global Investors Solutions 2030 Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,043,797</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>150,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allianz Global Investors Solutions 2040 Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,018,118</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>150,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allianz Global Investors Solutions 2050 Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,027,054</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>150,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allianz Global Investors Solutions Retirement Income Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,779,006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>150,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allianz Global Investors Solutions Growth Allocation Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,025,905</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>150,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allianz Global Investors Solutions Core Allocation Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>196,266,664</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>600,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Nicholas-Applegate Global Equity &#038; Convertible Income Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>106,866,148</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>525,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PIMCO Income Opportunity Fund</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>409,942,588</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>750,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PCM Fund, Inc.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>137,502,312</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>600,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PIMCO Strategic Global Government Fund, Inc.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>910,523,335</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,000,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
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    <TD align="right"><I>46,032,261,946</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><I>54,600,000</I></B></TD>
    <TD>&nbsp;</TD>
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<!-- End Table Body -->
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
