<SEC-DOCUMENT>0000088053-13-001413.txt : 20131216
<SEC-HEADER>0000088053-13-001413.hdr.sgml : 20131216
<ACCEPTANCE-DATETIME>20131216155000
ACCESSION NUMBER:		0000088053-13-001413
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20131216
DATE AS OF CHANGE:		20131216
EFFECTIVENESS DATE:		20131216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EUROPEAN EQUITY FUND, INC / MD
		CENTRAL INDEX KEY:			0000791718
		IRS NUMBER:				133354384
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04632
		FILM NUMBER:		131278950

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW GERMANY FUND INC
		CENTRAL INDEX KEY:			0000858706
		IRS NUMBER:				133555471
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05983
		FILM NUMBER:		131278951

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LENOX FUND INC
		DATE OF NAME CHANGE:	19900115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL EUROPE, RUSSIA & TURKEY FUND, INC.
		CENTRAL INDEX KEY:			0000860489
		IRS NUMBER:				133556099
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06041
		FILM NUMBER:		131278952

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPE & RUSSIA FUND, INC.
		DATE OF NAME CHANGE:	20070108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPE & RUSSIA FUND INC
		DATE OF NAME CHANGE:	20030723

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL EUROPEAN EQUITY FUND INC /MD/
		DATE OF NAME CHANGE:	19970429
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>r17g_121613germany.htm
<DESCRIPTION>40-17G - FIDELITY BLANKET BOND
<TEXT>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">December 16, 2013</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Securities and Exchange Commission</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Office of Filings and Information Services</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Washington, D.A. 20549</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Investment Company Blanket Bond</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Central Europe, Russia and Turkey Fund, Inc. - <font style="DISPLAY: inline; FONT-SIZE: 10pt">File No. 811-04632</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The European Equity Fund, Inc. - <font style="DISPLAY: inline; FONT-SIZE: 10pt">File No</font>. <font style="DISPLAY: inline; FONT-SIZE: 10pt">811-05983</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The New Germany Fund, Inc. - <font style="DISPLAY: inline; FONT-SIZE: 10pt">File No. 811-06041</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Sir/Madam:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to Rule 17-g-1(g) of the Investment Company Act of 1940, as amended, enclosed are the following documents to be filed with the Securities and Exchange Commission:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A copy of Investment Company Blanket Bond No. 01-542-40-00 along with Endorsement No. 1 through 12 (the &#8220;Bond&#8221;) in the amount of $2,325,000 primary coverage issued by National Union Fire Insurance Company of Pittsburgh, PA, covering the above registered investment companies for the period November 1, 2013 to November 1, 2014;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certified resolutions approved by a majority of the Board of Directors who are not &#8220;interested persons&#8221; of the registered investment companies, approving the amount, type, form, and coverage of the Bond and the portion of the premium to be paid by such companies, as required by Rule 17g-1(g); and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A copy of the Insurance Allocation Agreement among the Funds setting forth the criteria by which the premiums for the Bond shall be allocated and the amounts payable under the Bond shall be allocated among the covered parties, which includes a matrix in Schedule B showing: (i) the premiums that each investment company have paid for coverage under the bonds for the period November 1, 2013 to November 1, 2014; and (ii) the amount of the single insured bond which the investment company would have provided and maintained had it not been named as an insured under a joint insured bond.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If you have any questions or need further information, please call me at 617-295-2572.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Kind regards,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Director</font></div>

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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt"><font size="2">Policy Number: </font>01-542-40-00</font> </font>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt"><font size="2">Division No:&#160; </font>36</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">Insured Name:&#160; </font>THE EUROPEAN&#160;EQUITY&#160;FUND</font></font></div>
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<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Effective&#160;&#160;Date:&#160; <font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt">November&#160;1,&#160;2013</font></font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">Expiration Date:&#160; <font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt">November&#160;1,&#160;2014</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -3.8pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">U</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">nd</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">r</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">w</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">r</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">i</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">r</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">N</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">a</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">m</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">:&#160; </font><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace">HENRY </font><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace">PAN</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -3.8pt" align="left"><font size="3"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">Underwriter Phone # :&#160; <font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt">212-458-1804</font></font></font></div>

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<td width="50%">Print&#160;date:&#160; <font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt">Dec&#160;4,&#160;2013</font><br>


<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">P</font><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">ri</font><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">n</font><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">d</font><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">b</font><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">y</font><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">:</font><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">&#160;</font>WARDELLA THORNTON</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -3.5pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">Phone # : </font><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt">913-495-4209</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block">..<br>
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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt">RISK&#160;&#160;TRANSFER</font> </font>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 1.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt">Thank you for purchasing insurance from a member company of American International Group, Inc. (AIG). The AIG member companies generally pay compensation&#160;&#160;&#160;to&#160;&#160;&#160;brokers&#160;&#160;&#160;and&#160;&#160;&#160;independent&#160;&#160;&#160;agents,&#160;&#160;&#160;and&#160;&#160;&#160;may&#160;&#160;&#160;have&#160;&#160;&#160;paid compensation&#160;&#160;in&#160;&#160;connection&#160;&#160;with&#160;&#160;your&#160;&#160;policy.&#160;&#160;You&#160;&#160;can&#160;&#160;review&#160;&#160;and&#160;&#160;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 <font style="DISPLAY: inline; TEXT-DECORATION: underline">ww</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">w</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">.aig.com/producercompensatio</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">n</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;</font>or by calling 1-800-706-3102.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">POLICY&#160;NUMBER:&#160;01-542-40-00&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;REPLACEMENT&#160;OF&#160;POLICY&#160;NUMBER:&#160;01-354-08-74</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt">Name of Insured (herein called Insured):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt">THE EUROPEAN EQUITY FUND</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt">Principal Address:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt">345 PARK AVENUE NEW </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt">YORK, NY 10154</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt">Bond Period: from: 12:01 a.m. November 01, 2013 to: November 01, 2014 </font></font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt">the effective date of the termination or cancellation of this bond, standard time at the Principal Address as to each of said dates.</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt">Limit of Liability - Subject to Sections 9, 10 and 12 hereof,</font></div>

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<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font size="3">Single Loss</font></font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font size="3">Limit&#160;of&#160;Liability&#160;</font></font></div>
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<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font size="3">Single Loss</font></font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font size="3">Deductible</font></font></div>
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<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;<font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt">Single Loss Coverage Forms</font></font></div>

<div><font size="3">Insuring Agreement A (Fidelity)-</font></div>

<div><font size="3">Insuring Agreement B (Audit Expense)-</font></div>

<div><font size="3">Insuring Agreement C (On Premises)-</font></div>

<div><font size="3">Insuring Agreement D (In Transit)-</font></div>

<div><font size="3">Insuring Agreement E (Forgery or Alteration)-</font></div>

<div><font size="3">Insuring Agreement F (Securities)-</font></div>

<div><font size="3">Insuring Agreement G (Counterfeit Currency)-</font></div>

<div><font size="3">Insuring Agreement H (Stop Payment)-</font></div>

<div><font size="3">Insuring Agreement I (Uncollectible Items of Deposit)-</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font size="3"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt">Additional Coverages:</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font size="3">Insuring Agreement (J) Computer Systems</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font size="3">Insuring Agreement (K) Unauthorized Signatures</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font size="3">Insuring Agreement (L) Telefacsimile Transfer Fraud)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font size="3">Insuring Agreement (M) Voice Initiated Transfer</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font size="3"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt">Fraud)</font></font></div>
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<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font size="3">$2,325,000</font></font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font size="3">$50,000</font></font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font size="3">$2,325,000</font></font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font size="3">$2,325,000</font></font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font size="3">$2,325,000</font></font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font size="3">$2,325,000</font></font></div>

<div><font size="3">$2,325,000</font></div>

<div><font size="3">$50,000</font></div>

<div><font size="3">$50,000</font></div>

<div><font size="3">&#160;</font></div>

<div><font size="3">$2,325,000</font></div>

<div><font size="3">$50,000</font></div>

<div><font size="3">$2,325,000</font></div>

<div><font size="3">$2,325,000</font></div>
</td>
<td width="25%">
<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">$0</font></font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">$5,000</font></font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="FONT-WEIGHT: normal">$25,000</font></font></font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="FONT-WEIGHT: normal">$25,000</font></font></font></font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">$25,000</font></font></font></font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">$25,000</font></font></font></font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">$25,000</font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">$5,000</font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="FONT-WEIGHT: normal">$5,000</font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">$25,000</font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">$5,000</font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">$25,000</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">$25,000</font></font></font><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt"><br>
</font></font></div>
</div>
</div>
</div>
</div>
</div>
</td>
</tr></table>
</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">41205&#160;(04/95)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -1pt" align="left">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -1pt">1</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -1pt">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -1pt"><font size="3">&#169; All rights reserved.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -1pt" align="left"><font size="3">&#160;</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 117pt; MARGIN-RIGHT: 4pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">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.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 64px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 90px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">ITEM 4.</font></div>
</td>
<td width="1166">
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">Offices 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 the Insured's offices or premises in existence at the time this bond becomes&#160;&#160;effective are&#160;&#160;covered under this bond except the offices or premises located as follows: <font style="DISPLAY: inline; FONT-WEIGHT: bold">No</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Ex</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">ceptions</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 64px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 91px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">ITEM 5.</font></div>
</td>
<td width="1166">
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">The liability of the Underwriter is subject to the terms of the following riders attached thereto: : Endorsement #1, #2, #3, #4, #5, #6, #7, #8, #9, #10, <font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">#11, #12</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block" align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="0%" style="WIDTH: 63px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="0%" style="WIDTH: 90px">
<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;<font size="3">ITEM 6.&#160;</font></font></div>
</td>
<td width="1168">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt">The Insured by the acceptance of this bond gives to the Underwriter terminating or canceling prior bond(s) or policy(ies) No.(s) 01-354-08-74&#160;&#160;such termination or cancellation to be effective as of the time this bond becomes effective.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">PREMIUM:&#160;$7,129</font></div>

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</div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">41205&#160;(04/95)</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">2</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font size="3">&#169; All rights reserved.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 2.95pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">IN</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">WITNESS</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">WHERE</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">O</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">F</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">,</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>the <font style="DISPLAY: inline; FONT-WEIGHT: bold">Insurer</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>has caused this Policy to be signed by its President, Secretary and Authorized Representative. This Policy shall not be valid unless signed below at the time of issuance by an authorized representative of the insurer.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block" align="center">
<table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td width="33%" style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><img src="signature2.gif" alt="">&#160;</font></td>
<td width="33%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="33%" style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><img src="r17g_011813germany1.jpg" alt="">&#160;</font></td>
</tr><tr>
<td width="33%" style="TEXT-ALIGN: center">
<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3">PRESIDENT</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: -3.8pt" align="left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">National Union Fire Insurance</font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: -1pt" align="left"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Company of Pittsburgh, Pa.</font></font></font></font></div>
</td>
<td width="33%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="33%" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3">SECRETARY</font></font></font></div>

<div>
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">National Union Fire Insurance</font></font></font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Company of Pittsburgh, Pa.</font></font></font></div>
</div>
</td>
</tr><tr>
<td width="33%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="33%" style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><img src="r17g_011813germany3.jpg" alt="">&#160;</font></td>
<td width="33%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td width="33%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="33%" style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;<font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">AUTHORIZED REPRESENTATIVE</font></font></td>
<td width="33%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block" align="center">
<table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td width="33%" style="TEXT-ALIGN: center">
<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">_____________________________________________________&#160;</font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">COUNTERSIGNED&#160;AT</font></font></div>
</td>
<td width="33%" style="TEXT-ALIGN: center">
<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">________________________________</font></font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DATE</font></font></div>
</td>
<td width="33%" style="TEXT-ALIGN: center">
<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">__________________________</font></font></div>

<div><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">COUNTERSIGNATURE</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 153pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt; FONT-WEIGHT: bold">MARSH USA INC.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">41205&#160;(04/95)</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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 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:</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">INSURING&#160;AGREEMENTS</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;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.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;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:</font></div>

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<div style="TEXT-INDENT: -54pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;(b)<font id="TAB1" style="MARGIN-LEFT: 12pt"></font>to obtain financial benefit for the Employee, or&#160;&#160;for&#160;&#160;any&#160;&#160;other&#160;&#160;person&#160;&#160;or&#160;&#160;organization intended by the Employee to receive such benefit,&#160;&#160;other&#160;&#160;than&#160;&#160;salaries,&#160;&#160;commissions, </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">fees, bonuses, promotions, awards, profit sharing, pensions or other employee benefits earned in the normal course of employment.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;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 3 of the Declarations; it being understood,&#160;&#160;however,&#160;&#160;that&#160;&#160;such&#160;&#160;expense&#160;&#160;shall&#160;&#160;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 </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">the liability under this paragraph shall be in addition to the Limit of liability stated in Insuring Agreement (A) in Item 3 of the Declarations.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(C)&#160;&#160;&#160;&#160;ON PREMISES</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Loss of Property (occurring with or without negligence or violence) through robbery, burglary, Larceny, theft, holdup, or other fraudulent means, misplacement,&#160;&#160;mysterious&#160;&#160;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&#160;&#160;misplacement&#160;&#160;or&#160;&#160;loss&#160;&#160;of&#160;&#160;Property,&#160;&#160;while&#160;&#160;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 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.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Loss of or damage to, furnishings, fixtures, stationery, supplies or equipment, within any of the Insured'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</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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,</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">41206 (9/84)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: -2.8pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">stationery,&#160;&#160;supplies&#160;or&#160;equipment&#160;&#160;or&#160;&#160;is legally liable for such loss or damage, always excepting, however, all loss or damage through fire.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -2.85pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Loss of Property (occurring with or without negligence&#160;&#160;or&#160;&#160;violence)&#160;&#160;through&#160;&#160;robbery,&#160;&#160;Larceny, theft, holdup, misplacement, mysterious unexplainable disappearance,&#160;&#160;being&#160;&#160;lost&#160;&#160;or&#160;&#160;otherwise&#160;&#160;made&#160;&#160;away with, damage thereto or destruction thereof, and loss of subscription, conversion, redemption or deposit privileges&#160;&#160;&#160;through&#160;&#160;&#160;the&#160;&#160;&#160;misplacement&#160;&#160;&#160;or&#160;&#160;&#160;loss&#160;&#160;&#160;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.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;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,&#160;&#160;&#160;due bills, money orders, warrants,&#160;&#160;orders&#160;&#160;upon&#160;&#160;public&#160;&#160;treasuries,&#160;&#160;letters&#160;&#160;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) hereof whether or not coverage for Insuring Agreement (F) is provided for in the Declarations of this bond.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.1pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Any&#160;&#160;check&#160;&#160;or&#160;&#160;draft&#160;&#160;(a)&#160;&#160;made&#160;&#160;payable&#160;&#160;to&#160;&#160;a fictitious payee and endorsed in the name of such fictitious payee or (b) procured in a transaction with the maker or drawer thereof or with one acting as an agent&#160;&#160;of&#160;&#160;such&#160;&#160;maker&#160;&#160;or&#160;&#160;drawer&#160;&#160;or&#160;&#160;anyone impersonating another and made or drawn payable to the one so impersonated and endorsed by anyone other than&#160;&#160;the&#160;&#160;one&#160;&#160;impersonated,&#160;&#160;shall&#160;&#160;be&#160;&#160;deemed&#160;&#160;to&#160;&#160;be forged as to such endorsement.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.05pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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&#160;&#160;which&#160;&#160;the&#160;&#160;Insured&#160;&#160;is&#160;&#160;a&#160;&#160;member&#160;&#160;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,</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(1)</font></div>
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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">through the Insured&#8217;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,&#160;either&#160;gratuitously&#160;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&#160;upon,&#160;any&#160;securities, documents&#160;or&#160;other&#160;written&#160;instruments which prove to have been</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;(a)&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;counterfeited, or</font></div>

<div style="TEXT-INDENT: -108pt; DISPLAY: block; MARGIN-LEFT: 108pt"><font size="3"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;(b)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;forged as to the signature of any maker, drawer, issuer, endorser, assignor, lessee, transfer&#160;&#160;&#160;agent&#160;&#160;&#160;or&#160;&#160;&#160;registrar,&#160;&#160;&#160;acceptor, surety or guarantor or as to the signature of any person signing in any other capacity, or</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font size="3"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;(c)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;raised or otherwise altered, or lost, or stolen, or</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(2)</font></div>
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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">through the Insured&#8217;s having, in good faith and in the course of business, guaranteed in writing or witnessed any signatures whether for <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">valuable&#160;&#160;&#160;consideration&#160;&#160;or&#160;&#160;&#160;not&#160;&#160;&#160;and whether <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">or&#160;not&#160;&#160;&#160;such&#160;&#160;&#160;guaranteeing&#160;&#160;&#160;or witnessing is ultra vires the Insured, upon any&#160;&#160;transfers,&#160;&#160;assignments,&#160;&#160;bills&#160;&#160;of&#160;&#160;sale,</font></font></font></div>
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<td>&#160;</td>
<td>&#160;</td>
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</div>

<div>&#160;</div>

<div>&#160;</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -2.5pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">41206 (9/84)</font></div>
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2<br>
&#160;</div>

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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

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<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: -2.85pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">powers&#160;&#160;of&#160;&#160;attorney,&#160;&#160;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.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: -2.85pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: -2.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The word "counterfeited" 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.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: -2.8pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Mechanically produced facsimile signatures are treated the same as handwritten signatures.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(G)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;COUNTERFEIT CURRENCY</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -2.85pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Loss through the receipt by the Insured, in good faith,&#160;&#160;of&#160;&#160;any&#160;&#160;counterfeited money&#160;&#160;orders&#160;&#160;or&#160;&#160;altered paper&#160;&#160;currencies&#160;&#160;or&#160;&#160;coin&#160;&#160;of&#160;&#160;the&#160;&#160;United&#160;&#160;States&#160;&#160;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.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(H)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;STOP PAYMENT</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Loss against any and all sums which the Insured shall&#160;&#160;become&#160;&#160;obligated&#160;&#160;to&#160;&#160;pay&#160;&#160;by&#160;&#160;reason&#160;&#160;of&#160;&#160;the Liability&#160;&#160;&#160;imposed&#160;&#160;&#160;upon&#160;&#160;&#160;the&#160;&#160;&#160;Insured&#160;&#160;&#160;by&#160;&#160;&#160;law&#160;&#160;&#160;for damages:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;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&#160;&#160;Representative&#160;&#160;of&#160;&#160;such&#160;&#160;customer, </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 3.05pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(I)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;UNCOLLECTIBLE ITEMS OF DEPOSIT</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Loss resulting from payments of dividends or fund shares, or withdrawals permitted from any customer&#8217;s,&#160;&#160;&#160;shareholder&#8217;s&#160;&#160;&#160;or&#160;&#160;&#160;subscriber&#8217;s&#160;&#160;&#160;account based upon Uncollectible Items of Deposit of a customer, shareholder or subscriber credited by the Insured or the Insured&#8217;s agent to such customer&#8217;s, shareholder&#8217;s or subscriber&#8217;s Mutual Fund Account; or</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.05pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">loss&#160;&#160;resulting&#160;&#160;from&#160;&#160;any&#160;&#160;Item&#160;&#160;of&#160;&#160;Deposit processed&#160;&#160;through&#160;&#160;an&#160;&#160;&#160;Automated&#160;&#160;Clearing&#160;&#160;House which is reversed by the customer, shareholder or subscriber and deemed uncollectible by the Insured.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.1pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Loss includes dividends and interest accrued not to exceed 15% of the Uncollectible Items which are deposited.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.05pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">This Insuring Agreement applies to all Mutual Funds with &#8220;exchange privileges&#8221; if all Fund(s) in the exchange program are insured by&#160;&#160;a&#160;&#160;National Union Fire Insurance Company of Pittsburgh, PA for Uncollectible Items of Deposit.&#160;&#160;&#160;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).</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block">41206 (9/84)</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block">3<br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 205.55pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">GENERAL&#160;AGREEMENTS</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">A . ADDITIONAL OFFICES OR EMPLOYEES- CONSOLIDATION OR MERGER-NOTICE</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">1.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If the Insured shall, while this bond is in force, establish any additional office or offices, such office <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">or&#160;&#160;&#160;offices&#160;&#160;&#160;shall&#160;&#160;&#160;be&#160;&#160;&#160;automatically covered hereunder from the dates of their establishment, respectively. No notice to the Underwriter <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">of&#160;&#160;&#160;an&#160;&#160;&#160;increase&#160;&#160;&#160;during&#160;&#160;&#160;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.</font></font></font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">2.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If an Investment Company, named as Insured herein, <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">shall,&#160;&#160;while&#160;&#160;this&#160;&#160;bond&#160;&#160;is&#160;&#160;in&#160;&#160;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 days of said date, and an additional premium shall be computed only if such acquisition involves additional offices or employees.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;WARRANTY</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 4.4pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">No&#160;&#160;statement&#160;&#160;made&#160;&#160;by&#160;&#160;or&#160;&#160;on&#160;&#160;behalf&#160;&#160;of&#160;&#160;the Insured, whether contained in the application or otherwise,&#160;&#160;shall&#160;&#160;be&#160;&#160;deemed&#160;&#160;to&#160;&#160;be&#160;&#160;a&#160;&#160;warranty&#160;&#160;of anything except that it is true to the best of the knowledge and belief of the person making the statement.</font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">C.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">COURT COSTS AND ATTORNEYS' FEES </font></div>

<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(Applicable to all Insuring Agreements or Coverages now or hereafter forming part of this bond)</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">&#160;&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Underwriter&#160;&#160;&#160;will&#160;&#160;&#160;indemnify&#160;&#160;&#160;the&#160;&#160;&#160;Insured against&#160;&#160;&#160;court&#160;&#160;&#160;costs&#160;&#160;&#160;and&#160;&#160;&#160;reasonable&#160;&#160;&#160;attorneys'&#160;&#160;&#160;fees incurred and paid by the Insured in defense, whether or not&#160;&#160;successful,&#160;&#160;whether&#160;&#160;or&#160;&#160;not&#160;&#160;fully&#160;&#160;litigated&#160;&#160;on&#160;&#160;the merits a</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">nd whether or not settled of any suit or legal proceeding brought against the Insured to enforce the Insured'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, </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">that&#160;&#160;&#160;with&#160;&#160;&#160;respect&#160;&#160;&#160;to&#160;&#160;&#160;Insuring&#160;&#160;Agreement&#160;&#160;(A)&#160;&#160;&#160;this indemnity shall apply only in the event that</font></div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -2.8pt" align="justify">&#160;</div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(1)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">an Employee admits to being guilty of any dishonest or fraudulent act(s), including Larceny or Embezzlement; or</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(2)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">an Employee is adjudicated to be guilty of any dishonest or fraudulent act(s), including Larceny or Embezzlement;</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(3)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">in&#160;&#160;the&#160;&#160;absence&#160;&#160;of&#160;&#160;(1)&#160;&#160;or&#160;&#160;(2)&#160;&#160;above&#160;&#160;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.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 10.05pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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's election the Insured shall permit the Underwriter to conduct the defense of such suit or legal proceeding, in the Insured's name, through attorneys of the Underwriter'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.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 10.05pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If the amount of the Insured's liability or alleged 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' 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.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">D.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FORMER EMPLOYEE</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 10.1pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Acts of an Employee, as defined in this bond, are covered under Insuring Agreement (A) only while the Employee is in the Insured'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) if the direct proximate cause of the loss occurred while the former Employee performed duties within the scope of his/her employment.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block">41206 (9/84)<br>
</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block">4<br>
</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 115.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">THE FOREGOING INSURING AGREEMENTS AND </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 115.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">GENERAL AGREEMENTS ARE SUBJECT TO THE </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 115.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">FOLLOWING CONDITIONS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 115.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">AND&#160;LIMITATIONS:</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">SECTION 1. DEFINITIONS</font></div>

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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -2.85pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The&#160;&#160;following terms, as&#160;&#160;used in&#160;&#160;this bond, shall have the respective meanings stated in this Section:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;"Employee" means:</font></div>

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<tr valign="top">
<td width="0%" style="WIDTH: 92px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="0%" style="WIDTH: 42px">
<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; <font size="3">(1) </font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">any&#160;&#160;&#160;of&#160;&#160;&#160;the&#160;&#160;&#160;Insured's&#160;&#160;&#160;officers, partners, or employees, and</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block" align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="0%" style="WIDTH: 92px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="0%" style="WIDTH: 41px">
<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; <font size="3">(2) </font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">any of the officers or employees of any predecessor of the Insured whose principal assets are&#160;&#160;acquired by the Insured by consolidation or merger with, or purchase of assets or capital stock of such predecessor. and</font></div>
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<tr valign="top">
<td width="0%" style="WIDTH: 92px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="0%" style="WIDTH: 42px">
<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; <font size="3">(3) </font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">attorneys retained by the Insured to perform legal&#160; &#160;services&#160;&#160;&#160;for&#160;&#160;&#160;the Insured and the employees of such attorneys&#160;&#160;while&#160;&#160;such&#160;&#160;attorneys&#160;&#160;or the employees of such attorneys are performing such services for the Insured, and</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td width="0%" style="WIDTH: 92px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="0%" style="WIDTH: 41px">
<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; <font size="3">(4) </font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">guest students pursuing their studies or duties in any of the Insured's offices, and</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td width="0%" style="WIDTH: 92px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="0%" style="WIDTH: 41px">
<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; <font size="3">(5) </font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">directors or trustees of the Insured, the investment advisor, underwriter (distributor),transfer&#160;&#160;&#160;&#160;agent,&#160;&#160;&#160;&#160;or shareholder accounting&#160;&#160;&#160; &#160;record keeper, or administrator authorized by written&#160;&#160;&#160;agreement&#160;&#160;&#160;to&#160;&#160;&#160;keep financial and/or&#160;&#160;&#160;&#160;other&#160;&#160;&#160;&#160;required records, but only while performing acts coming within the&#160;&#160;scope of the usual duties&#160; &#160;of&#160;&#160;&#160;an&#160;&#160;&#160;officer&#160;&#160;&#160;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</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block" align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td width="0%" style="WIDTH: 92px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="0%" style="WIDTH: 41px">
<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; <font size="3">(6)</font></font></div>
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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">any&#160;individual&#160;&#160;or&#160;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</font></div>
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<tr valign="top">
<td width="0%" style="WIDTH: 92px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="0%" style="WIDTH: 41px">
<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; <font size="3">(7) </font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">each natural person, partnership or corporation&#160;&#160;authorized&#160;&#160;by&#160;&#160;written <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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) hereof, and</font></font></div>
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<td width="0%" style="WIDTH: 90px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="0%" style="WIDTH: 44px">
<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; <font size="3">(8)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">those&#160;&#160;persons&#160;&#160;so&#160;&#160;designated&#160;&#160;in Section 15, Central Handling of Securities, and</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left">
<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; <font size="3">(9)</font></font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">any officer, partner or Employee of</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 37.05pt" align="justify">
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<td width="0%" style="TEXT-ALIGN: right; WIDTH: 91px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td width="0%" style="TEXT-ALIGN: left; WIDTH: 90px">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 37.05pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">a)&#160;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">an investment advisor,</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 13.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">b)&#160;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">an underwriter (distributor),</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 65px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">c)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">a transfer agent or shareholder accounting record-keeper, or</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">d)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">an&#160;administrator&#160;authorized by written agreement to keep financial and/or other required records,</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 63pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">for an Investment Company named as Insured while performing acts coming&#160;&#160;within&#160;&#160;the&#160;&#160;scope&#160;&#160;of&#160;&#160;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&#160;&#160;duly&#160;&#160;elected&#160;&#160;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&#160;&#160;or&#160;&#160;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.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 63pt; MARGIN-RIGHT: 3.05pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Each employer of temporary</font></div>

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1206 (9/84)</div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block">5<br>
</div>

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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

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<hr style="COLOR: black" noshade size="2">
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<div id="HDR">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: -2.8pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: -2.8pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">personnel or processors as set forth in Sub-Sections (6) and of Section&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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 13.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: -2.8pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Brokers, or other agents under contract or representatives of the same general character shall not be considered Employees.</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(b)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">"Property" means money (i.e.. currency, coin, <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">bank&#160;&#160;&#160;notes,&#160;&#160;&#160;Federal&#160;&#160;&#160;Reserve notes),&#160;&#160;postage&#160;&#160;and&#160;&#160;revenue&#160;&#160;stamps, U.S. Savings Stamps, bullion, precious metals of all kinds and in any form and articles made&#160;&#160;&#160;&#160;therefrom,&#160;&#160;&#160;&#160;jewelry, watches, necklaces, bracelets, gems, precious and&#160;&#160;&#160;semi-precious&#160;&#160;&#160;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,&#160;&#160;&#160;&#160;withdrawal&#160;&#160;&#160;&#160;orders, money orders, warehouse receipts, bills of lading, conditional sales contracts, abstracts of title, insurance policies, deeds,&#160;&#160;&#160;mortgages&#160;&#160;&#160;under&#160;&#160;&#160;real&#160;&#160;&#160;estate and/or&#160;&#160;&#160;chattels&#160;&#160;&#160;and&#160;&#160;&#160;upon&#160;&#160;&#160;interests therein,&#160;&#160;and&#160;&#160;&#160;&#160;assignments&#160;&#160;&#160;&#160;of&#160;&#160;&#160;&#160;such policies,&#160;&#160;&#160;mortgages&#160;&#160;and&#160;&#160;&#160;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&#160;&#160;above&#160;&#160;(but&#160;&#160;excluding&#160;&#160;all data processing records) in which the Insured has an interest or in which the Insured&#160;&#160;acquired&#160;&#160;&#160;&#160;or&#160;&#160;&#160;&#160;should&#160;&#160;&#160;&#160;have acquired an interest by reason of a predecessor's declared&#160;&#160;&#160;&#160;&#160;&#160;&#160;financial condition at the time of the Insured's consolidation or&#160;&#160;&#160;&#160;merger&#160;&#160;&#160;&#160;with,&#160;&#160;&#160;&#160;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&#160;&#160;for&#160;&#160;any&#160;&#160;purpose&#160;&#160;or&#160;&#160;in&#160;&#160;any <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">capacity&#160;&#160;and&#160;&#160;whether so&#160;&#160;held gratuitously or not and whether or not the Insured is liable therefor.</font> </font></font></div>
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<td width="1">&#160;</td>
<td width="9">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">&#160;&#160;</font></div>
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<td width="13">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">&#160;&#160;&#160;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(c)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">"Forgery"&#160;&#160;means&#160;&#160;the&#160;&#160;signing&#160;&#160;of&#160;&#160;the name of another with intent to deceive; it does not include the signing of one's own name with or without authority, in any capacity, for any purpose.</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 33px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 37px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(d)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">"Larceny&#160;&#160;&#160;and&#160;&#160;&#160;Embezzlement"&#160;&#160;&#160;as&#160;&#160;&#160;it applies to any named Insured means those acts as set forth in Section 37 of the Investment Company Act of 1940.</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 31px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 39px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(e)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">"Items of Deposit" means any one or more checks and drafts. Items of Deposit shall not be deemed uncollectible until the Insured's collection procedures have failed.</font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">SECTION 2. EXCLUSIONS</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;THIS BOND DOES NOT COVER:</font></div>

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</div>

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<tr valign="top">
<td style="WIDTH: 33px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">loss&#160;&#160;effected&#160;&#160;directly&#160;&#160;or&#160;&#160;indirectly&#160;&#160;by means of forgery or alteration of, on or in any instrument, except when covered by Insuring Agreement (A), (E), (F) or (G).</font></div>
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</div>

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<td style="WIDTH: 31px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 35px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(b)</font></div>
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<td width="1255">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">loss&#160;&#160;due&#160;&#160;to&#160;&#160;riot&#160;&#160;or&#160;&#160;civil&#160;&#160;commotion outside&#160;&#160;the&#160;&#160;United&#160;&#160;States&#160;&#160;of&#160;&#160;America and Canada; or loss due to military, naval or&#160;&#160;&#160;usurped&#160;&#160;&#160;power,&#160;&#160;&#160;war&#160;&#160;&#160;or insurrection unless such loss occurs in transit in the circumstances recited in Insuring Agreement (D), and unless, when&#160;&#160;such&#160;&#160;transit&#160;&#160;was&#160;&#160;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.</font></div>
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&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">41206 (9/94)</div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block">6<br>
</div>

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<div id="FTR">
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<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

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&#160;</div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(c)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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.</font></div>
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<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td width="0%" style="WIDTH: 33px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="0%" style="WIDTH: 35px">
<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;(d)</font></div>
</td>
<td width="1253">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">loss resulting from any wrongful act or acts of any&#160;&#160;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&#160;&#160;is&#160;&#160;also&#160;&#160;an&#160;&#160;Employee&#160;&#160;or&#160;&#160;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.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(e)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">loss&#160;&#160;resulting&#160;&#160;from&#160;&#160;the&#160;&#160;complete&#160;&#160;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&#160;&#160;&#160;&#160;or&#160;&#160;&#160;&#160;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) or (F).<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font></font></div>
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<td>
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
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<div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(f)</font></div>
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<td><font size="3">loss resulting from any violation by the </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Insured or by any Employee</font></td>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(1)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">of law regulating (a) the issuance, purchase or sale of securities, (b) securities</font></div>
</td>
<td>
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">transactions&#160;upon Security Exchanges or over the counter market, (c) Investment Companies, or (d) Investment Advisors, or</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(2)</font></div>
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<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">of&#160;&#160;any&#160;&#160;rule&#160;&#160;or&#160;&#160;regulation&#160;&#160;made pursuant to any such law, unless such loss, in the absence of such laws, rules or regulations, would be covered&#160;under Insuring Agreements (A) or (E).</font></div>
</td>
<td>
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">.</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(g)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">loss&#160;&#160;of&#160;&#160;Property&#160;&#160;or&#160;&#160;loss&#160;&#160;of&#160;&#160;privileges through the misplacement or loss of Property <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">as&#160;&#160;&#160;set&#160;&#160;&#160;forth&#160;&#160;&#160;in&#160;&#160;&#160;Insuring Agreement&#160;&#160;(C)&#160;&#160;or&#160;&#160;(D)&#160;&#160;while&#160;&#160;the Property&#160;&#160;&#160;is&#160;&#160;&#160;in&#160;&#160;&#160;the&#160;&#160;&#160;custody&#160;&#160;&#160;of&#160;&#160;&#160;any armored motor vehicle company, unless such&#160;&#160;loss&#160;&#160;shall&#160;&#160;be&#160;&#160;in&#160;&#160;excess&#160;&#160;of&#160;&#160;the <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">amount recovered or received by the Insured under (a) the Insured's contract with said armored motor vehicle company, (b) insurance carried by said armored motor vehicle company for the benefit of users of its service, and (c) all other insurance and indemnity in force in whatsoever form carried by or for the benefit of users of said armored motor vehicle company's service, and then this bond shall cover only such excess.</font></font></font></div>
</td>
<td>&#160;</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block" align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="0%" style="WIDTH: 27pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td width="0%" style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(h)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">potential&#160;&#160;&#160;income,&#160;&#160;&#160;including&#160;&#160;&#160;but&#160;&#160;&#160;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).</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block" align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="0%" style="WIDTH: 27pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td width="0%" style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(i)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">all damages of any type for which the Insured is legally liable, except direct compensatory damages arising from a loss covered under this bond.</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block" align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="0%" style="WIDTH: 27pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td width="0%" style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(j)</font></div>
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<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">loss through the surrender of Property away from an office of the Insured as a result of a threat</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td style="WIDTH: 44px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(1)</font></div>
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<td width="1204">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">to do bodily harm to any person, except loss of Property in transit in&#160;&#160;the&#160;&#160;custody&#160;&#160;of&#160;&#160;any&#160;&#160;person acting as messenger provided that when such transit was initiated there was no knowledge by the Insured of any such threat, or</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 73px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 43px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(2)</font></div>
</td>
<td width="733">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">to do damage to the premises or Property of the Insured, except when covered&#160;&#160;&#160;under&#160;&#160;&#160;Insuring Agreement (A).</font></div>

<div align="justify">&#160;</div>
</td>
<td width="472">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">&#160;</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block" align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="0%" style="WIDTH: 27pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td width="0%" style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(k)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">all&#160;&#160;&#160;costs,&#160;&#160;&#160;fees&#160;&#160;&#160;and&#160;&#160;&#160;other&#160;&#160;&#160;expenses incurred by the Insured in establishing the existence of or amount of loss covered under this bond unless such indemnity&#160;&#160;is&#160;&#160;provided&#160;&#160;for&#160;&#160;under Insuring Agreement (B).</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block" align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="0%" style="WIDTH: 27pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td width="0%" style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">(l)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">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 <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">by&#160;&#160;&#160;&#160;such&#160;&#160;&#160;&#160;depositor&#160;&#160;&#160;&#160;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</font></font></div>
</td>
<td>&#160;</td>
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&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">41206 (9/84)</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block">7<br>
</div>

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<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
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<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;covered under Insuring Agreement (A).</div>

<br>
</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block" align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td width="0%" style="WIDTH: 27pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;</font></td>
<td width="0%" style="WIDTH: 27pt"><font size="3">(m)</font></td>
<td>
<div><font size="3">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</font></div>
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<td>&#160;</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">SECTION 3. ASSIGNMENT OF RIGHTS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;This bond does not afford coverage in favor of any Employers of temporary personnel or of processors as set forth in sub-sections (6) and (7) of&#160;&#160;Section 1(a)&#160;&#160;of&#160;&#160;this&#160;&#160;bond, as&#160;&#160;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'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.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">SECTION 4. LOSS -NOTICE -PROOF- LEGAL PROCEEDINGS</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;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'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&#160;&#160;the&#160;&#160;Underwriter affirmative proof&#160;&#160;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&#160;&#160;securities&#160;&#160;or&#160;&#160;shares&#160;&#160;are&#160;&#160;uncertificated,&#160;&#160;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&#160;&#160;hours;&#160;and&#160;this&#160;shall&#160;apply </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">notwithstanding the loss is made up wholly or in </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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' fees paid&#160;&#160;in&#160;&#160;any&#160;&#160;such&#160;&#160;suit,&#160;&#160;shall&#160;&#160;be&#160;&#160;begun&#160;&#160;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.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Discovery occurs when the Insured</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(a)&#160;&#160;&#160;&#160;&#160;becomes aware of facts, or</font></div>

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<tr valign="top">
<td style="WIDTH: 28pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(b)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">receives written notice of an actual or potential claim by a third party which alleges that the Insured is liable under circumstance</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.65pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.65pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 193.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">known.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 25.85pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">SECTION 5. VALUATION OF PROPERTY</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.65pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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&#160;&#160;shall&#160;&#160;be&#160;&#160;made&#160;&#160;hereunder,&#160;&#160;shall&#160;&#160;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&#160;&#160;until&#160;&#160;after&#160;&#160;their&#160;&#160;expiration.&#160;&#160;If&#160;&#160;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.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block">41206 (9/84)</div>

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&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">consisting of books of accounts or other records </font>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.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">SECTION&#160;&#160;&#160;6.&#160;&#160;&#160;VALUATION&#160;&#160;&#160;OF&#160;&#160;&#160;PREMISES AND FURNISHINGS</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;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&#160;&#160;repair.&#160;&#160;If&#160;&#160;the&#160;&#160;Underwriter&#160;&#160;and&#160;&#160;the&#160;&#160;Insured cannot agree upon such cash value or such cost of replacement or repair, such shall be determined by arbitration.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;If&#160;&#160;&#160;the&#160;&#160;&#160;Insured&#160;&#160;&#160;shall&#160;&#160;&#160;sustain&#160;&#160;&#160;a&#160;&#160;&#160;loss&#160;&#160;&#160;of securities the total value of which is in excess of the limit stated in Item 3 of the Declarations of this bond, the liability of the Underwriter shall be limited&#160;&#160;to&#160;&#160;payment for,&#160;&#160;or&#160;&#160;duplication of, securities having value equal to the limit stated in Item 3 of the Declarations of this bond.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;If the Underwriter shall make payment to the Insured for any loss of securities, the Insured shall thereupon </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">assign to the Underwriter all of the Insured's rights, title and interests in and to said securities</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;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.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;With respect to securities the value of which exceeds the Deductible Amount (at the time of discovery&#160;&#160;&#160;of&#160;&#160;&#160;the&#160;&#160;&#160;loss)&#160;&#160;&#160;and&#160;&#160;&#160;for&#160;&#160;&#160;which&#160;&#160;&#160;the </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">Underwriter may issue or arrange for the issuance </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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&#160;&#160;&#160;to&#160;&#160;&#160;the&#160;&#160;&#160;percentage&#160;&#160;that&#160;&#160;&#160;the&#160;&#160;&#160;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&#160;&#160;BOND&#160;subject&#160;to&#160;the&#160;Limit&#160;&#160;&#160;of Liability hereunder.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.65pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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 source other than suretyship, insurance,&#160;&#160;&#160;reinsurance,&#160;&#160;&#160;security&#160;&#160;&#160;or&#160;&#160;&#160;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.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">SECTION 9. NON-REDUCTION AND NON- ACCUMULATION OF LIABILITY AND TOTAL LIABILITY</font></div>
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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">At all times prior to termination hereof this bond shall continue in force for the limit stated in the applicable sections of Item 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</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">any&#160;&#160;one&#160;&#160;act&#160;&#160;of&#160;&#160;burglary,&#160;&#160;robbery&#160;&#160;or holdup, or attempt thereat, in which no Partner or Employee is concerned or implicated shall be deemed to be one</font></div>
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41206 (9/84)</div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">any one unintentional or negligent act on the part of any one person resulting in <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">damage&#160;to&#160;or&#160;destruction&#160;or misplacement of Property, shall be deemed to be one loss, or</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">all&#160;&#160;&#160;wrongful&#160;&#160;acts,&#160;&#160;&#160;other&#160;&#160;than&#160;&#160;&#160;those specified&#160;&#160;in&#160;&#160;(a)&#160;&#160;above,&#160;&#160;of&#160;&#160;any&#160;&#160;one person shall be deemed to be one loss, or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">all&#160;&#160;&#160;wrongful&#160;&#160;acts,&#160;&#160;&#160;other&#160;&#160;than&#160;&#160;&#160;those specified in (a) above, of one or more persons (which dishonest act(s) or act(s) of&#160;&#160;Larceny&#160;&#160;or&#160;&#160;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 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">unintentionally,&#160;&#160;&#160;&#160;knowingly&#160;&#160;&#160;&#160;&#160;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</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">any&#160;&#160;one&#160;&#160;casualty&#160;&#160;or&#160;&#160;event&#160;&#160;other&#160;&#160;than those specified in (a), (b), (c) or (d) preceding, shall be deemed to be one loss, and</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">shall be limited to the applicable Limit of Liability stated in Item 3 of the Declarations of this bond irrespective of the total amount of such loss or losses&#160;&#160;and&#160;&#160;shall&#160;&#160;not&#160;&#160;be&#160;&#160;cumulative in&#160;&#160;amounts from year to year or from period to period.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">SECTION 10. LIMIT OF LIABILITY</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;With respect to any loss set forth in the PROVIDED&#160;&#160;clause&#160;&#160;of&#160;&#160;Section&#160;&#160;9&#160;&#160;of&#160;&#160;this&#160;&#160;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 </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">any such loss if the latter amount be the larger.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;If&#160;&#160;the&#160;&#160;Insured&#160;&#160;shall&#160;&#160;hold,&#160;&#160;as&#160;&#160;indemnity against any loss covered hereunder, any valid and enforceable insurance or suretyship, the Underwriter&#160;&#160;shall&#160;&#160;be&#160;&#160;liable&#160;&#160;hereunder&#160;&#160;only&#160;&#160;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.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">SECTION 12. DEDUCTIBLE</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The Underwriter shall not be liable under any of the Insuring Agreements of this bond on account of loss as specified, respectively, in sub- sections (a),&#160;&#160;(b),&#160;&#160;(c),&#160;&#160;(d)&#160;&#160;and&#160;&#160;(e)&#160;&#160;of&#160;&#160;Section 9, NON-REDUCTION AND NON- ACCUMULATION OF LIABILITY AND 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 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 3 of the Declarations.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The Insured will bear, in addition to the Deductible Amount, premiums on Lost Instrument Bonds as set forth in Section 7.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">There shall be no deductible applicable to any loss under Insuring Agreement A sustained by any&#160;Investment&#160;Company&#160;named&#160;as&#160;Insured herein.</font></div>

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41206 (9/84)<br>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block">10<br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">SECTION 13. TERMINATION</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;The Underwriter may terminate this bond as an entirety by furnishing written notice specifying the termination date which cannot be prior to 60 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.&#160;&#160;When the Insured cancels, the Insured shall furnish written notice to&#160;&#160;the Securities and&#160;&#160;Exchange Commission, Washington. D.C. prior to 60 days before the effective date of the termination. The Underwriter shall&#160;&#160;&#160;notify&#160;&#160;&#160;all&#160;&#160;&#160;other&#160;&#160;&#160;Investment&#160;&#160;&#160;Companies named&#160;&#160;as&#160;&#160;Insured&#160;&#160;of&#160;&#160;the&#160;&#160;receipt&#160;&#160;of&#160;&#160;such termination notice and the termination cannot be effective prior to 60 days after receipt of written notice by all other Investment Companies. Premiums are earned until the termination date as set forth herein.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -2.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">This Bond will terminate as to any one Insured immediately upon taking over of such Insured by a&#160;&#160;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.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -2.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">as to any Employee as soon as any partner, o</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">fficer&#160;or&#160;supervisory Employee of the Insured, who is not in&#160;&#160;&#160;collusion&#160;&#160;with&#160;&#160;such&#160;&#160;Employee, shall learn&#160;of&#160;any&#160;dishonest&#160;or fraudulent </font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">act(s),&#160;&#160;including&#160;&#160;Larceny or Embezzlement on the part of such Employee&#160;&#160;without&#160;&#160;prejudice&#160;&#160;to&#160;&#160;the loss of any Property then in transit in the custody of such Employee (See Section 16[d]), or</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(b)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">as&#160;&#160;to&#160;&#160;any&#160;&#160;Employee&#160;&#160;60&#160;&#160;days&#160;&#160;after receipt by each Insured and by the Securities and Exchange Commission <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">of a written notice from the Underwriter of its desire to terminate this bond as to such Employee, or</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(c)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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&#160;&#160;&#160;have&#160;&#160;&#160;knowledge&#160;&#160;&#160;or information that such person has committed&#160;&#160;any&#160;&#160;dishonest&#160;&#160;or fraudulent&#160;&#160;act(s),&#160;&#160;including&#160;&#160;Larceny or Embezzlement in the service of the Insured&#160;&#160;or&#160;&#160;otherwise,&#160;&#160;whether&#160;&#160;such act be committed before or after the time this bond is effective</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">SECTION 14. RIGHTS AFTER TERMINATION OR CANCELLATION</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.65pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">At any time prior to the termination or cancellation of this bond as an entirety, whether by&#160;&#160;the&#160;&#160;Insured or&#160;&#160;the&#160;&#160;Underwriter, the&#160;&#160;Insured may give to the Underwriter notice that it desires under this bond an additional period of 12 months within which to discover loss sustained by the Insured prior to the effective date of such termination or cancellation and shall pay an additional premium therefor.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Upon&#160;&#160;&#160;receipt&#160;&#160;&#160;of&#160;&#160;&#160;such&#160;&#160;&#160;notice&#160;&#160;&#160;from&#160;&#160;the Insured, the Underwriter shall give its written consent thereto; provided, however, that such additional period of time shall terminate immediately;</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">on&#160;&#160;the&#160;&#160;effective&#160;&#160;date&#160;&#160;of&#160;&#160;any&#160;&#160;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</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">upon&#160;&#160;&#160;&#160;takeover&#160;&#160;&#160;&#160;of&#160;&#160;&#160;&#160;the&#160;&#160;&#160;&#160;Insured's business by any State or Federal official or agency, or by any receiver or liquidator, acting or appointed for this purpose</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">without the necessity of the Underwriter giving notice of such termination. In the event that such additional&#160;&#160;&#160;period&#160;&#160;&#160;of&#160;&#160;&#160;time&#160;&#160;&#160;is&#160;&#160;&#160;terminated,&#160;&#160;&#160;as provided above, the Underwriter shall refund any unearned premium.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.75pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">The right to purchase such additional period for the discovery of loss may not be exercised by</font></div>

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41206 (9/84)</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">any State or Federal official or agency, or by any receiver or liquidator, acting or appointed to take over the Insured's business for the operation or for the liquidation thereof or for any other purpose.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">SECTION 15. CENTRAL HANDLING OF SECURITIES</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;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'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.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;The words "Employee" and "Employees" shall be deemed to include the officers, partners, clerks&#160;&#160;and&#160;&#160;other&#160;&#160;employees&#160;&#160;of&#160;&#160;the&#160;&#160;New&#160;&#160;York Stock&#160;&#160;Exchange,&#160;&#160;Boston&#160;&#160;Stock&#160;&#160;Exchange, Midwest Stock Exchange, Pacific Stock Ex- change and Philadelphia Stock Exchange, hereinafter called Exchanges, and of the above named&#160;&#160;Corporations,&#160;&#160;and&#160;&#160;of&#160;&#160;any&#160;&#160;nominee&#160;&#160;in whose name is registered any security included within the systems for the central handling of securities established and maintained by such Corporations,&#160;&#160;and&#160;&#160;any&#160;&#160;employee&#160;&#160;of&#160;&#160;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&#160;&#160;service&#160;&#160;company&#160;&#160;shall&#160;&#160;be&#160;&#160;any company providing clerks or other personnel to said Exchanges or Corporation on a contract basis.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;The&#160;&#160;Underwriter&#160;&#160;shall&#160;&#160;not&#160;&#160;be&#160;&#160;liable&#160;&#160;on account&#160;&#160;of&#160;&#160;any&#160;&#160;loss(es)&#160;&#160;in&#160;&#160;connection with&#160;&#160;the central handling of securities within the systems established and maintained by such Corporations, unless&#160;&#160;such&#160;&#160;loss(es)&#160;&#160;shall&#160;&#160;be&#160;&#160;in&#160;&#160;excess&#160;&#160;of&#160;&#160;the amount(s)&#160;&#160;recoverable&#160;&#160;or&#160;&#160;recovered&#160;&#160;under&#160;&#160;any bond or&#160;&#160;policy of&#160;&#160;insurance indemnifying such Corporations, against such loss(es), and then the Underwriter shall be liable hereunder only for the Insured's share of such excess loss(es), but in no event for more than the Limit of Liability applicable hereunder.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;For the purpose of determining the Insured's share of excess loss(es) it shall be deemed that the Insured has an interest in any certificate representing&#160;&#160;any&#160;&#160;security&#160;&#160;included&#160;&#160;within&#160;&#160;such </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">systems equivalent to the interest the Insured then has&#160;&#160;&#160;in&#160;&#160;&#160;all&#160;&#160;&#160;certificates&#160;&#160;representing&#160;&#160;the&#160;&#160;&#160;same security&#160;&#160;included&#160;&#160;within&#160;&#160;such&#160;&#160;systems&#160;&#160;and&#160;&#160;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's share of such excess loss(es) shall be the amount of the Insured's interest in such Property in excess of the amount(s) so apportioned to the Insured by such Corporations.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.65pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">This bond does not afford coverage in favor of&#160;&#160;&#160;such&#160;&#160;&#160;Corporations&#160;&#160;&#160;or&#160;&#160;&#160;Exchanges&#160;&#160;&#160;or&#160;&#160;&#160;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 assignment of such of the Insured'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.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 2.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">If more than one corporation, co-partnership or person or any combination of them be included as the Insured herein:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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 <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Underwriter&#160;&#160;&#160;would&#160;&#160;&#160;be&#160;&#160;&#160;liable hereunder if all such loss were sustained by any one of them,</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block">41206 (9/84)<br>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(b)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">the&#160;&#160;one&#160;&#160;first&#160;&#160;named herein shall be deemed&#160;&#160;authorized&#160;&#160;to&#160;&#160;make,&#160;&#160;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&#160;&#160;settlement&#160;&#160;of&#160;&#160;each&#160;&#160;such&#160;&#160;claim prior to&#160; &#160;the&#160;&#160;&#160;execution&#160;&#160;&#160;of&#160;&#160;&#160;such settlement,</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(c)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">the&#160;Underwriter&#160;shall&#160;not&#160;be responsible for the proper application of&#160;&#160;any&#160;&#160;payment&#160;&#160;made&#160;&#160;hereunder&#160;&#160;to said first named Insured,</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">knowledge&#160;&#160;possessed&#160;or&#160;discovery made by any partner, officer or supervisory Employee of any Insured shall for the purposes of Section 4 and Section 13 of this bond constitute knowledge or discovery by all the Insured, and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">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.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">SECTION 17. NOTICE AND CHANGE OF CONTROL</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -2.85pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">Upon the Insured's obtaining knowledge of a&#160;&#160;transfer&#160;&#160;of&#160;&#160;its&#160;&#160;outstanding&#160;&#160;voting&#160;&#160;securities which results in a change in control (as set forth in Section 2(a) (9) of the Investment Company Act of 1940) of the Insured, the Insured shall within thirty (30) days of such knowledge give written notice to the Underwriter setting forth:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">(a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">the&#160;&#160;&#160;names&#160;&#160;of&#160;&#160;&#160;the&#160;&#160;&#160;transferors&#160;&#160;and transferees (or the names of the beneficial<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">&#160;owners&#160;if&#160;&#160;the&#160;voting securities are requested in another name), and</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 11pt">the total number of voting securities owned by the transferors and the transferees (or the beneficial owners), both immediately before and after the transfer, and</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block">41206 (9/84)<br>
</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block">13</div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-WEIGHT: bold"><font style="TEXT-DECORATION: underline">ENDORSEMENT#</font> 1</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">T</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">hi</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">s</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">nd</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">o</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">rs</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">m</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">n</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">ff</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">c</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">i</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">v</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">12:01 am</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;November 1, 2013 </font></font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">forms a part of</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">policy number&#160; </font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt; FONT-WEIGHT: bold">01-542-40-00 </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">iss</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">u</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">d</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">o</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">THE EUROPEAN EQUITY FUND</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">b</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">y</font>&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">National Union Fire Insurance Company of Pittsburgh, Pa.</font></font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NEW&#160;YORK&#160;AMENDATORY&#160;ENDORSEMENT&#160;- &#160;N&#160;Y&#160;STATUTE&#160;3420</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">It is hereby understood and agreed that the policy is am ended as follows: A.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt"><font style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;The following provisions are hereby added to the policy:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;FAILURE TO GIVE NOTICE WITHIN PRESCRIBED TIME:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Failure to give any notice required to be given by this policy, or any policy of which this&#160;&#160;is a&#160;&#160;renewal, within the&#160;&#160;prescribed&#160;&#160;time&#160;&#160;shall&#160;&#160;not invalidate&#160;any Claim made against an Insured if:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;it shall be shown not to have been reasonably possible to give notice within the&#160;&#160;prescribed time&#160;&#160;and that notice&#160;was given&#160;&#160;as soon as was reasonably possible thereafter; or</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">Any such Claim shall be deemed to have been first m ade against the Insured and noticed to the Insurer within the Policy Period or Discovery Period of the policy&#160;&#160;issued&#160;&#160;by&#160;&#160;the&#160;&#160;Insurer&#160;&#160;(the&#160;&#160;"Noticed&#160;&#160;Policy")&#160;&#160;in&#160;&#160;which&#160;&#160;the&#160;&#160;Insurer received notice of the Claim ; provided that the coverage afforded with respect to the Noticed Policy shall be in an amount <font style="DISPLAY: inline; TEXT-DECORATION: underline">n</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">o</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">t</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">g</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">r</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">e</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">at</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">e</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">r</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">than</font> the amount of coverage afforded with respect to the Policy Period of the policy issued by the Insurer&#160;&#160;(the&#160;&#160;"Former&#160;&#160;Policy")&#160;&#160;in&#160;&#160;which&#160;&#160;the&#160;&#160;Claim&#160;&#160;was&#160;&#160;actually&#160;&#160;first&#160;&#160;made against the Insured. The foregoing sentence m ay result in (but not be limited to): (1) reducing the limit of liability available for such a Claim to the available limit of liability applicable to the Former Policy; (2) increasing the applicable retention amount to that retention amount applicable to the Former Policy; or (3) reducing&#160;&#160;or&#160;&#160;eliminating&#160;&#160;coverage&#160;&#160;due&#160;&#160;to&#160;&#160;exclusions or&#160;&#160;other&#160;&#160;restrictions appearing&#160;&#160;in&#160;&#160;the&#160;&#160;Former&#160;&#160;Policy&#160;&#160;but&#160;&#160;eliminated, in&#160;&#160;part&#160;&#160;or&#160;&#160;in&#160;&#160;whole, in&#160;&#160;the Noticed Policy. No coverage shall be afforded under this endorsement if there was not in existence a Former Policy at the time the Claim was actually first m de against the Insured.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">With respect to subsection (b) above, any such Claim must be noticed during the Policy Period or Discovery Period of a Noticed Policy which is a renewal or extension of the Former Policy.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">Nothing&#160;&#160;in&#160;&#160;this&#160;&#160;endorsement&#160;&#160;shall&#160;&#160;be&#160;&#160;construed&#160;&#160;to&#160;&#160;provide&#160;&#160;coverage&#160;&#160;for&#160;a </font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">Claim under more than one Policy Period or Discovery Period.</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font style="TEXT-DECORATION: underline"><font style="DISPLAY: inline; FONT-SIZE: 10pt">E</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">N</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">D</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">ORS</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">E</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">M</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">E</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">N</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">T</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="TEXT-DECORATION: underline">#</font> </font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace">1 </font></font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">(continued)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 2.8pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PREJUDICE:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 2.8pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">In the event that the Insurer alleges that it was prejudiced as a result of a failure to give notice within the time required under the policy, the burden of proof shall be on:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;the&#160;&#160;Insurer&#160;&#160;to&#160;&#160;prove&#160;&#160;that&#160;&#160;it&#160;&#160;has&#160;&#160;been&#160;&#160;prejudiced, if&#160;&#160;the&#160;&#160;notice&#160;&#160;was provided within two years of the tim e required under the policy; or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;the&#160;&#160;Insured&#160;&#160;to&#160;&#160;prove&#160;&#160;that&#160;&#160;the&#160;&#160;Insurer&#160;&#160;has&#160;&#160;not&#160;&#160;been&#160;&#160;prejudiced, if&#160;&#160;the notice was provided m ore than two years after the time required under the policy.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 3.4pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">The Insurer's rights shall not be deem ed prejudiced unless the failure to tim ely provide&#160;notice&#160;materially impairs&#160;&#160;the&#160;&#160;ability of the&#160;&#160;Insurer&#160;&#160;to&#160;&#160;investigate&#160;&#160;or defend the Claim .</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 3.25pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">Notwithstanding&#160;&#160;the&#160;&#160;above,&#160;&#160;an&#160;&#160;irrebuttable&#160;&#160;presumption&#160;&#160;of&#160;&#160;prejudice&#160;&#160;shall apply if, prior to the notice, the Insured's liability has been determined by a court of competent jurisdiction or by a binding&#160;&#160;arbitration; or if the&#160;&#160;Insured has resolved the Claim by settlement or other compromise.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 2.25pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">Notice given by or on behalf of the Insured, or written notice by or on behalf of the injured party or any other claim ant, to any licensed agent of the Insurer in&#160;&#160;the&#160;&#160;state&#160;&#160;of New York, with&#160;&#160;particulars sufficient to&#160;&#160;identify the&#160;&#160;Insured, shall be deem ed notice to the Insurer.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 99pt; MARGIN-RIGHT: 3.05pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">The insolvency or bankruptcy of the Insured shall not relieve the Insurer of its obligations&#160;&#160;under&#160;&#160;this&#160;&#160;policy&#160;&#160;as&#160;&#160;long&#160;&#160;as&#160;&#160;all&#160;&#160;policy&#160;&#160;requirements&#160;&#160;are&#160;&#160;m et&#160;&#160;by Insured, its trustee&#160;&#160;or receiver&#160;&#160;in bankruptcy. Should a covered&#160;&#160;judgment be rendered against an insolvent or bankrupt Insured, the Insurer shall be liable for the&#160;&#160;amount&#160;&#160;of such&#160;&#160;judgment&#160;&#160;not&#160;&#160;to&#160;&#160;exceed&#160;&#160;the&#160;&#160;applicable&#160;&#160;limit&#160;&#160;of&#160;&#160;liability under this policy.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">The Clause entitled, "<font style="DISPLAY: inline; FONT-WEIGHT: bold">A</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">c</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">t</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">i</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">o</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">n</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">A</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">g</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">a</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">i</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">n</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">s</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">t</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">U</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">s</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>" or "<font style="DISPLAY: inline; FONT-WEIGHT: bold">A</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">c</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">t</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">i</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">o</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">n</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">A</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">g</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">a</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">i</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">n</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">s</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">t</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">C</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">o</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">m</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">p</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">a</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">n</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">y</font>" is deleted in its entirety and replaced with the following:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">1.&#160;&#160;&#160;&#160;&#160;&#160;judgment against the Insured which remains unsatisfied at the expiration of thirty (30) days from the service of notice of entry of the judgment upon the Insured and upon us; or</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 93.25pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;written agreem ent of the Insured, the claim ant and us.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 3.35pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">Any person or organization or legal representative thereof who&#160;&#160;has secured such&#160;&#160;judgment or&#160;&#160;written&#160;&#160;agreement&#160;&#160;shall&#160;&#160;thereafter&#160;&#160;be&#160;&#160;entitled&#160;&#160;to&#160;&#160;recover under this policy to the&#160;&#160;extent of the insurance&#160;&#160;afforded by this policy. We may not be impleaded by the Insured or its legal representative in any legal action brought against the Insured by any person or organization.</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">AUTHORIZED REPRESENTATIVE</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">E</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">N</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">D</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">OR</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">S</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">E</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">M</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">E</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">N</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">T#</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace">2</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">T</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">hi</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">s</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">endorsement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">ff</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">c</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">i</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">v</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">12:01 am</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">November 1, 2013<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font></font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">forms a part of</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">b</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">y</font>&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">National Union Fire Insurance Company of Pittsburgh, Pa.</font></font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NEW&#160;YORK&#160;AMENDATORY&#160;ENDORSEMENT</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 2.65pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">Wherever&#160;&#160;used&#160;&#160;in&#160;&#160;this&#160;&#160;endorsement: 1)&#160;&#160;"Insurer" means&#160;&#160;the&#160;&#160;insurance&#160;&#160;company&#160;&#160;which issued this policy; and 2) "Insured" means the Named Corporation, Named Organization, Named Sponsor, Named Insured, Named Entity or Insured stated in the declarations page;</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">I.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">The Cancellation and When We Do Not Renew provisions are deleted and replaced by the following:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;CANCELLATION BY THE INSURED</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 9.35pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">This policy m ay be cancelled by the Insured by surrender of this policy to the Insurer or by giving written notice to the Insurer stating when thereafter such cancellation shall be&#160;&#160;effective. The&#160;&#160;Policy Period terminates at the&#160;&#160;date&#160;&#160;and hour specified in such notice, or at the date and time of surrender.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">CANCELLATION, NONRENEWAL AND CONDITIONAL RENEWAL BY THE INSURER (i)&#160; </font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">If&#160;&#160;this&#160;&#160;policy&#160;&#160;has&#160;&#160;been&#160;&#160;in&#160;&#160;effect&#160;&#160;for&#160;&#160;sixty&#160;&#160;(60)&#160;&#160;or&#160;&#160;fewer&#160;&#160;days&#160;&#160;when</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">If&#160;&#160;this&#160;&#160;policy&#160;&#160;has&#160;&#160;been&#160;&#160;in&#160;&#160;effect&#160;&#160;for&#160;&#160;m ore&#160;&#160;than&#160;&#160;sixty&#160;&#160;(60)&#160;&#160;days&#160;&#160;when notice of cancellation is mailed, or if this policy is a renewal of a policy issued by the Insurer, then this policy may be cancelled by the Insurer by mailing or delivering to the Insured, and to his authorized insurance agent or&#160;&#160;broker, written notice&#160;&#160;stating when&#160;&#160;not less than fifteen&#160;&#160;(15) days thereafter the cancellation shall be effective; however, such cancellation m ust be based on one or m ore of the following:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">(A)&#160;&#160;&#160;&#160;nonpayment&#160;&#160;of&#160;&#160;premium ,&#160;&#160;provided,&#160;&#160;however,&#160;&#160;that&#160;&#160;a&#160;&#160;notice&#160;&#160;of cancellation on this ground shall inform the first Nam ed Insured of the amount due;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">(B)&#160;&#160;&#160;&#160;conviction&#160;&#160;of&#160;&#160;a&#160;&#160;crime&#160;&#160;arising&#160;&#160;out&#160;&#160;of&#160;&#160;acts&#160;&#160;increasing&#160;&#160;the&#160;&#160;hazard insured against;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">(C)&#160;&#160;&#160;&#160;discovery of fraud or material misrepresentation in the obtaining of the policy or in the presentation of a claim thereunder;</font></div>
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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">(D)&#160;&#160;&#160;&#160;after&#160;&#160;&#160;issuance&#160;&#160;&#160;of&#160;&#160;the&#160;&#160;policy&#160;&#160;or&#160;&#160;&#160;after&#160;&#160;&#160;the&#160;&#160;&#160;last&#160;&#160;renewal&#160;&#160;date, discovery&#160;&#160;of&#160;&#160;an&#160;&#160;act&#160;&#160;or&#160;&#160;omission,&#160;&#160;or&#160;&#160;a&#160;&#160;violation&#160;&#160;of&#160;&#160;any&#160;&#160;policy condition, that&#160;&#160;substantially&#160;&#160;and&#160;&#160;materially&#160;&#160;increases&#160;&#160;the&#160;&#160;hazard insured against, and which occurred subsequent to inception of the current Policy Period;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -1pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;END 002</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -2.5pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">69898 (9/ 06)</font></div>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block">ENDORSEMENT#&#160;&#160;2&#160;&#160;&#160;&#160;&#160;(continued)</div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">material change in the nature or extent of the risk, occurring after issuance&#160;&#160;or&#160;&#160;last&#160;&#160;annual&#160;&#160;renewal&#160;&#160;anniversary&#160;&#160;date&#160;&#160;of&#160;&#160;the&#160;&#160;policy, which&#160;&#160;causes&#160;&#160;the&#160;&#160;risk of loss&#160;&#160;to&#160;&#160;be&#160;&#160;substantially and&#160;&#160;materially increased&#160;&#160;beyond&#160;&#160;that&#160;&#160;contemplated&#160;&#160;at&#160;&#160;the&#160;&#160;tim e&#160;&#160;the&#160;&#160;policy&#160;&#160;was issued or last renewed;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">(F)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">required&#160;&#160;&#160;&#160;pursuant&#160;&#160;&#160;to&#160;&#160;&#160;&#160;a&#160;&#160;&#160;&#160;determination&#160;&#160;&#160;&#160;by&#160;&#160;&#160;&#160;the&#160;&#160;&#160;&#160;New&#160;&#160;&#160;York Superintendent&#160;&#160;of&#160;&#160;Insurance&#160;&#160;&#160;that&#160;&#160;continuation&#160;&#160;of&#160;&#160;the&#160;&#160;&#160;present premium&#160;&#160;volume&#160;&#160;of&#160;&#160;the&#160;&#160;Insurer&#160;&#160;would&#160;&#160;jeopardize&#160;&#160;the&#160;&#160;Insurer's solvency&#160;&#160;or&#160;&#160;be&#160;&#160;hazardous&#160;&#160;to&#160;&#160;the&#160;&#160;interests&#160;&#160;of&#160;&#160;Insureds&#160;&#160;of&#160;&#160;the Insurer, its creditors or the public;</font></div>
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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(G)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">&#160;a determination by the New York Superintendent of Insurance that the&#160;&#160;continuation&#160;&#160;of the&#160;&#160;policy would&#160;&#160;violate, or&#160;&#160;would&#160;&#160;place&#160;&#160;the Insurer&#160;&#160;in&#160;&#160;violation&#160;&#160;of, any provision&#160;&#160;of the&#160;&#160;New York Insurance Law;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">revocation&#160;&#160;or&#160;&#160;suspension&#160;&#160;of an&#160;&#160;Insured's&#160;&#160;license&#160;&#160;to&#160;&#160;practice&#160;&#160;his profession; or</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(I)&#160;&#160;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">where the Insurer has reason to&#160;&#160;believe that there is a probable risk&#160;&#160;or&#160;&#160;&#160;danger&#160;&#160;&#160;that&#160;&#160;&#160;the&#160;&#160;&#160;Insured&#160;&#160;&#160;will&#160;&#160;&#160;destroy&#160;&#160;&#160;or&#160;&#160;&#160;perm it&#160;&#160;&#160;the destruction&#160;&#160;of the&#160;&#160;insured&#160;&#160;property for&#160;&#160;the&#160;&#160;purpose&#160;&#160;of collecting the insurance proceeds, provided, however, that:</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;(1)&#160;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">a&#160;&#160;notice&#160;&#160;of&#160;&#160;cancellation&#160;&#160;on&#160;&#160;this&#160;&#160;ground&#160;&#160;shall&#160;&#160;inform&#160;&#160;the Insured in plain language that the Insured m ust act within ten days&#160;&#160;&#160;if&#160;&#160;&#160;review&#160;&#160;&#160;by&#160;&#160;&#160;the&#160;&#160;&#160;department&#160;&#160;&#160;of&#160;&#160;&#160;the&#160;&#160;&#160;ground&#160;&#160;&#160;for cancellation&#160;&#160;is&#160;&#160;desired&#160;&#160;pursuant&#160;&#160;to&#160;&#160;item&#160;&#160;(3)&#160;&#160;of&#160;&#160;this subparagraph (I);</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">notice&#160;&#160;of&#160;&#160;cancellation&#160;&#160;on&#160;&#160;this&#160;&#160;ground&#160;&#160;shall&#160;&#160;be&#160;&#160;provided simultaneously by the Insurer to the department; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">upon written request of the Insured made to the department within ten days from the Insured's receipt of notice of cancellation on this ground, the department shall undertake a review of the&#160;&#160;ground for cancellation to&#160;&#160;determine whether or not the Insurer has satisfied the criteria for cancellation specified&#160;&#160;in&#160;&#160;this&#160;&#160;subparagraph;&#160;&#160;if&#160;&#160;after&#160;&#160;such&#160;&#160;review&#160;&#160;the department finds no sufficient cause for cancellation on this ground, the&#160;&#160;notice&#160;&#160;of&#160;&#160;cancellation&#160;&#160;on&#160;&#160;this&#160;&#160;ground&#160;&#160;shall&#160;&#160;be deemed null and void.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.8pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">Notice&#160;&#160;of&#160;&#160;cancellation&#160;&#160;by&#160;&#160;the&#160;&#160;Insurer&#160;&#160;shall&#160;&#160;specify&#160;&#160;the&#160;&#160;grounds&#160;&#160;for cancellation.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">(A)&#160;&#160;&#160;&#160;The&#160;&#160;Insurer&#160;&#160;shall&#160;&#160;mail&#160;&#160;to&#160;&#160;the&#160;&#160;Insured,&#160;&#160;and&#160;&#160;to&#160;&#160;his&#160;&#160;authorized insurance agent or broker, written notice indicating the Insurer's intention:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;not to renew this policy;</font></div>

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<div style="TEXT-INDENT: -45pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to&#160;&#160;condition&#160;&#160;its&#160;&#160;renewal&#160;&#160;upon&#160;&#160;change&#160;&#160;of&#160;&#160;lim its, change&#160;&#160;in </font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">type of coverage, reduction of coverage, increased deductible </font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">or&#160;&#160;addition&#160;&#160;of&#160;&#160;exclusions&#160;&#160;or&#160;&#160;upon&#160;&#160;increased&#160;&#160;premiums&#160;&#160;in </font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">excess&#160;&#160;of&#160;&#160;ten&#160;&#160;percent; (exclusive&#160;&#160;of&#160;&#160;any&#160;&#160;premium&#160;&#160;increase </font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">generated&#160;&#160;&#160;a result of increased exposure&#160;&#160;units or as&#160;&#160;a </font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">result of experience rating, loss rating, or audit);</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-STYLE: italic; FONT-WEIGHT: bold">ENDORSEMENT#&#160;&#160;2</font>&#160;&#160;&#160;&#160;&#160;(continued)</div>
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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; (3)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">that the policy will not be renewed or will not be&#160;&#160;renewed upon&#160;&#160;the&#160;&#160;same&#160;&#160;term , conditions&#160;&#160;or&#160;&#160;rates; such&#160;&#160;alternative renewal notice m ust be mailed or delivered on a timely basis and advise the Insured that a second notice shall be mailed at a later date indicating the Insurer's intention as specified in&#160;&#160;subparagraph&#160;&#160;(1)&#160;&#160;or&#160;&#160;(2)&#160;&#160;of&#160;&#160;this&#160;&#160;paragraph&#160;&#160;(A)&#160;&#160;and&#160;&#160;that coverage shall continue&#160;&#160;on&#160;&#160;the&#160;&#160;same&#160;&#160;terms, conditions&#160;&#160;and rates as expiring, until the later of the expiration date or sixty (60) days after the second notice is mailed or delivered; such alternative renewal notice also shall advise the insured of the availability of loss information and, upon written request, the request, the insurer shall furnish such loss information within ten (10) days to the insured.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;(B)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">A nonrenewal notice as specified in subparagraph (1), a conditional renewal&#160;&#160;notice&#160;&#160;as&#160;&#160;specified&#160;&#160;in&#160;&#160;subparagraph&#160;&#160;(2), and&#160;&#160;the&#160;&#160;second notice described in subparagraph (3) of paragraph (A) of this subsection (iii) shall contain the specific reason or reasons for nonrenewal or conditional renewal, and set forth the amount of any premium increase and nature of any other proposed changes.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">The notice required by paragraph (A) of this subsection (iii) shall be mailed at least sixty (60) but not m ore&#160;&#160;than one hundred&#160;&#160;twenty (120) days in advance of the end of the Policy Period.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">If&#160;&#160;the&#160;&#160;Insurer&#160;&#160;employs&#160;&#160;an&#160;&#160;alternative&#160;&#160;renewal&#160;&#160;notice&#160;&#160;as authorized by subparagraph (3) of paragraph (A) of this subsection&#160;&#160;(iii), the&#160;&#160;Insurer&#160;&#160;shall&#160;&#160;provide&#160;&#160;coverage&#160;&#160;on&#160;&#160;the same terms, conditions, and rates as the expiring policy, until the&#160;&#160;later&#160;&#160;of the&#160;&#160;expiration date&#160;&#160;or&#160;&#160;sixty (60) days after&#160;&#160;the <font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">mailing of the second notice described in such subparagraph.</font> </font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">Prior to the expiration date of the policy, in the event that an incomplete&#160;&#160;or&#160;&#160;late&#160;&#160;conditional&#160;&#160;renewal&#160;&#160;notice&#160;&#160;or&#160;&#160;a&#160;&#160;late nonrenewal&#160;&#160;notice&#160;&#160;is&#160;&#160;provided&#160;&#160;by&#160;&#160;the&#160;&#160;Insurer,&#160;&#160;the&#160;&#160;Policy Period shall be extended, at the same terms and conditions as the expiring policy, except that the annual aggregate limit of the expiring policy shall be increased in proportion to the policy extension, and at the lower of the current rates or the prior period's rates, until sixty (60) days after such notice is mailed, unless the Insured elects to cancel sooner.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">In the event that a late conditional renewal notice or a late nonrenewal notice is provided by the insurer on or after the expiration date of the policy, coverage shall remain in effect on the same terms and conditions of the expiring policy for another&#160;&#160;required&#160;&#160;policy&#160;&#160;period,&#160;&#160;and&#160;&#160;at&#160;&#160;the&#160;&#160;lower&#160;&#160;of&#160;&#160;the current rates&#160;&#160;or&#160;&#160;the&#160;&#160;prior&#160;&#160;period's&#160;&#160;rates&#160;&#160;unless&#160;&#160;the&#160;&#160;insured during the additional required policy period has replaced the coverage&#160;&#160;or&#160;&#160;elects&#160;&#160;to&#160;&#160;cancel, in&#160;&#160;which&#160;&#160;event&#160;&#160;such cancellation shall be on a pro rata premium basis.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">Nothing&#160;&#160;herein&#160;&#160;shall&#160;&#160;be&#160;&#160;construed&#160;&#160;to&#160;&#160;lim it the&#160;&#160;grounds&#160;&#160;for&#160;&#160;which&#160;&#160;the Insurer m ay lawfully rescind this policy or decline to pay a claim under this policy.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 21.3pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">Page&#160;3&#160;of 4</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notice required herein to be mailed to the Insured shall be mailed to the </font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">Insured at the address shown in Item 1 of the Declarations.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 144pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">Notice&#160;&#160;required&#160;&#160;herein&#160;&#160;to&#160;&#160;be&#160;&#160;mailed&#160;&#160;by&#160;&#160;the&#160;&#160;Insurer&#160;&#160;shall&#160;&#160;be&#160;&#160;sent&#160;&#160;by registered, certified or other&#160;&#160;first class mail. Delivery of written&#160;&#160;notice shall be equivalent to mailing.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 144pt; MARGIN-RIGHT: 5.8pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">Proof of mailing of such notice as aforesaid shall be sufficient proof of notice. The Policy Period shall terminate at the effective date and hour of cancellation or nonrenewal specified in such notice.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">If this policy shall be cancelled by the Insured, the Insurer shall retain the custom ary short rate proportion of the premium hereon.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 6.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">If this policy shall be cancelled by the Insurer, the Insurer shall retain the pro rata proportion of the premium hereon.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 6.4pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">Payment or tender of any unearned premium by the Insurer shall not be a condition of cancellation, but such payment shall be m ade as soon as practicable.</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">AUTHORIZED REPRESENTATIVE</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">b</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">y</font>&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">National Union Fire Insurance Company of Pittsburgh, Pa.</font></font></div>

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<div align="center"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTICE OF CLAIM</font></div>

<div align="center"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(REPORTING BY E-MAIL)</font></div>

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<div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">In consideration of the premium charged, it is hereby understood and agreed as follows:</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; 1.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">E</font><font style="FONT-STYLE: italic; DISPLAY: inline">m</font><font style="FONT-STYLE: italic; DISPLAY: inline">a</font><font style="FONT-STYLE: italic; DISPLAY: inline">i</font><font style="FONT-STYLE: italic; DISPLAY: inline">l</font><font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline">R</font><font style="FONT-STYLE: italic; DISPLAY: inline">e</font><font style="FONT-STYLE: italic; DISPLAY: inline">p</font><font style="FONT-STYLE: italic; DISPLAY: inline">o</font><font style="FONT-STYLE: italic; DISPLAY: inline">r</font><font style="FONT-STYLE: italic; DISPLAY: inline">t</font><font style="FONT-STYLE: italic; DISPLAY: inline">i</font><font style="FONT-STYLE: italic; DISPLAY: inline">n</font><font style="FONT-STYLE: italic; DISPLAY: inline">g</font><font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline">o</font><font style="FONT-STYLE: italic; DISPLAY: inline">f</font><font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline">C</font><font style="FONT-STYLE: italic; DISPLAY: inline">l</font><font style="FONT-STYLE: italic; DISPLAY: inline">a</font><font style="FONT-STYLE: italic; DISPLAY: inline">i</font><font style="FONT-STYLE: italic; DISPLAY: inline">m</font><font style="FONT-STYLE: italic; DISPLAY: inline">s</font>: In addition to the postal address set forth for any Notice of Claim Reporting under this policy, such notice may also be given in writing pursuant to the policy's other terms and conditions to the Insurer by email at the following email address:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 354.55pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">c- claim @AIG.com</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 6.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">Your&#160;&#160;email&#160;&#160;must&#160;&#160;reference&#160;&#160;the&#160;&#160;policy&#160;&#160;number&#160;&#160;for&#160;&#160;this&#160;&#160;policy. The&#160;&#160;date&#160;&#160;of&#160;&#160;the </font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">Insurer's receipt of the emailed notice shall constitute the date of notice.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 5.05pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">In addition to Notice of Claim Reporting via email, notice may also be given to the Insurer&#160;&#160;by&#160;&#160;mailing&#160;&#160;such&#160;&#160;notice&#160;&#160;to:&#160;&#160;AIG, Financial&#160;&#160;Lines&#160;&#160;Claims, P.O. Box&#160;&#160;25947, Shawnee Mission, KS 66225 or faxing such notice to (866) 227- 1750.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline">D</font><font style="FONT-STYLE: italic; DISPLAY: inline">e</font><font style="FONT-STYLE: italic; DISPLAY: inline">f</font><font style="FONT-STYLE: italic; DISPLAY: inline">in</font><font style="FONT-STYLE: italic; DISPLAY: inline">i</font><font style="FONT-STYLE: italic; DISPLAY: inline">t</font><font style="FONT-STYLE: italic; DISPLAY: inline">io</font><font style="FONT-STYLE: italic; DISPLAY: inline">n</font><font style="FONT-STYLE: italic; DISPLAY: inline">s</font>: For this endorsement only, the following definitions shall apply:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;"Policy" m ans&#160;&#160;the&#160;&#160;policy, bond&#160;&#160;or&#160;&#160;other&#160;&#160;insurance&#160;&#160;product&#160;&#160;to&#160;&#160;which&#160;&#160;this endorsement is attached.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This&#160;&#160;endorsement&#160;&#160;does&#160;&#160;not&#160;&#160;apply&#160;&#160;to&#160;&#160;any&#160;&#160;Kidnap&#160;&#160;&amp;&#160;&#160;Ransom / Extortion&#160;&#160;Coverage </font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">Section,&#160;if&#160;any,&#160;provided&#160;by&#160;this&#160;policy.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block">_________________________________________________<br>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">AUTHORIZED REPRESENTATIVE</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">b</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">y</font>&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">National Union Fire Insurance Company of Pittsburgh, Pa.</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">Insuring Agreement (A) FIDELITY is hereby deleted in its entirety and replaced with the following:</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">Loss resulting directly from dishonest or fraudulent act(s), including Larceny or&#160;&#160;Embezzlement committed by an Employee, committed anywhere and whether committed alone or&#160;&#160;in <font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">collusion with others&#160;&#160;including loss <font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">of Property resulting from such acts of an Employee, which Property is held by the Insured for any purpose&#160;&#160;or&#160;&#160;in any capacity and whether or&#160;&#160;not the Insured is liable thereof.</font></font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 144pt; MARGIN-RIGHT: 8.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">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:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">to obtain financial benefit for the Employee, or for any other person or organization intended by the Employee to receive such&#160;&#160;benefit, other than salaries, commissions, fees, bonuses, promotions, awards, profit sharing, pensions or other employee benefits earned in the normal course of employment.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">Nothing herein contained shall be held to vary, alter, waive or&#160;&#160;extend any of the terms, limitations conditions or&#160;&#160;agreements&#160;&#160;of the attached policy other than as above stated.</font></div>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block">_________________________________________________<br>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">AUTHORIZED REPRESENTATIVE</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 11pt; TEXT-DECORATION: underline">ENDORSEMENT#</font><font style="DISPLAY: inline; FONT-SIZE: 11pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace">6</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">T</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">hi</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">s</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">endorsement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">ff</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">c</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">i</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">v</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">12:01 am</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">November 1, 2013<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font></font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">forms a part of</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">policy number </font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt; FONT-WEIGHT: bold">01-542-40-00 </font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">iss</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">u</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">d</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">o</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">THE EUROPEAN EQUITY FUND</font></font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">b</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">y</font>&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">National Union Fire Insurance Company of Pittsburgh, Pa.</font></font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 128.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">This endorsement modifies insurance provided under the following:</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block">_________________________________________________<br>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">AUTHORIZED REPRESENTATIVE</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">T</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">hi</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">s</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">nd</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">o</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">rs</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">m</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">n</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">ff</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">c</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">i</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">v</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">12:01 am</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">November 1, 2013<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font></font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">forms a part of</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">policy number </font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt; FONT-WEIGHT: bold">01-542-40-00 </font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">iss</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">u</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">d</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">o</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">THE EUROPEAN EQUITY FUND</font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">b</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">y</font>&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">National Union Fire Insurance Company of Pittsburgh, Pa.</font></font></font></font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">COMPUTER&#160;SYSTEMS</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">It is agreed that:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">1.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">The attached bond is amended by adding an additional Insuring Agreement as follows:</font></div>
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<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">COMPUTER SYSTEMS </font></div>

<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Loss resulting directly from a fraudulent</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">(1)&#160;&#160;&#160;&#160;&#160; entry of data into, or</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">(2)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">change of data elements or programs&#160;&#160;within a&#160;&#160;Computer System; provided the fraudulent entry or change causes</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 144pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;Property to be transferred, paid or delivered,</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">(b)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">an account of the Insured, or&#160;&#160;of its customer, to be added, deleted, debited or credited, or</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">(c)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">an unauthorized account or&#160;&#160;a&#160;&#160;fictitious account to be debited or credited;</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">(3)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">voice instructions or advices having been transmitted to the Insured or&#160;&#160;its agent(s) by telephone;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 144pt; MARGIN-RIGHT: 3.65pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">and provided further, the fraudulent entry or change is made or caused by an individual acting with the manifest intent to:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 144pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;cause the Insured or its agent(s) to sustain a loss, and</font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">(ii)</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">obtain financial benefit <font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">for that <font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">individual or for other persons intended by that individual to receive financial benefit,</font></font></font></div>
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<td style="WIDTH: 5px">&#160;</td>
<td width="5">&#160;</td>
<td width="5">
<div><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">&#160;</font></div>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 144pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">(iii)&#160;&#160;&#160;&#160;&#160;&#160;and further provided such voice instructions or advices:</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">(a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">were&#160;&#160;made by&#160;&#160;a person&#160;&#160;who&#160;&#160;purported to&#160;&#160;represent an individual authorized&#160;&#160;to make&#160;&#160;such&#160;&#160;voice instructions&#160;&#160;or advices; and</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">T</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">hi</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">s</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">endorsement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">ff</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">c</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">i</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">v</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">12:01 am</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">November 1, 2013<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font></font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">forms a part of</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">policy number </font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt; FONT-WEIGHT: bold">01-542-40-00 </font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">iss</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">u</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">d</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">o</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">THE EUROPEAN EQUITY FUND</font></font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">b</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">y</font>&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">National Union Fire Insurance Company of Pittsburgh, Pa.</font></font></font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">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&#160;&#160;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&#160;&#160;recording, or because of failure of the media used&#160;&#160;to record&#160;&#160;a conversation from any cause, or error or omission of any Employee(s) or agent(s) of the Insured.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;As used in this Rider, Computer System means</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">computers <font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">with<font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">&#160;related <font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">peripheral <font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">components, <font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">including storage components, wherever located,</font></font></font></font></font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 218.6pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;systems and applications software, (c)<font id="TAB1" style="MARGIN-LEFT: 12pt"></font>terminal devices,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;related communication networks or customer communication systems, and</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;related Electronic Funds Transfer Systems,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 5.6pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">by which data are&#160;&#160;electronically collected, transmitted, processed,&#160;&#160;stored, and retrieved,</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">In addition to the exclusions in the attached bond, the following exclusions are applicable to this Insuring Agreement:</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">loss resulting directly or indirectly from the theft of confidential information, material or data; and</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">T</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">hi</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">s</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">endorsement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">ff</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">c</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">i</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">v</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">12:01 am</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">November 1, 2013<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font></font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">forms a part of</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">policy number </font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt; FONT-WEIGHT: bold">01-542-40-00 </font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">iss</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">u</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">d</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">o</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">THE EUROPEAN EQUITY FUND</font></font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">b</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">y</font>&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">National Union Fire Insurance Company of Pittsburgh, Pa.</font></font></font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">loss resulting directly or&#160;&#160;indirectly from entries or&#160;&#160;changes&#160;&#160;made by an individual authorized to have access to a Computer System who acts in good faith on instructions, unless such&#160;&#160;instructions are given to that individual by a&#160;&#160;software contractor(or by a&#160;&#160;partner,officer or employee thereof) authorized by the Insured to design, develop, prepare, supply service, write or implement programs for the Insured's Computer System.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">4.&#160;&#160;&#160;&#160;&#160;&#160;The following portions of the attached bond are not applicable to this Rider:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">the initial paragraph of the bond preceding the Insuring Agreements which reads "... at any time but discovered during the Bond Period,"</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">Section 9-NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">5.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">The coverage afforded by this rider&#160;&#160;applies only to loss discovered by the Insured during the period this Rider is in force.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">All loss or series&#160;&#160;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&#160;&#160;of losses&#160;&#160;involving unidentified individuals but arising&#160;&#160;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.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">The Limit of Liability for the coverage provided by this Rider shall be <font style="DISPLAY: inline; FONT-WEIGHT: bold">limited</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">to</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">the amount</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">shown</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">in</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">3</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">of</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">the</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Declarations</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">pag</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">e</font>.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">The Underwriter shall be liable hereunder for the amount by which one loss shall be in excess of the deductible shown in Item <font style="DISPLAY: inline; FONT-WEIGHT: bold">3</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">of</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">the</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Declarations</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">page.</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">If any loss is covered under this Insuring Agreement&#160;&#160;and any other Insuring Agreement or Coverage, the maximum amount payable for such&#160;&#160;loss shall not exceed the largest amount available under anyone Insuring Agreement or Coverage.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">T</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">hi</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">s</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">endorsement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">ff</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">c</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">i</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">v</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">12:01 am</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">November 1, 2013<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font></font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">forms a part of</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">policy number </font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt; FONT-WEIGHT: bold">01-542-40-00 </font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">iss</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">u</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">d</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">o</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">THE EUROPEAN EQUITY FUND</font></font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">b</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">y</font>&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">National Union Fire Insurance Company of Pittsburgh, Pa.</font></font></font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">10.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">Coverage under this Rider shall terminate upon termination or cancellation of the bond to which this Rider is attached. Coverage under this rider&#160;&#160;may also&#160;&#160;be terminated or cancelled without cancelling the bond as an entirety:</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">(a)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">90 days after receipt by the Insured of written notice from the Underwriter of its desire to terminate or cancel coverage under this Rider, or</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 6.25pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;immediately upon receipt by the Underwriter of a&#160;&#160;written request from the </font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">Insured to terminate or cancel coverage under this Rider.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 3.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">The Underwriter shall refund to the Insured the unearned premium for this coverage under this Rider. The refund shall be computed at short rates&#160;&#160;if this Rider is terminated or cancelled or&#160;&#160;reduced&#160;&#160;by notice from, or&#160;&#160;at the instance of, the Insured.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">11.&#160;&#160;&#160;&#160;&#160;&#160;Section&#160;4-LOSS-NOTICE-PROOF-LEGAL&#160;PROCEEDING&#160;&#160;of&#160;&#160;the Condition and </font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">Limitations of this bond is amended by adding the following sentence:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 3.5pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">"Proof of Loss resulting from Voice Instructions or&#160;&#160;advices covered under this bond shall include Electronic Recordings of such Voice Instructions or advices."</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">Notwithstanding 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&#160;&#160;or&#160;&#160;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.</font></div>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">AUTHORIZED REPRESENTATIVE</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">T</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">hi</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">s</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">endorsement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">ff</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">c</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">i</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">v</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">12:01 am</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">November 1, 2013<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font></font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">forms a part of</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">policy number </font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt; FONT-WEIGHT: bold">01-542-40-00 </font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">iss</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">u</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">d</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">o</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">THE EUROPEAN EQUITY FUND</font></font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">b</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">y</font>&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">National Union Fire Insurance Company of Pittsburgh, Pa.</font></font></font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">1.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">The attached bond is amended by adding an additional Insuring Agreement as follows:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 3.35pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">Loss resulting by reason&#160;&#160;of the Insured having transferred,&#160;&#160;paid or&#160;&#160;delivered any funds or Property, established any credit, debited any account, or&#160;&#160;given any value relying on any fraudulent instructions sent by a customer or financial institution by Telefacsimile Transmission&#160;&#160;directed to the Insured, authorizing or&#160;&#160;acknowledging the transfer, payment, or&#160;&#160;delivery of funds or&#160;&#160;property, the establishment of a credit, debiting of any account, or the giving of value by the Insured, but only if such telefacsimile instructions:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">i)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">bear a&#160;&#160;valid test key exchanged between the Insured and a&#160;&#160;customer or another financial <font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">institution with <font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">authority to <font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">use&#160;such t<font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">est <font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">key for Telefacsimile instructions in the ordinary course of business,&#160;&#160;but which test key has been wrongfully obtained by a&#160;&#160;person who was not authorized to initiate, make, validate or authenticate a test key arrangement; and</font></font></font></font></font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">ii)</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">fraudulently purport to have <font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">been sent by such customer or&#160;&#160;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&#160;&#160;forged signature.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 144pt; MARGIN-RIGHT: 2.65pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">"Telefacsimile" means a system&#160;&#160;of transmitting written documents&#160;&#160;by electronic signals over telephone lines to equipment maintained&#160;&#160;by the Insured within its communication room for the purposes&#160;&#160;of reproducing a copy of said document. It does not mean electronic communication sent by Telex, TWC, or electronic mail, or Automated Clearing House.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">The limit of liability for the coverage provided by this rider&#160;&#160;shall be a <font style="DISPLAY: inline; FONT-WEIGHT: bold">Two</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">M</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">illion One <font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Hundred </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">and </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">S</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">e</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">v</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">ent</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">y</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">-</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">F</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">i</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">v</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">e </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Thousand&#160;&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Dollars </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">($2,175,000), </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>it&#160;&#160;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 Declaration of the attached bond.</font></font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">T</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">hi</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">s</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">endorsement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">ff</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">c</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">i</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">v</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">12:01 am</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">November 1, 2013<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font></font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">forms a part of</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">policy number </font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt; FONT-WEIGHT: bold">01-542-40-00 </font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">b</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">y</font>&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">National Union Fire Insurance Company of Pittsburgh, Pa.</font></font></font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">The Underwriter shall be liable hereunder for the amount by which a Single Loss exceeds the Deductible Amount of <font style="DISPLAY: inline; FONT-WEIGHT: bold">Twen</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">t</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">y</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">F</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">i</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">v</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">e</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Thousand</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Dollars</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">(A25,000)</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>excess of the Limit of Liability stated above.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">Nothing herein contained shall be held to vary, alter, waive or&#160;&#160;extend any of the terms, limitations conditions or agreements&#160;&#160;of the attached bond other than as above stated.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">T</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">hi</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">s</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">endorsement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">ff</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">c</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">i</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">v</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">12:01 am</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">November 1, 2013<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font></font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">forms a part of</font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">policy number </font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt; FONT-WEIGHT: bold">01-542-40-00 </font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">iss</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">u</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">d</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">o</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">THE EUROPEAN EQUITY FUND</font></font></font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">b</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">y</font>&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">National Union Fire Insurance Company of Pittsburgh, Pa.</font></font></font></font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The attached bond is amended by adding an Insuring Agreement as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 3.15pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">Loss resulting directly from the Insured having, in good faith, transferred Funds or other Property from a Customer's account through a&#160;&#160;Computer System covered under the terms of the Computer System Fraud Insuring Agreement in reliance upon a fraudulent voice instruction transmitted by telephone which was purported to be from:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">an officer, director, partner or employee of a Customer of the Insured who was authorized by the Customer to instruct the Insured to make such transfer;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">an Employee of the Insured in another office of the Insured who was authorized by the Insured to instruct other Employees of the Insured to transfer Funds, and was received by an Employee of the Insured specifically designated to receive and act upon such instructions,</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 2.35pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">but the voice instruction was&#160;&#160;not from a person described&#160;&#160;in (1), (2), or (3) above, provided that</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">such&#160;&#160;voice instruction was&#160;&#160;electronically recorded&#160;&#160;by&#160;&#160;the Insured and required password(s) or code word(s) given; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">if the transfer was in excess of <font style="DISPLAY: inline; FONT-WEIGHT: bold">$25,000</font>,&#160;&#160;the voice instruction was verified by a call-back according to a prearranged procedure.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 294.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">In this Insuring Agreement:</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">(A)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">Customer means an entity or individual which has a written agreement with the Insured authorizing the Insured to rely on voice instructions to make transfers and which has&#160;&#160;provided the Insured with the names&#160;&#160;of persons authorized to initiate such transfers&#160;&#160;and with which&#160;&#160;the Insured&#160;&#160;has established an instruction verification mechanism;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">T</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">hi</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">s</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">endorsement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">ff</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">c</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">i</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">v</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">12:01 am</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">November 1, 2013<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font></font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">forms a part of</font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">policy number </font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt; FONT-WEIGHT: bold">01-542-40-00 </font></font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">iss</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">u</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">d</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">o</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">THE EUROPEAN EQUITY FUND</font></font></font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">b</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">y</font>&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">National Union Fire Insurance Company of Pittsburgh, Pa.</font></font></font></font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">2.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">In addition to the Conditions and Limitations in the bond and Computer Systems Fraud Insuring Agreement rider, the following provisions are&#160;&#160;applicable to the Voice Initiated Transfer Fraud Insuring Agreement:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 8pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">This Insuring Agreement does not cover loss resulting directly or indirectly from the assumption of liability by the Insured by contract unless&#160;&#160;the liability arises from a loss covered by this Insuring Agreement and would be imposed on the Insured regardless of the existence of the contract.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">Nothing herein contained shall be held to vary, alter, waive or&#160;&#160;extend any of the terms, limitations, conditions or&#160;&#160;agreements&#160;&#160;of the attached bond other than as above stated.</font></div>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block">_________________________________________________<br>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 11pt; TEXT-DECORATION: underline">ENDORSEMENT#</font><font style="DISPLAY: inline; FONT-SIZE: 11pt">&#160;10</font></font><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: -3.8pt" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">T</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">hi</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">s</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">endorsement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">ff</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">c</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">i</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">v</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">12:01 am</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">November 1, 2013<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font></font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">forms a part of</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">policy number </font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt; FONT-WEIGHT: bold">01-542-40-00 </font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">iss</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">u</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">d</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">o</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">THE EUROPEAN EQUITY FUND</font></font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">b</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">y</font>&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">National Union Fire Insurance Company of Pittsburgh, Pa.</font></font></font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">The attached bond is amended by adding an additional Insuring Agreement as follows: </font></div>

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<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">OMNIBUS WORDING</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">If the Insured shall, while this bond is in force, establish any new funds other than by consolidation or merger with, purchase&#160;&#160;or acquisition of assets or&#160;&#160;liabilities of, another institution, such funds shall automatically be covered hereunder&#160;&#160;from the date of such establishment without the payment of additional premium for the remainder of the premium period.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">If the Insured shall, while this bond is in force, require&#160;&#160;an increase in limits to comply with SEC Reg. 17g-1, due to an increase&#160;&#160;in asset size&#160;&#160;of current funds insured under the bond or by the addition of new funds, such increase in limits shall automatically be covered hereunder from the date of such&#160;&#160;increase without the payment of additional premium for the remainder of the premium period.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">Nothing herein contained shall be held to vary, alter, waive or&#160;&#160;extend any of the terms, limitations conditions or agreements&#160;&#160;of the attached bond other than as above stated.</font></div>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block">_________________________________________________<br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">T</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">hi</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">s</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">endorsement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">ff</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">c</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">t</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">i</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">v</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">e</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">12:01 am</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-WEIGHT: bold">November 1, 2013<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font></font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">forms a part of</font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Courier New, monospace; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">b</font><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 10pt">y</font>&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">National Union Fire Insurance Company of Pittsburgh, Pa.</font></font></font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">INVESTMENT COMPANY BLANKET BOND</font></div>

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<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">This&#160;&#160;bond shall not cover any indirect or&#160;&#160;any consequential loss of any nature including, but not limited to fines, penalties, multiple or punitive damages.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Univers ATT, Trebuchet MS, sans-serif; FONT-SIZE: 11pt">2.</font></div>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block">_________________________________________________<br>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 11pt">&#169; All rights reserved.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -2.5pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: univers att, trebuchet ms, sans-serif; FONT-SIZE: 10pt">&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: -3.8pt" align="left">
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<br>
<br>
<br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 80pt" align="left"><font size="3">&#160;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 80pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 80pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt">MNSCPT </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 80pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 80pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt">MNSCPT</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 80pt" align="justify"><font size="3">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 80.5pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt">113022</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt">04/95</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 119.65pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt">(REPORTING BY E-MAIL)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 83.85pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt">TRANSFER&#160;&#160;FRAUD VOICE INITIATED&#160;&#160;TRANSFER FRAUD</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 149.8pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt">INDIRECT OR CONSEQUENTIAL&#160;&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 149.8pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt">L</font><font style="DISPLAY: inline; FONT-FAMILY: futura aig light, futura aig light, monospace; FONT-SIZE: 12pt">OSS EXCLUSION FORMS&#160;&#160;</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block">_________________________________________________<br>
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FIDELITY BOND</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">INSURANCE ALLOCATION AGREEMENT</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">THIS INSURANCE ALLOCATION AGREEMENT (the &#8220;Agreement&#8221;) is made as of November 1, 2013, by and among the investment companies listed as signatories on Schedule&#160;A to this Agreement (the &#8220;Funds&#8221;) (sometimes individually hereinafter referred to as a &#8220;party&#8221; or collectively as &#8220;parties&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">WHEREAS, the Funds have been named as insured parties (&#8220;Insureds&#8221;) under joint insured fidelity bonds (hereinafter referred to individually as a &#8220;Bond&#8221; and collectively as the &#8220;Bonds&#8221;) as may be approved, from time to time, by the Funds&#8217; respective Boards of Directors (hereinafter referred to individually as a &#8220;Board&#8221; and collectively as the &#8220;Boards&#8221;);</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">WHEREAS, the parties desire to establish further: (i)&#160;the criteria by which the premiums for the Bonds shall be allocated among the parties; (ii)&#160;the basis on which additional investment companies for which the Deutsche Investment Management Americas Inc., the Fund&#8217;s administrator (the &#8220;Administrator&#8221;) or its affiliates may hereafter act as administrator or investment adviser may be added as named Insureds under the Bonds; (iii)&#160;the criteria by which the amounts payable under the Bonds shall be allocated among the parties covered under same; and (iv)&#160;the manner in which the Administrator will report to the Funds&#8217; Board information about claims and payments under any of the Bonds;</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">1.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Each Fund shall pay a portion of the premium of each Bond under which it is covered, which portion shall be determined as of a specified date, which date shall be the same for all Funds, as allocated in such equitable manner as mutually agreed upon by the Funds, subject to the approval of the Board, including a majority of the non-interested directors, which amounts are set forth on Schedule&#160;B to this Agreement.&#160;&#160;From time to time, adjustments may be made by mutual agreement of the Funds to the portion of the balance of the premiums theretofore paid by a Fund, subject to the approval of the Board, including a majority of the non-interested directors, based on a subsequent change or changes in the gross assets of one or more Funds that affects the amount which the Fund would have paid had it provided and maintained a single insured bond with the minimum coverage required by Rule&#160;17g-1(d) under the Investment Company Act of&#160;1940, as amended (the &#8220;Act&#8221;) or the addition or withdrawal of a Fund or Funds pursuant to this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">2.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">If each of the insurers issuing a Bond (the &#8220;Insurers&#8221;) is willing, with or without additional premium, to add, as an Insured under a Bond, any investment company not listed as a signatory to this Agreement for which the Administrator or an affiliate thereof is investment adviser, administrator or underwriter, which investment company may be included in the Bond pursuant to Rule&#160;17g-1(b) under the Act, the Funds agree: (a)&#160;that such addition may be made provided that the non-interested directors of the Funds covered by the Bond shall approve such addition; and (b)&#160;that such additional entity may become a party to this Agreement and be included within the terms &#8220;Fund&#8221; or &#8220;party&#8221;, provided that in each case such entity shall have executed and delivered to the Funds its written agreement to become a party hereto and to be bound by the terms of this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">3.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">In the event that the claims of loss of two or more Insureds under the Bonds are so related that the Insurer(s) are entitled to assert that the claims must be aggregated, or in the event that the aggregate recovery by two or more Insureds under the Bonds is less than the aggregate loss incurred by the Insureds that gave rise to the claims, the following rules shall determine, as among the claimants, the priority of satisfaction of the claims under the Bonds:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Each Fund claimant with respect to the same claim shall receive the lesser of: (i)&#160;proceeds equal to the full amount of its claim; or (ii)&#160;the amount which it would have received had it provided and maintained a single insured bond with a minimum coverage which such Fund would have been required to carry by Rule&#160;17g-1(d) under the Act at the time the claim arose.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">4.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">The Administrator shall provide, on a quarterly basis, a report to the Funds&#8217; Board which shall include:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">a description of any claim made during the preceding calendar quarter under any of the Bonds; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">a description of the current status of any matter previously reported by the Administrator to the Funds&#8217; respective Boards pursuant to this Section&#160;4.</font></div>
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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">5.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">This Agreement shall become effective as of the date first above written, and shall remain in full force and effect during the effective period of the Bonds as specified therein.&#160;&#160;Any party may withdraw from this Agreement and the Bonds upon sixty (60) days&#8217; written notice to each of the other parties and the Securities and Exchange Commission in accordance with Rule 17g-1 under the Act.&#160;&#160;The withdrawing party shall be entitled to receive its proportionate share of any premium refund received from the Insurer.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">6.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">This Agreement shall supersede all prior premium sharing and allocation agreements entered into among the Funds.&#160;&#160;Notwithstanding the foregoing, claims made under a Bond during a period prior to the effective date of this Agreement (and any recoveries related to any such claims) shall be subject to the terms of the premium sharing and allocation agreement in effect during that period.</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 12pt">The Central Europe, Russia and Turkey Fund, Inc.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 12pt">By:&#160;&#160;&#160;<font style="TEXT-DECORATION: underline">/s/John Millette&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">FUNDS</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">PREMIUM ALLOCATIONS</font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fund</font></div>
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<td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">AUM ($MM) as of</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Rule 17g-1 Requirement (minimum bond)</font></div>
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<td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Proposed Bond </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Minimum</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">P</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">remium Cost</font></div>
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<td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Allocated to Each Fund</font></div>
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<td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid; BORDER-TOP: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Premium Cost for </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Standalone Policy</font></div>
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</tr><tr>
<td align="left" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">EEA</font></div>
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<td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$&#160;&#160;&#160;95,477,693</font></div>
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<td align="left" valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$&#160;&#160;&#160;450,000</font></div>
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<td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$&#160;&#160;&#160;525,000</font></div>
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<td align="left" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;&#160;22%</font></div>
</td>
<td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$1,610</font></div>
</td>
<td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$&#160;&#160;2,125</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">GF</font></div>
</td>
<td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$ 375,088,045</font></div>
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<td align="left" valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$&#160;&#160;&#160;750,000</font></div>
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<td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$&#160;&#160;&#160;900,000</font></div>
</td>
<td align="left" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;&#160;39%</font></div>
</td>
<td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$2,760</font></div>
</td>
<td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$&#160;&#160;3,982</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">CEE</font></div>
</td>
<td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$ 456,643,970</font></div>
</td>
<td align="left" valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$&#160;&#160;&#160;750,000</font></div>
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<td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$&#160;&#160;&#160;900,000</font></div>
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<td align="left" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">&#160;&#160;39%</font></div>
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<td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$2,760</font></div>
</td>
<td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$&#160;&#160;4,676</font></div>
</td>
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<td align="left" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total:</font></div>
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<td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$ 927,209,708</font></div>
</td>
<td align="left" valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$1,950,000</font></div>
</td>
<td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$2,325,000</font></div>
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<td align="left" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">100%</font></div>
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<td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$7,129</font></div>
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<td align="left" valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 11pt">$10,810</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
