<SEC-DOCUMENT>0001140361-17-046716.txt : 20171219
<SEC-HEADER>0001140361-17-046716.hdr.sgml : 20171219
<ACCEPTANCE-DATETIME>20171219152915
ACCESSION NUMBER:		0001140361-17-046716
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20171219
DATE AS OF CHANGE:		20171219
EFFECTIVENESS DATE:		20171219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EAGLE CAPITAL GROWTH FUND, INC.
		CENTRAL INDEX KEY:			0000850027
		IRS NUMBER:				311274796
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05807
		FILM NUMBER:		171263900

	BUSINESS ADDRESS:	
		STREET 1:		225 EAST MASON STREET
		STREET 2:		SUITE 802
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		414-765-1107

	MAIL ADDRESS:	
		STREET 1:		225 EAST MASON STREET
		STREET 2:		SUITE 802
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NAIC GROWTH FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BETTER INVESTING FUND INC
		DATE OF NAME CHANGE:	19890716
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>form4017g.htm
<DESCRIPTION>EAGLE CAPITAL GROWTH FUND INC 40-17G 12-19-2017
<TEXT>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ATTN:</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">GAIL PETERS</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">330 E. KILBOURN #650</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">MILWAUKEE, WI 53202</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: 'Times New Roman', Arial, Helvetica, sans-serif" align="left">EAGLE CAPITAL GROWTH FUND INC</td>
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<td colspan="2" align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">PRODUCT:</i></b></td>
<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">DFIBond</i></b></td>
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<td style="TEXT-INDENT: 14.396pt" colspan="6" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Chubb Group of Insurance Companies</b></td>
<td colspan="3" align="left"><b style="FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">DECLARATIONS</b></td>
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<td colspan="4" align="right"><font face="Arial,Arial,Helvetica,sans-serif">202</font><font face="Arial,Arial,Helvetica,sans-serif">B Hall&#8217;s Mill Road</font></td>
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<td colspan="3" align="left"><b style="FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">FINANCIAL INSTITUTION INVESTMENT</b></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">Whitehouse Station, NJ 08889</td>
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<td colspan="3" align="left"><b style="FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">COMPANY ASSET PROTECTION BOND</b></td>
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<td colspan="5" align="left"><font face="Arial,Arial,Helvetica,sans-serif">NAME OF ASSURED (including its </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Subsidiaries</b><font face="Arial,Arial,Helvetica,sans-serif">):</font></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Bond Number:</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 1.44pt" colspan="2" align="left">82302675</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">EAGLE CAPITAL GROWTH FUND INC</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="left">225 EAST MASON STR., STE 802</td>
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<td colspan="3" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">FEDERAL INSURANCE COMPANY</b></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">MILWAUKEE, WI</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">53202</td>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">Incorporated under the laws of Indiana</td>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">a stock insurance company herein called the COMPANY</td>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">Capital Center, 251 North Illinois, Suite 1100</td>
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<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="3" align="left">Indianapolis, IN 46204-1927</td>
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<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">ITEM 1.</b></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">BOND PERIOD: from</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">12:01 a.m. on</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 3.6pt" colspan="3" align="left">January 1, 2018</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">to</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">12:01 a.m. on</td>
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<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">ITEM 2.</b></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="9" align="left">If &#8220;Not Covered&#8221; is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and</td>
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<td align="left">&#160;</td>
<td colspan="9" align="left"><font face="Arial,Arial,Helvetica,sans-serif">any other reference shall be deemed to be deleted. </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">There shall be no deductible applicable to any loss</b></td>
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<td align="left">&#160;</td>
<td colspan="7" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">under INSURING CLAUSE 1. sustained by any Investment Company.</b></td>
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<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">SINGLE LOSS</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">DEDUCTIBLE</td>
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<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.4pt" colspan="3" align="left">INSURING CLAUSE</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="3" align="left">LIMIT OF LIABILITY</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="2" align="left">AMOUNT</td>
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<td colspan="10">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">1</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 2.52pt" align="left">Employee</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">300,000</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">0</td>
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<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">2</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 2.52pt" align="left">On Premises</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">300,000</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">5,000</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">3</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 2.52pt" align="left">In Transit</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">300,000</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">5,000</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">4</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 2.52pt" colspan="2" align="left">Forgery or Alteration</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">300,000</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">5,000</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">5</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 2.52pt" colspan="2" align="left">Extended Forgery</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">300,000</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">5,000</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">6</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 2.52pt" colspan="2" align="left">Counterfeit Money</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">300,000</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">5,000</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">7</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 2.52pt" colspan="2" align="left">Threats to Person</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Not Covered</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">N/A</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">8</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 2.52pt" colspan="2" align="left">Computer System</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">300,000</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">5,000</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">9</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 2.52pt" colspan="2" align="left">Voice Initiated Funds Transfer</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 2.52pt" align="left">Instruction</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">300,000</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">5,000</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">10</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 2.52pt" colspan="2" align="left">Uncollectible Items of Deposit</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Not Covered</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">N/A</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">11</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 2.52pt" align="left">Audit Expense</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Not Covered</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">$</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">N/A</td>
</tr>

<tr>
<td colspan="10">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">ITEM 3.</b></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="9" align="left">THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="7" align="left">ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr>
<td colspan="10">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">1-2</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr>
<td colspan="10">&#160;</td>
</tr>

<tr>
<td colspan="10">&#160;</td>
</tr>

<tr valign="bottom">
<td colspan="10" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">IN WITNESS WHEREOF, THE COMPANY </b><font face="Arial,Arial,Helvetica,sans-serif">has caused this Bond to be signed by its authorized officers, but it shall not be</font></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="8" align="left">valid unless also signed by an authorized representative of the Company.</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<img border="0" src="p82302675_2017x2x1.jpg"><br>
<div style="TEXT-ALIGN: left">
<table id="z1639847c4d8b4d6d9aa4d1f4e3be29ba" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 55%"></td>
<td style="WIDTH: 44%"></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98) - Federal</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 1 of 1</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>
</div>

<hr style="WIDTH: 100%" align="center" size="2" noshade="noshade">
<div style="PAGE-BREAK-BEFORE: always">&#160;</div>

<a id="page_3" name="page_3"></a><br>
<a id="_bclPageBorder3" name="_bclPageBorder3"></a>

<div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<div style="TEXT-ALIGN: left">
<table id="z0877ab63a76f43a380c37c90f996749c" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 21%"></td>
<td style="WIDTH: 7%"></td>
<td style="WIDTH: 2%"></td>
<td style="WIDTH: 3%"></td>
<td style="WIDTH: 4%"></td>
<td style="WIDTH: 2%"></td>
<td style="WIDTH: 57%"></td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="6" align="right">The COMPANY, in consideration of payment of the required premium, and in reliance</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="6" align="right">on the APPLICATION and all other statements made and information furnished to the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="6" align="right">COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="6" align="right">Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED</td>
</tr>

<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" align="right">for:</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Insuring Clauses</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Employee</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">1</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td colspan="4" align="left"><font face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Larceny </b><font face="Arial,Arial,Helvetica,sans-serif">or </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Embezzlement </b><font face="Arial,Arial,Helvetica,sans-serif">committed by any</font></td>
</tr>

<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" colspan="7" align="center"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee</b><font face="Arial,Arial,Helvetica,sans-serif">, alone or in collusion with others.</font></td>
</tr>

<tr>
<td colspan="7">
<hr size="1" noshade="noshade">
</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">On Premises</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">2</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td colspan="4" align="left"><font face="Arial,Arial,Helvetica,sans-serif">Loss of </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">resulting directly from robbery, burglary, false pretenses,</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="left">common law or statutory larceny, misplacement, mysterious unexplainable</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="left">disappearance, damage, destruction or removal, from the possession, custody or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="4" align="left"><font face="Arial,Arial,Helvetica,sans-serif">control of the ASSURED, while such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">is lodged or deposited at premises</font></td>
</tr>

<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="4" align="left">located anywhere.</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">In Transit</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">3</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td colspan="4" align="left"><font face="Arial,Arial,Helvetica,sans-serif">Loss of </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">resulting directly from common law or statutory larceny,</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="left">misplacement, mysterious unexplainable disappearance, damage or destruction,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="4" align="left"><font face="Arial,Arial,Helvetica,sans-serif">while the </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">is in transit anywhere:</font></td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">in an armored motor vehicle, including loading and unloading thereof,</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">in the custody of a natural person acting as a messenger of the ASSURED,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">or</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">c.</td>
<td colspan="3" align="right"><font face="Arial,Arial,Helvetica,sans-serif">in the custody of a </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Transportation Company </b><font face="Arial,Arial,Helvetica,sans-serif">and being transported in a</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">conveyance other than an armored motor vehicle provided, however, that</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="3" align="center"><font face="Arial,Arial,Helvetica,sans-serif">covered </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">transported in such manner is limited to the following:</font></td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(1</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">written records,</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(2</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">securities issued in registered form, which are not endorsed or are</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="7" align="center">restrictively endorsed, or</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(3</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">negotiable instruments not payable to bearer, which are not endorsed</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">or are restrictively endorsed.</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="left">Coverage under this INSURING CLAUSE begins immediately on the receipt of</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="4" align="left"><font face="Arial,Arial,Helvetica,sans-serif">such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">by the natural person or </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Transportation Company </b><font face="Arial,Arial,Helvetica,sans-serif">and ends</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="left">immediately on delivery to the premises of the addressee or to any representative</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="left">of the addressee located anywhere.</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<div style="TEXT-ALIGN: left">
<table id="z197f9484963341dab6f4cb9341227a2b" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 55%"></td>
<td style="WIDTH: 44%"></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
</tr>

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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 1 of 19</td>
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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Insuring Clauses</i></b></td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">(continued)</i></td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Forgery Or Alteration</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">4</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">Loss resulting directly from:</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td colspan="2" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Forgery </b><font face="Arial,Arial,Helvetica,sans-serif">on, or fraudulent material alteration of, any bills of exchange,</font></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="right">checks, drafts, acceptances, certificates of deposits, promissory notes, due</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">bills, money orders, orders upon public treasuries, letters of credit, other</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">written promises, orders or directions to pay sums certain in money, or</td>
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<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">receipts for the withdrawal of </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property</b><font face="Arial,Arial,Helvetica,sans-serif">, or</font></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">transferring, paying or delivering any funds or other </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property</b><font face="Arial,Arial,Helvetica,sans-serif">, or establishing</font></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">any credit or giving any value in reliance on any written instructions, advices</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="right">or applications directed to the ASSURED authorizing or acknowledging the</td>
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<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">transfer, payment, delivery or receipt of funds or other </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property</b><font face="Arial,Arial,Helvetica,sans-serif">, which</font></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">instructions, advices or applications fraudulently purport to bear the</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">handwritten signature of any customer of the ASSURED, or shareholder or</td>
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<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">subscriber to shares of an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Company</b><font face="Arial,Arial,Helvetica,sans-serif">, or of any financial</font></td>
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<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">institution or </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">but which instructions, advices or applications either</font></td>
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<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">bear a </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Forgery </b><font face="Arial,Arial,Helvetica,sans-serif">or have been fraudulently materially altered without the</font></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">knowledge and consent of such customer, shareholder, subscriber, financial</td>
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<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">institution or </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee</b><font face="Arial,Arial,Helvetica,sans-serif">;</font></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">excluding, however, under this INSURING CLAUSE any loss covered under</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">CLAUSE 5. is provided for in the DECLARATIONS of this Bond.</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</td>
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<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="3" align="left">signature is treated the same as a handwritten signature.</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Extended Forgery</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">5</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">Loss resulting directly from the ASSURED having, in good faith, and in the</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">ordinary course of business, for its own account or the account of others in any</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">capacity:</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="right">acquired, accepted or received, sold or delivered, or given value, extended</td>
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<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">credit or assumed liability, in reliance on any original </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Securities,</b></td>
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<td colspan="2" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">documents or other written instruments </b><font face="Arial,Arial,Helvetica,sans-serif">which prove to:</font></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">(1)</td>
<td align="right"><font face="Arial,Arial,Helvetica,sans-serif">bear a </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Forgery </b><font face="Arial,Arial,Helvetica,sans-serif">or a fraudulently material alteration,</font></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">(2)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">have been lost or stolen, or</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">(3)</td>
<td align="right"><font face="Arial,Arial,Helvetica,sans-serif">be </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Counterfeit</b><font face="Arial,Arial,Helvetica,sans-serif">, or</font></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">guaranteed in writing or witnessed any signatures on any transfer,</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">assignment, bill of sale, power of attorney, guarantee, endorsement or other</td>
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<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">obligation upon or in connection with any </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Securities, documents or other</b></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">written instruments</b><font face="Arial,Arial,Helvetica,sans-serif">.</font></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">Actual physical possession, and continued actual physical possession if taken as</td>
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<td colspan="3" align="right"><font face="Arial,Arial,Helvetica,sans-serif">collateral, of such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Securities, documents or other written instruments </b><font face="Arial,Arial,Helvetica,sans-serif">by an</font></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="3" align="right"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee, Custodian</b><font face="Arial,Arial,Helvetica,sans-serif">, or a Federal or State chartered deposit institution of the</font></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">ASSURED is a condition precedent to the ASSURED having relied on such items.</td>
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<td align="left">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">Release or return of such collateral is an acknowledgment by the ASSURED that it</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">no longer relies on such collateral.</td>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 2 of 19</td>
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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Insuring Clauses</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Extended Forgery</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="left">For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</td>
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<td style="BORDER-BOTTOM: #000000 1px solid" align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">(continued)</i></td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="4" align="left">signature is treated the same as a handwritten signature.</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Counterfeit Money</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">6</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="left">Loss resulting directly from the receipt by the ASSURED in good faith of any</td>
</tr>

<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" colspan="4" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Counterfeit </b><font face="Arial,Arial,Helvetica,sans-serif">money.</font></td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Threats To Person</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">7</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td colspan="4" align="left"><font face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from surrender of </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">away from an office of the</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="left">ASSURED as a result of a threat communicated to the ASSURED to do bodily</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="4" align="left"><font face="Arial,Arial,Helvetica,sans-serif">harm to an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">as defined in SECTION 1.e. (1), (2) and (5), a </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Relative </b><font face="Arial,Arial,Helvetica,sans-serif">or</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="4" align="left"><font face="Arial,Arial,Helvetica,sans-serif">invitee of such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee</b><font face="Arial,Arial,Helvetica,sans-serif">, or a resident of the household of such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee</b><font face="Arial,Arial,Helvetica,sans-serif">, who</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="left">is, or allegedly is, being held captive provided, however, that prior to the surrender</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="4" align="left"><font face="Arial,Arial,Helvetica,sans-serif">of such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property</b><font face="Arial,Arial,Helvetica,sans-serif">:</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td colspan="3" align="right"><font face="Arial,Arial,Helvetica,sans-serif">the </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">who receives the threat has made a reasonable effort to</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="center">notify an officer of the ASSURED who is not involved in such threat, and</td>
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<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">the ASSURED has made a reasonable effort to notify the Federal Bureau of</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">Investigation and local law enforcement authorities concerning such threat.</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="4" align="left"><font face="Arial,Arial,Helvetica,sans-serif">It is agreed that for purposes of this INSURING CLAUSE, any </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">of the</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="left">ASSURED, as set forth in the preceding paragraph, shall be deemed to be an</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="left">ASSURED hereunder, but only with respect to the surrender of money, securities</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="4" align="left"><font face="Arial,Arial,Helvetica,sans-serif">and other tangible personal property in which such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">has a legal or</font></td>
</tr>

<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="4" align="left">equitable interest.</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Computer System</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">8</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="left">Loss resulting directly from fraudulent:</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">entries of data into, or</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">changes of data elements or programs within,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="4" align="left"><font face="Arial,Arial,Helvetica,sans-serif">a </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Computer System</b><font face="Arial,Arial,Helvetica,sans-serif">, provided the fraudulent entry or change causes:</font></td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(1</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="center">funds or other property to be transferred, paid or delivered,</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(2</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">an account of the ASSURED or of its customer to be added, deleted,</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="7" align="center">debited or credited, or</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(3</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">an unauthorized account or a fictitious account to be debited or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">credited.</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<div style="TEXT-ALIGN: left">
<table id="z747c4c64acc4434eb5840ac4aa66f4d1" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 55%"></td>
<td style="WIDTH: 44%"></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 3 of 19</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>
</div>

<hr style="WIDTH: 100%" align="center" size="2" noshade="noshade">
<div style="PAGE-BREAK-BEFORE: always">&#160;</div>

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<div style="TEXT-ALIGN: left">
<table id="zb072320bca3d4dc28db561323346b468" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 22%"></td>
<td style="WIDTH: 6%"></td>
<td style="WIDTH: 2%"></td>
<td style="WIDTH: 4%"></td>
<td style="WIDTH: 64%"></td>
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<tr valign="bottom">
<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Insuring Clauses</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">(continued)</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Voice Initiated Funds</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">9</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">Loss resulting directly from </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Voice Initiated Funds Transfer Instruction </b><font face="Arial,Arial,Helvetica,sans-serif">directed</font></td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Transfer Instruction</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">to the ASSURED authorizing the transfer of dividends or redemption proceeds of</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Company </b><font face="Arial,Arial,Helvetica,sans-serif">shares from a </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Customer's </b><font face="Arial,Arial,Helvetica,sans-serif">account, provided such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Voice</b></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Initiated Funds Transfer Instruction </b><font face="Arial,Arial,Helvetica,sans-serif">was:</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td align="right"><font face="Arial,Arial,Helvetica,sans-serif">received at the ASSURED'S offices by those </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employees </b><font face="Arial,Arial,Helvetica,sans-serif">of the ASSURED</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="right"><font face="Arial,Arial,Helvetica,sans-serif">specifically authorized to receive the </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Voice Initiated Funds Transfer</b></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="right"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Instruction</b><font face="Arial,Arial,Helvetica,sans-serif">,</font></td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td align="right"><font face="Arial,Arial,Helvetica,sans-serif">made by a person purporting to be a </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Customer</b><font face="Arial,Arial,Helvetica,sans-serif">, and</font></td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">c.</td>
<td align="right"><font face="Arial,Arial,Helvetica,sans-serif">made by said person for the purpose of causing the ASSURED or </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Customer</b></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">to sustain a loss or making an improper personal financial gain for such</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">person or any other person.</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">In order for coverage to apply under this INSURING CLAUSE, all </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Voice Initiated</b></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Funds Transfer Instructions </b><font face="Arial,Arial,Helvetica,sans-serif">must be received and processed in accordance with</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">the Designated Procedures outlined in the APPLICATION furnished to the</td>
</tr>

<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="2" align="left">COMPANY.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Uncollectible Items of</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">10</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Loss resulting directly from the ASSURED having credited an account of a</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Deposit</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">customer, shareholder or subscriber on the faith of any </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Items of Deposit </b><font face="Arial,Arial,Helvetica,sans-serif">which</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">prove to be uncollectible, provided that the crediting of such account causes:</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">redemptions or withdrawals to be permitted,</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">shares to be issued, or</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">c.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">dividends to be paid,</td>
</tr>

<tr valign="bottom">
<td colspan="5" align="center"><font face="Arial,Arial,Helvetica,sans-serif">from an account of an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Company</b><font face="Arial,Arial,Helvetica,sans-serif">.</font></td>
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<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">In order for coverage to apply under this INSURING CLAUSE, the ASSURED</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">must hold </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Items of Deposit </b><font face="Arial,Arial,Helvetica,sans-serif">for the minimum number of days stated in the</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">APPLICATION before permitting any redemptions or withdrawals, issuing any</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">shares or paying any dividends with respect to such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Items of Deposit</b><font face="Arial,Arial,Helvetica,sans-serif">.</font></td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Items of Deposit </b><font face="Arial,Arial,Helvetica,sans-serif">shall not be deemed uncollectible until the ASSURED'S</font></td>
</tr>

<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="2" align="left">standard collection procedures have failed.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Audit Expense</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">11</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Expense incurred by the ASSURED for that part of the cost of audits or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">examinations required by any governmental regulatory authority or self-regulatory</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">organization to be conducted by such authority, organization or their appointee by</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">reason of the discovery of loss sustained by the ASSURED and covered by this</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Bond.</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<div style="TEXT-ALIGN: left">
<table id="z0dcdbaaa99ec44418dcef92b929b1f3f" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 55%"></td>
<td style="WIDTH: 44%"></td>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 4 of 19</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>
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<hr style="WIDTH: 100%" align="center" size="2" noshade="noshade">
<div style="PAGE-BREAK-BEFORE: always">&#160;</div>

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<table id="z4d51fdfbaede4ad1a6c6b83a8eef9959" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 23%"></td>
<td style="WIDTH: 4%"></td>
<td style="WIDTH: 4%"></td>
<td style="WIDTH: 2%"></td>
<td style="WIDTH: 63%"></td>
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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">General Agreements</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Additional Companies</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">A.</td>
<td colspan="3" align="right"><font face="Arial,Arial,Helvetica,sans-serif">If more than one corporation, or </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Company</b><font face="Arial,Arial,Helvetica,sans-serif">, or any combination of</font></td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Included As Assured</i></td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">them is included as the ASSURED herein:</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(1</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">The total liability of the COMPANY under this Bond for loss or losses</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">sustained by any one or more or all of them shall not exceed the limit for</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">which the COMPANY would be liable under this Bond if all such loss were</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">sustained by any one of them.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(2</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">Only the first named ASSURED shall be deemed to be the sole agent of the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">others for all purposes under this Bond, including but not limited to the giving</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">or receiving of any notice or proof required to be given and for the purpose of</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">effecting or accepting any amendments to or termination of this Bond. The</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="right"><font face="Arial,Arial,Helvetica,sans-serif">COMPANY shall furnish each </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Company </b><font face="Arial,Arial,Helvetica,sans-serif">with a copy of the</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">Bond and with any amendment thereto, together with a copy of each formal</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">filing of claim by any other named ASSURED and notification of the terms of</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">the settlement of each such claim prior to the execution of such settlement.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(3</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">The COMPANY shall not be responsible for the proper application of any</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">payment made hereunder to the first named ASSURED.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(4</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">Knowledge possessed or discovery made by any partner, director, trustee,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">officer or supervisory employee of any ASSURED shall constitute knowledge</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">or discovery by all the ASSUREDS for the purposes of this Bond.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(5</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">If the first named ASSURED ceases for any reason to be covered under this</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">Bond, then the ASSURED next named on the APPLICATION shall thereafter</td>
</tr>

<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" align="right">be considered as the first named ASSURED for the purposes of this Bond.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Representation Made By</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">B.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">The ASSURED represents that all information it has furnished in the</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Assured</i></td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">APPLICATION for this Bond or otherwise is complete, true and correct. Such</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">APPLICATION and other information constitute part of this Bond.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">The ASSURED must promptly notify the COMPANY of any change in any fact or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">circumstance which materially affects the risk assumed by the COMPANY under</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">this Bond.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">Any intentional misrepresentation, omission, concealment or incorrect statement of</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">a material fact, in the APPLICATION or otherwise, shall be grounds for recision of</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">this Bond.</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<div style="TEXT-ALIGN: left">
<table id="z87c434625f7446f29d5ceaead559d823" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 55%"></td>
<td style="WIDTH: 44%"></td>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 5 of 19</td>
</tr>
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</div>

<p style="MARGIN: 0px">&#160;</p>
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<td style="WIDTH: 24%"></td>
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<td style="WIDTH: 6%"></td>
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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">General Agreements</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">(continued)</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
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<tr>
<td colspan="5">&#160;</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Additional Offices Or</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">C.</td>
<td colspan="3" align="right"><font face="Arial,Arial,Helvetica,sans-serif">If the ASSURED, other than an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Company</b><font face="Arial,Arial,Helvetica,sans-serif">, while this Bond is in force,</font></td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Employees - Consolidation,</i></td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">merges or consolidates with, or purchases or acquires assets or liabilities of</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Merger Or Purchase Or</i></td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">another institution, the ASSURED shall not have the coverage afforded under this</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Acquisition Of Assets Or</i></td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">Bond for loss which has:</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Liabilities - Notice To</i></td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(1</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">occurred or will occur on premises, or</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Company</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(2</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">been caused or will be caused by an employee, or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(3</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">arisen or will arise out of the assets or liabilities,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">of such institution, unless the ASSURED:</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">a.</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">gives the COMPANY written notice of the proposed consolidation, merger or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">purchase or acquisition of assets or liabilities prior to the proposed effective</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">date of such action, and</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">b.</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">obtains the written consent of the COMPANY to extend some or all of the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">coverage provided by this Bond to such additional exposure, and</td>
</tr>

<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" align="right">c.</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" align="right">on obtaining such consent, pays to the COMPANY an additional premium.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Change Of Control -</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">D.</td>
<td colspan="3" align="right"><font face="Arial,Arial,Helvetica,sans-serif">When the ASSURED learns of a change in control (other than in an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment</b></td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Notice To Company</i></td>
<td align="left">&#160;</td>
<td colspan="3" align="right"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Company</b><font face="Arial,Arial,Helvetica,sans-serif">), as set forth in Section 2(a) (9) of the Investment Company Act of</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">1940,</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">the ASSURED shall within sixty (60) days give written notice to the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">COMPANY setting forth:</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(1</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">the names of the transferors and transferees (or the names of the beneficial</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">owners if the voting securities are registered in another name),</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(2</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">the total number of voting securities owned by the transferors and the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">transferees (or the beneficial owners), both immediately before and after the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">transfer, and</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(3</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">the total number of outstanding voting securities.</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">Failure to give the required notice shall result in termination of coverage for any</td>
</tr>

<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="3" align="right">loss involving a transferee, to be effective on the date of such change in control.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Court Costs And</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">E.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">The COMPANY will indemnify the ASSURED for court costs and reasonable</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Attorneys&#8217; Fees</i></td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">attorneys' fees incurred and paid by the ASSURED in defense, whether or not</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">successful, whether or not fully litigated on the merits and whether or not settled,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">of any claim, suit or legal proceeding with respect to which the ASSURED would</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="right">be entitled to recovery under this Bond. However, with respect to INSURING</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">CLAUSE 1., this Section shall only apply in the event that:</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(1</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td align="left"><font face="Arial,Arial,Helvetica,sans-serif">an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">admits to being guilty of </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Larceny or Embezzlement</b><font face="Arial,Arial,Helvetica,sans-serif">,</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(2</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td align="right"><font face="Arial,Arial,Helvetica,sans-serif">an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">is adjudicated to be guilty of </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Larceny or Embezzlement</b><font face="Arial,Arial,Helvetica,sans-serif">, or</font></td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<div style="TEXT-ALIGN: left">
<table id="z976e17387d45488a9e7b74dd4576c3ac" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 55%"></td>
<td style="WIDTH: 44%"></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 6 of 19</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>
</div>

<hr style="WIDTH: 100%" align="center" size="2" noshade="noshade">
<div style="PAGE-BREAK-BEFORE: always">&#160;</div>

<a id="page_9" name="page_9"></a><br>
<a id="_bclPageBorder9" name="_bclPageBorder9"></a>

<div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<div style="TEXT-ALIGN: left">
<table id="z56d2815604ed44c3a9c5c4f5e9be3e0e" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 26%"></td>
<td style="WIDTH: 7%"></td>
<td style="WIDTH: 66%"></td>
</tr>

<tr valign="bottom">
<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">General Agreements</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Court Costs And</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">(3)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">in the absence of 1 or 2 above, an arbitration panel agrees, after a review of</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Attorneys&#8217; Fees</i></td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">an agreed statement of facts between the COMPANY and the ASSURED,</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">(continued)</i></td>
<td align="left">&#160;</td>
<td align="right"><font face="Arial,Arial,Helvetica,sans-serif">that an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">would be found guilty of </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Larceny or Embezzlement </b><font face="Arial,Arial,Helvetica,sans-serif">if</font></td>
</tr>

<tr valign="bottom">
<td colspan="3" align="center"><font face="Arial,Arial,Helvetica,sans-serif">such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">were prosecuted.</font></td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">The ASSURED shall promptly give notice to the COMPANY of any such suit or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">legal proceeding and at the request of the COMPANY shall furnish copies of all</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">pleadings and pertinent papers to the COMPANY. The COMPANY may, at its</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">sole option, elect to conduct the defense of all or part of such legal proceeding.</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">The defense by the COMPANY shall be in the name of the ASSURED through</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">attorneys selected by the COMPANY. The ASSURED shall provide all reasonable</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">information and assistance as required by the COMPANY for such defense.</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">If the COMPANY declines to defend the ASSURED, no settlement without the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">prior written consent of the COMPANY nor judgment against the ASSURED shall</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">determine the existence, extent or amount of coverage under this Bond.</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">If the amount demanded in any such suit or legal proceeding is within the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">costs and attorney's fees incurred in defending all or part of such suit or legal</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">proceeding.</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">If the amount demanded in any such suit or legal proceeding is in excess of the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">incurred in defending all or part of such suit or legal proceedings is limited to the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">proportion of such court costs and attorney's fees incurred that the LIMIT OF</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">CLAUSE bears to the total of the amount demanded in such suit or legal</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">proceeding.</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">If the amount demanded is any such suit or legal proceeding is in excess of the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">2.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">of the DECLARATIONS for the applicable INSURING CLAUSE, the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">COMPANY'S liability for court costs and attorney's fees incurred in defending all or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">part of such suit or legal proceedings shall be limited to the proportion of such</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">court costs or attorney's fees that the amount demanded that would be payable</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">amount demanded.</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Amounts paid by the COMPANY for court costs and attorneys' fees shall be in</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<div style="TEXT-ALIGN: left">
<table id="z205db86868a540b6902c329b0d6f3bde" cellspacing="0" border="0">
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<td style="WIDTH: 55%"></td>
<td style="WIDTH: 44%"></td>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 7 of 19</td>
</tr>
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<p style="MARGIN: 0px">&#160;</p>
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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Conditions and</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Limitations</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Definitions</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">1</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="left">As used in this Bond:</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td colspan="3" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Computer System </b><font face="Arial,Arial,Helvetica,sans-serif">means a computer and all input, output, processing,</font></td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">storage, off-line media libraries, and communication facilities which are</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">connected to the computer and which are under the control and supervision</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">of the operating system(s) or application(s) software used by the ASSURED.</td>
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<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td colspan="3" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Counterfeit </b><font face="Arial,Arial,Helvetica,sans-serif">means an imitation of an actual valid original which is intended</font></td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">to deceive and be taken as the original.</td>
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<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">c.</td>
<td colspan="3" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Custodian </b><font face="Arial,Arial,Helvetica,sans-serif">means the institution designated by an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Company </b><font face="Arial,Arial,Helvetica,sans-serif">to</font></td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">maintain possession and control of its assets.</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">d.</td>
<td colspan="3" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Customer </b><font face="Arial,Arial,Helvetica,sans-serif">means an individual, corporate, partnership, trust customer,</font></td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="3" align="left"><font face="Arial,Arial,Helvetica,sans-serif">shareholder or subscriber of an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Company </b><font face="Arial,Arial,Helvetica,sans-serif">which has a written</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="3" align="left"><font face="Arial,Arial,Helvetica,sans-serif">agreement with the ASSURED for </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Voice Initiated Funds Transfer</b></td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="3" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Instruction</b><font face="Arial,Arial,Helvetica,sans-serif">.</font></td>
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<tr>
<td colspan="7">&#160;</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">e.</td>
<td colspan="3" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">means:</font></td>
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<tr>
<td colspan="7">&#160;</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(1</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">an officer of the ASSURED,</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(2</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a natural person while in the regular service of the ASSURED at any of</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">the ASSURED'S premises and compensated directly by the ASSURED</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">through its payroll system and subject to the United States Internal</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Revenue Service Form W-2 or equivalent income reporting plans of</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">other countries, and whom the ASSURED has the right to control and</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">direct both as to the result to be accomplished and details and means</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">by which such result is accomplished in the performance of such</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">service,</td>
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<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(3</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a guest student pursuing studies or performing duties in any of the</td>
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<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="7" align="center">ASSURED'S premises,</td>
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<tr>
<td colspan="7">&#160;</td>
</tr>

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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(4</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">an attorney retained by the ASSURED and an employee of such</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">attorney while either is performing legal services for the ASSURED,</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(5</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a natural person provided by an employment contractor to perform</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">employee duties for the ASSURED under the ASSURED'S supervision</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">at any of the ASSURED'S premises,</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(6</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">an employee of an institution merged or consolidated with the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ASSURED prior to the effective date of this Bond,</td>
</tr>

<tr>
<td colspan="7">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(7</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a director or trustee of the ASSURED, but only while performing acts</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">within the scope of the customary and usual duties of any officer or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">other employee of the ASSURED or while acting as a member of any</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">committee duly elected or appointed to examine or audit or have</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left"><font face="Arial,Arial,Helvetica,sans-serif">custody of or access to </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">of the ASSURED, or</font></td>
</tr>
</table>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 8 of 19</td>
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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Conditions and</i></b></td>
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<td align="left">&#160;</td>
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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Limitations</i></b></td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Definitions</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(8</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">each natural person, partnership or corporation authorized by written</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">(continued)</i></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">agreement with the ASSURED to perform services as electronic data</td>
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<td align="left">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">processor of checks or other accounting records related to such checks but</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">only while such person, partnership or corporation is actually performing</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">such services and not:</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">creating, preparing, modifying or maintaining the ASSURED'S</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">computer software or programs, or</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">acting as transfer agent or in any other agency capacity in issuing</td>
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<td align="left">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">checks, drafts or securities for the ASSURED,</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(9</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">any partner, officer or employee of an investment advisor, an underwriter</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">(distributor), a transfer agent or shareholder accounting recordkeeper, or an</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">administrator, for an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Company </b><font face="Arial,Arial,Helvetica,sans-serif">while performing acts coming</font></td>
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<td align="left">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">within the scope of the customary and usual duties of an officer or employee</td>
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<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">of an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Company </b><font face="Arial,Arial,Helvetica,sans-serif">or acting as a member of any committee duly</font></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">elected or appointed to examine, audit or have custody of or access to</td>
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<td colspan="2" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">of </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">an Investment Company</b><font face="Arial,Arial,Helvetica,sans-serif">.</font></td>
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<td align="left">&#160;</td>
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<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">The term </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">shall not include any partner, officer or employee of a</font></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">transfer agent, shareholder accounting recordkeeper or administrator:</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">which is not an "affiliated person" (as defined in Section 2(a) of the</td>
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<td align="right"><font face="Arial,Arial,Helvetica,sans-serif">Investment Company Act of 1940) of an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Company </b><font face="Arial,Arial,Helvetica,sans-serif">or of</font></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="right"><font face="Arial,Arial,Helvetica,sans-serif">the investment advisor or underwriter (distributor) of such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment</b></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="right"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Company</b><font face="Arial,Arial,Helvetica,sans-serif">, or</font></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">which is a "bank" (as defined in Section 2(a) of the Investment</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="center">Company Act of 1940).</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">This Bond does not afford coverage in favor of the employers of</td>
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<td align="left">&#160;</td>
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<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">persons as set forth in e. (4), (5) and (8) above, and upon payment to</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="right"><font face="Arial,Arial,Helvetica,sans-serif">the ASSURED by the COMPANY resulting directly from </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Larceny or</b></td>
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<td align="left">&#160;</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="right"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Embezzlement </b><font face="Arial,Arial,Helvetica,sans-serif">committed by any of the partners, officers or</font></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">employees of such employers, whether acting alone or in collusion with</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">others, an assignment of such of the ASSURED'S rights and causes of</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">action as it may have against such employers by reason of such acts</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">so committed shall, to the extent of such payment, be given by the</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">ASSURED to the COMPANY, and the ASSURED shall execute all</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">papers necessary to secure to the COMPANY the rights provided for</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">herein.</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Each employer of persons as set forth in e.(4), (5) and (8) above and the</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">partners, officers and other employees of such employers shall collectively</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">be deemed to be one person for all the purposes of this Bond; excepting,</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">however, the fifth paragraph of Section 13.</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Independent contractors not specified in e.(4), (5) or (8) above,</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">intermediaries, agents, brokers or other representatives of the same general</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">character shall not be considered </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employees</b><font face="Arial,Arial,Helvetica,sans-serif">.</font></td>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 9 of 19</td>
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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Conditions and</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Limitations</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Definitions</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">f.</td>
<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Forgery </b><font face="Arial,Arial,Helvetica,sans-serif">means the signing of the name of another natural person with the</font></td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">(continued)</i></td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">intent to deceive but does not mean a signature which consists in whole or in</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">part of one's own name, with or without authority, in any capacity for any</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">purpose.</td>
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<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">g.</td>
<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Company </b><font face="Arial,Arial,Helvetica,sans-serif">means any investment company registered under the</font></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Investment Company Act of 1940 and listed under the NAME OF ASSURED</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">on the DECLARATIONS.</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">h.</td>
<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Items of Deposit </b><font face="Arial,Arial,Helvetica,sans-serif">means one or more checks or drafts drawn upon a</font></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">financial institution in the United States of America.</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">i.</td>
<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Larceny or Embezzlement </b><font face="Arial,Arial,Helvetica,sans-serif">means larceny or embezzlement as defined in</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Section 37 of the Investment Company Act of 1940.</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">j.</td>
<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">means money, revenue and other stamps; securities; including any</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">note, stock, treasury stock, bond, debenture, evidence of indebtedness,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">certificate of deposit, certificate of interest or participation in any profit-</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">sharing agreement, collateral trust certificate, preorganization certificate or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">subscription, transferable share, investment contract, voting trust certificate,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">certificate of deposit for a security, fractional undivided interest in oil, gas, or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">other mineral rights, any interest or instruments commonly known as a</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">security under the Investment Company Act of 1940, any other certificate of</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">interest or participation in, temporary or interim certificate for, receipt for,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">guarantee of, or warrant or right to subscribe to or purchase any of the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">foregoing; bills of exchange; acceptances; checks; withdrawal orders; money</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">orders; travelers' letters of credit; bills of lading; abstracts of title; insurance</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">policies, deeds, mortgages on real estate and/or upon chattels and interests</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">therein; assignments of such policies, deeds or mortgages; other valuable</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">papers, including books of accounts and other records used by the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ASSURED in the conduct of its business (but excluding all electronic data</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">processing records); and, all other instruments similar to or in the nature of</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">the foregoing in which the ASSURED acquired an interest at the time of the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ASSURED'S consolidation or merger with, or purchase of the principal</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">assets of, a predecessor or which are held by the ASSURED for any</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">purpose or in any capacity and whether so held gratuitously or not and</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">whether or not the ASSURED is liable therefor.</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">k.</td>
<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Relative </b><font face="Arial,Arial,Helvetica,sans-serif">means the spouse of an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">or partner of the ASSURED</font></td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">and any unmarried child supported wholly by, or living in the home of, such</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">or partner and being related to them by blood, marriage or legal</font></td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">guardianship.</td>
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<tr>
<td colspan="3">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">l.</td>
<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Securities, documents or other written instruments </b><font face="Arial,Arial,Helvetica,sans-serif">means original</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">(including original counterparts) negotiable or non-negotiable instruments, or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">assignments thereof, which in and of themselves represent an equitable</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">interest, ownership, or debt and which are in the ordinary course of business</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">transferable by delivery of such instruments with any necessary</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">endorsements or assignments.</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<div style="TEXT-ALIGN: left">
<table id="zb9f29053529a40d2ba71c8ad076dc2f5" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 54%"></td>
<td style="WIDTH: 45%"></td>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 10 of 19</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>
</div>

<hr style="WIDTH: 100%" align="center" size="2" noshade="noshade">
<div style="PAGE-BREAK-BEFORE: always">&#160;</div>

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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Conditions and</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Limitations</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

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<td colspan="5">&#160;</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Definitions</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">m.</td>
<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Subsidiary </b><font face="Arial,Arial,Helvetica,sans-serif">means any organization that, at the inception date of this Bond,</font></td>
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<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">(continued)</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">is named in the APPLICATION or is created during the BOND PERIOD and</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">of which more than fifty percent (50%) of the outstanding securities or voting</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">rights representing the present right to vote for election of directors is owned</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">or controlled by the ASSURED either directly or through one or more of its</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">subsidiaries.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">n.</td>
<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Transportation Company </b><font face="Arial,Arial,Helvetica,sans-serif">means any organization which provides its own</font></td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">or its leased vehicles for transportation or which provides freight forwarding</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">or air express services.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">o.</td>
<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Voice Initiated Election </b><font face="Arial,Arial,Helvetica,sans-serif">means any election concerning dividend options</font></td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left"><font face="Arial,Arial,Helvetica,sans-serif">available to </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Company </b><font face="Arial,Arial,Helvetica,sans-serif">shareholders or subscribers which is</font></td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">requested by voice over the telephone.</td>
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<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">p.</td>
<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Voice Initiated Redemption </b><font face="Arial,Arial,Helvetica,sans-serif">means any redemption of shares issued by an</font></td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Company </b><font face="Arial,Arial,Helvetica,sans-serif">which is requested by voice over the telephone.</font></td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">q.</td>
<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Voice Initiated Funds Transfer Instruction </b><font face="Arial,Arial,Helvetica,sans-serif">means any </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Voice Initiated</b></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Redemption </b><font face="Arial,Arial,Helvetica,sans-serif">or </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Voice Initiated Election</b><font face="Arial,Arial,Helvetica,sans-serif">.</font></td>
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<td colspan="5">&#160;</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">For the purposes of these definitions, the singular includes the plural and the</td>
</tr>

<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="2" align="left">plural includes the singular, unless otherwise indicated.</td>
</tr>

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<td colspan="5">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">General Exclusions -</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">2</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td colspan="2" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">This bond does not directly or indirectly cover:</b></td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Applicable to All Insuring</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">loss not reported to the COMPANY in writing within sixty (60) days after</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Clauses</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">termination of this Bond as an entirety;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">loss due to riot or civil commotion outside the United States of America and</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Canada, or any loss due to military, naval or usurped power, war or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">insurrection. This Section 2.b., however, shall not apply to loss which occurs</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">in transit in the circumstances recited in INSURING CLAUSE 3., provided</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">that when such transit was initiated there was no knowledge on the part of</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">any person acting for the ASSURED of such riot, civil commotion, military,</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">naval or usurped power, war or insurrection;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">c.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">loss resulting from the effects of nuclear fission or fusion or radioactivity;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">d.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">loss of potential income including, but not limited to, interest and dividends</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">not realized by the ASSURED or by any customer of the ASSURED;</td>
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<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">e.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">damages of any type for which the ASSURED is legally liable, except</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">compensatory damages, but not multiples thereof, arising from a loss</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">covered under this Bond;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">f.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">costs, fees and expenses incurred by the ASSURED in establishing the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">existence of or amount of loss under this Bond, except to the extent covered</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">under INSURING CLAUSE 11.;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">g.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">loss resulting from indirect or consequential loss of any nature;</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<div style="TEXT-ALIGN: left">
<table id="zab204860f6ab4ccd9ad9d3710cd2cc8b" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 54%"></td>
<td style="WIDTH: 45%"></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 11 of 19</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>
</div>

<hr style="WIDTH: 100%" align="center" size="2" noshade="noshade">
<div style="PAGE-BREAK-BEFORE: always">&#160;</div>

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<div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<div style="TEXT-ALIGN: left">
<table id="zcee6d445a6ba4f258afdb7e601e82221" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 23%"></td>
<td style="WIDTH: 4%"></td>
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<td style="WIDTH: 2%"></td>
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<td style="WIDTH: 53%"></td>
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<tr valign="bottom">
<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Conditions and</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Limitations</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr>
<td colspan="8">&#160;</td>
</tr>

<tr>
<td colspan="8">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">General Exclusions -</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">h.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">loss resulting from dishonest acts by any member of the Board of Directors</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Applicable to All Insuring</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="4" align="right"><font face="Arial,Arial,Helvetica,sans-serif">or Board of Trustees of the ASSURED who is not an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee</b><font face="Arial,Arial,Helvetica,sans-serif">, acting</font></td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Clauses</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">alone or in collusion with others;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">(continued)</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">i.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">loss, or that part of any loss, resulting solely from any violation by the</td>
</tr>

<tr valign="bottom">
<td colspan="8" align="center"><font face="Arial,Arial,Helvetica,sans-serif">ASSURED or by any </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee</b><font face="Arial,Arial,Helvetica,sans-serif">:</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(1</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">of any law regulating:</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">the issuance, purchase or sale of securities,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">securities transactions on security or commodity exchanges or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">the over the counter market,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">c.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">investment companies,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">d.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">investment advisors, or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(2</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">of any rule or regulation made pursuant to any such law; or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">j.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">loss of confidential information, material or data;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">k.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">loss resulting from voice requests or instructions received over the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">telephone, provided however, this Section 2.k. shall not apply to INSURING</td>
</tr>

<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="4" align="right">CLAUSE 7. or 9.</td>
</tr>

<tr>
<td colspan="8">&#160;</td>
</tr>

<tr>
<td colspan="8">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Specific Exclusions -</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">3</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td colspan="5" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">This Bond does not directly or indirectly cover:</b></td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Applicable To All Insuring</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td colspan="4" align="right"><font face="Arial,Arial,Helvetica,sans-serif">loss caused by an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee</b><font face="Arial,Arial,Helvetica,sans-serif">, provided, however, this Section 3.a. shall not</font></td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Clauses Except Insuring</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">apply to loss covered under INSURING CLAUSE 2. or 3. which results</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Clause 1.</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">directly from misplacement, mysterious unexplainable disappearance, or</td>
</tr>

<tr valign="bottom">
<td colspan="8" align="center"><font face="Arial,Arial,Helvetica,sans-serif">damage or destruction of </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property</b><font face="Arial,Arial,Helvetica,sans-serif">;</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">loss through the surrender of property away from premises of the ASSURED</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">as a result of a threat:</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(1</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td colspan="2" align="right"><font face="Arial,Arial,Helvetica,sans-serif">to do bodily harm to any natural person, except loss of </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">in</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="right">transit in the custody of any person acting as messenger of the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="right">ASSURED, provided that when such transit was initiated there was no</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="right">knowledge by the ASSURED of any such threat, and provided further</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">that this Section 3.b. shall not apply to INSURING CLAUSE 7., or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">(2</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">)</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">to do damage to the premises or </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">of the ASSURED;</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">c.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">loss resulting from payments made or withdrawals from any account</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">involving erroneous credits to such account;</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">d.</td>
<td colspan="4" align="right"><font face="Arial,Arial,Helvetica,sans-serif">loss involving </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Items of Deposit </b><font face="Arial,Arial,Helvetica,sans-serif">which are not finally paid for any reason</font></td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">provided however, that this Section 3.d. shall not apply to INSURING</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">CLAUSE 10.;</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">e.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">loss of property while in the mail;</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<div style="TEXT-ALIGN: left">
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 12 of 19</td>
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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Conditions and</i></b></td>
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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Limitations</i></b></td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Specific Exclusions -</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">f.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">loss resulting from the failure for any reason of a financial or depository</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Applicable To All Insuring</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">institution, its receiver or other liquidator to pay or deliver funds or other</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Clauses Except Insuring</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="5" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">to the ASSURED provided further that this Section 3.f. shall not</font></td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Clause 1.</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="5" align="left"><font face="Arial,Arial,Helvetica,sans-serif">apply to loss of </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">resulting directly from robbery, burglary,</font></td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">(continued)</i></td>
<td align="left">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">misplacement,</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">mysterious</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="center">unexplainable</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">disappearance,</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">damage,</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">destruction or removal from the possession, custody or control of the</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ASSURED.</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">g.</td>
<td colspan="5" align="left"><font face="Arial,Arial,Helvetica,sans-serif">loss of </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">while in the custody of a </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Transportation Company</b><font face="Arial,Arial,Helvetica,sans-serif">,</font></td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">provided however, that this Section 3.g. shall not apply to INSURING</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">CLAUSE 3.;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">h.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">loss resulting from entries or changes made by a natural person with</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="5" align="left"><font face="Arial,Arial,Helvetica,sans-serif">authorized access to a </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Computer System </b><font face="Arial,Arial,Helvetica,sans-serif">who acts in good faith on</font></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">instructions, unless such instructions are given to that person by a software</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">contractor or its partner, officer, or employee authorized by the ASSURED to</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">design, develop, prepare, supply, service, write or implement programs for</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="3" align="left"><font face="Arial,Arial,Helvetica,sans-serif">the ASSURED's </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Computer System</b><font face="Arial,Arial,Helvetica,sans-serif">; or</font></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">i.</td>
<td colspan="5" align="left"><font face="Arial,Arial,Helvetica,sans-serif">loss resulting directly or indirectly from the input of data into a </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Computer</b></td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="5" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">System </b><font face="Arial,Arial,Helvetica,sans-serif">terminal, either on the premises of the customer of the ASSURED</font></td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">or under the control of such a customer, by a customer or other person who</td>
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<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="5" align="left">had authorized access to the customer's authentication mechanism.</td>
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<tr>
<td colspan="9">&#160;</td>
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<tr>
<td colspan="9">&#160;</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Specific Exclusions -</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">4</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td colspan="4" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">This bond does not directly or indirectly cover:</b></td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Applicable To All Insuring</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">loss resulting from the complete or partial non-payment of or default on any</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Clauses Except Insuring</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">loan whether such loan was procured in good faith or through trick, artifice,</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Clauses 1., 4., And 5.</i></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">fraud or false pretenses; provided, however, this Section 4.a. shall not apply</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">to INSURING CLAUSE 8.;</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
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<tr>
<td colspan="9">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">loss resulting from forgery or any alteration;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr>
<td colspan="9">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">c.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">loss involving a counterfeit provided, however, this Section 4.c. shall not</td>
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<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="3" align="left">apply to INSURING CLAUSE 5. or 6.</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
</tr>

<tr>
<td colspan="9">&#160;</td>
</tr>

<tr>
<td colspan="9">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Limit Of Liability/Non-</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">5</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="6" align="right">At all times prior to termination of this Bond, this Bond shall continue in force for</td>
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<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Reduction And Non-</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="6" align="right">the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Accumulation Of Liability</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="6" align="right">notwithstanding any previous loss for which the COMPANY may have paid or be</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="6" align="right">liable to pay under this Bond provided, however, that the liability of the COMPANY</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">under this Bond with respect to all loss resulting from:</td>
<td align="left">&#160;</td>
</tr>

<tr>
<td colspan="9">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">any one act of burglary, robbery or hold-up, or attempt thereat, in which no</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="3" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">is concerned or implicated, or</font></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr>
<td colspan="9">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">any one unintentional or negligent act on the part of any one person</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="5" align="left"><font face="Arial,Arial,Helvetica,sans-serif">resulting in damage to or destruction or misplacement of </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property</b><font face="Arial,Arial,Helvetica,sans-serif">, or</font></td>
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<td colspan="9">&#160;</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">c.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">all acts, other than those specified in a. above, of any one person, or</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

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<table id="z8ecb54d8d73e4fe09901caa22909b2f6" cellspacing="0" border="0">
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 13 of 19</td>
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<p style="MARGIN: 0px">&#160;</p>
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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Conditions and</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Limitations</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Limit Of Liability/Non-</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">d.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">any one casualty or event other than those specified in a., b., or c. above,</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Reduction And Non-</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">shall be deemed to be one loss and shall be limited to the applicable LIMIT OF</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Accumulation Of Liability</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">(continued)</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">the total amount of such loss or losses and shall not be cumulative in amounts</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">from year to year or from period to period.</td>
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<td colspan="5">&#160;</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">All acts, as specified in c. above, of any one person which</td>
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<td colspan="5">&#160;</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">i.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">directly or indirectly aid in any way wrongful acts of any other person or</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">persons, or</td>
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<td colspan="5">&#160;</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ii.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">permit the continuation of wrongful acts of any other person or persons</td>
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<td colspan="5">&#160;</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">whether such acts are committed with or without the knowledge of the wrongful</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">acts of the person so aided, and whether such acts are committed with or without</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">the intent to aid such other person, shall be deemed to be one loss with the</td>
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<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="2" align="left">wrongful acts of all persons so aided.</td>
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<td colspan="5">&#160;</td>
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<td colspan="5">&#160;</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Discovery</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">6</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">This Bond applies only to loss first discovered by an officer of the ASSURED</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">during the BOND PERIOD. Discovery occurs at the earlier of an officer of the</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">ASSURED being aware of:</td>
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<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">facts which may subsequently result in a loss of a type covered by this Bond,</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">or</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">an actual or potential claim in which it is alleged that the ASSURED is liable</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">to a third party,</td>
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<td colspan="5">&#160;</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">regardless of when the act or acts causing or contributing to such loss occurred,</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">even though the amount of loss does not exceed the applicable DEDUCTIBLE</td>
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<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="2" align="left">AMOUNT, or the exact amount or details of loss may not then be known.</td>
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<td colspan="5">&#160;</td>
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<td colspan="5">&#160;</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Notice To Company -</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">7</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">The ASSURED shall give the COMPANY notice thereof at the earliest</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Proof - Legal Proceedings</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">practicable moment, not to exceed sixty (60) days after discovery of loss, in</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Against Company</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">an amount that is in excess of 50% of the applicable DEDUCTIBLE</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">AMOUNT, as stated in ITEM 2. of the DECLARATIONS.</td>
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<td colspan="5">&#160;</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">with full particulars within six (6) months after such discovery.</td>
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<td colspan="5">&#160;</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">c.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Securities listed in a proof of loss shall be identified by certificate or bond</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">numbers, if issued with them.</td>
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<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">d.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Legal proceedings for the recovery of any loss under this Bond shall not be</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">brought prior to the expiration of sixty (60) days after the proof of loss is filed</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">with the COMPANY or after the expiration of twenty-four (24) months from</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">the discovery of such loss.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">e.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">This Bond affords coverage only in favor of the ASSURED. No claim, suit,</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">action or legal proceedings shall be brought under this Bond by anyone</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">other than the ASSURED.</td>
</tr>
</table>
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<p style="MARGIN: 0px">&#160;</p>

<div style="TEXT-ALIGN: left">
<table id="z9bab4effc01f4237a69cc3c312a81e53" cellspacing="0" border="0">
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<td style="WIDTH: 54%"></td>
<td style="WIDTH: 45%"></td>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 14 of 19</td>
</tr>
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</div>

<p style="MARGIN: 0px">&#160;</p>
</div>

<hr style="WIDTH: 100%" align="center" size="2" noshade="noshade">
<div style="PAGE-BREAK-BEFORE: always">&#160;</div>

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<td style="WIDTH: 24%"></td>
<td style="WIDTH: 4%"></td>
<td style="WIDTH: 2%"></td>
<td style="WIDTH: 4%"></td>
<td style="WIDTH: 64%"></td>
</tr>

<tr valign="bottom">
<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Conditions and</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Limitations</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Notice To Company -</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">f.</td>
<td align="right"><font face="Arial,Arial,Helvetica,sans-serif">Proof of loss involving </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Voice Initiated Funds Transfer Instruction </b><font face="Arial,Arial,Helvetica,sans-serif">shall</font></td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Proof - Legal Proceedings</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">include electronic recordings of such instructions.</td>
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<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Against Company</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

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<td style="BORDER-BOTTOM: #000000 1px solid" align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">(continued)</i></td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Deductible Amount</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">8</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">The COMPANY shall not be liable under any INSURING CLAUSES of this Bond</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">on account of loss unless the amount of such loss, after deducting the net amount</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">of all reimbursement and/or recovery obtained or made by the ASSURED, other</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">than from any Bond or policy of insurance issued by an insurance company and</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">covering such loss, or by the COMPANY on account thereof prior to payment by</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">DECLARATIONS.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">There shall be no deductible applicable to any loss under INSURING CLAUSE 1.</td>
</tr>

<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">sustained by any </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Company</b><font face="Arial,Arial,Helvetica,sans-serif">.</font></td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Valuation</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">9</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td colspan="2" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">BOOKS OF ACCOUNT OR OTHER RECORDS</b></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">The value of any loss of </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">consisting of books of account or other records</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">used by the ASSURED in the conduct of its business shall be the amount paid by</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">the ASSURED for blank books, blank pages, or other materials which replace the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">lost books of account or other records, plus the cost of labor paid by the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">ASSURED for the actual transcription or copying of data to reproduce such books</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">of account or other records.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">The value of any loss of </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">other than books of account or other records</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">used by the ASSURED in the conduct of its business, for which a claim is made</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">shall be determined by the average market value of such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">on the</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">business day immediately preceding discovery of such loss provided, however,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">that the value of any </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">replaced by the ASSURED with the consent of the</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">COMPANY and prior to the settlement of any claim for such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">shall be the</font></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="center">actual market value at the time of replacement.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">In the case of a loss of interim certificates, warrants, rights or other securities, the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">production of which is necessary to the exercise of subscription, conversion,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">redemption or deposit privileges, the value of them shall be the market value of</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">such privileges immediately preceding their expiration if said loss is not discovered</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">until after their expiration. If no market price is quoted for such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">or for</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">such privileges, the value shall be fixed by agreement between the parties.</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">OTHER PROPERTY</b></td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">The value of any loss of </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property</b><font face="Arial,Arial,Helvetica,sans-serif">, other than as stated above, shall be the actual</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">cash value or the cost of repairing or replacing such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">with </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property </b><font face="Arial,Arial,Helvetica,sans-serif">of</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">like quality and value, whichever is less.</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<div style="TEXT-ALIGN: left">
<table id="zad0faf54311d479fb3caad4e8f8f3534" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 54%"></td>
<td style="WIDTH: 45%"></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 15 of 19</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>
</div>

<hr style="WIDTH: 100%" align="center" size="2" noshade="noshade">
<div style="PAGE-BREAK-BEFORE: always">&#160;</div>

<a id="page_18" name="page_18"></a><br>
<a id="_bclPageBorder18" name="_bclPageBorder18"></a>

<div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<div style="TEXT-ALIGN: left">
<table id="za6c197c1fc764705b9eae6a072f68cd7" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 22%"></td>
<td style="WIDTH: 6%"></td>
<td style="WIDTH: 2%"></td>
<td style="WIDTH: 4%"></td>
<td style="WIDTH: 64%"></td>
</tr>

<tr valign="bottom">
<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Conditions and</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Limitations</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">(continued)</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Securities Settlement</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">10</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">In the event of a loss of securities covered under this Bond, the COMPANY may,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">at its sole discretion, purchase replacement securities, tender the value of the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">securities in money, or issue its indemnity to effect replacement securities.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">The indemnity required from the ASSURED under the terms of this Section</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">against all loss, cost or expense arising from the replacement of securities by the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">COMPANY'S indemnity shall be:</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">for securities having a value less than or equal to the applicable</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">DEDUCTIBLE AMOUNT - one hundred (100%) percent;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">for securities having a value in excess of the DEDUCTIBLE AMOUNT but</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">within the applicable LIMIT OF LIABILITY - the percentage that the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">DEDUCTIBLE AMOUNT bears to the value of the securities;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">c.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">for securities having a value greater than the applicable LIMIT OF LIABILITY</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">- the percentage that the DEDUCTIBLE AMOUNT and portion in excess of</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="center">the applicable LIMIT OF LIABILITY bears to the value of the securities.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">The value referred to in Section 10.a., b., and c. is the value in accordance with</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Section 9, Valuation, regardless of the value of such securities at the time the loss</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="center">under the COMPANY'S indemnity is sustained.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">The COMPANY is not required to issue its indemnity for any portion of a loss of</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">securities which is not covered by this Bond; however, the COMPANY may do so</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">as a courtesy to the ASSURED and at its sole discretion.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">The ASSURED shall pay the proportion of the Company's premium charge for the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Company's indemnity as set forth in Section 10.a., b., and c. No portion of the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">LIMIT OF LIABILITY shall be used as payment of premium for any indemnity</td>
</tr>

<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="2" align="left">purchased by the ASSURED to obtain replacement securities.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td colspan="2" align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Subrogation - Assignment </i><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">&#8211; </i><font face="Arial,Arial,Helvetica,sans-serif">11.</font></td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">In the event of a payment under this Bond, the COMPANY shall be subrogated to</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Recovery</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">all of the ASSURED'S rights of recovery against any person or entity to the extent</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">of such payment. On request, the ASSURED shall deliver to the COMPANY an</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">assignment of the ASSURED'S rights, title and interest and causes of action</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">against any person or entity to the extent of such payment.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Recoveries, whether effected by the COMPANY or by the ASSURED, shall be</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">applied net of the expense of such recovery in the following order:</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">first, to the satisfaction of the ASSURED'S loss which would otherwise have</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">been paid but for the fact that it is in excess of the applicable LIMIT OF</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">LIABILITY,</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">second, to the COMPANY in satisfaction of amounts paid in settlement of</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">the ASSURED'S claim,</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">c.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">AMOUNT, and</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<div style="TEXT-ALIGN: left">
<table id="z54e88e3d28c94ace9894c81a9b06a5a8" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 54%"></td>
<td style="WIDTH: 45%"></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 16 of 19</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>
</div>

<hr style="WIDTH: 100%" align="center" size="2" noshade="noshade">
<div style="PAGE-BREAK-BEFORE: always">&#160;</div>

<a id="page_19" name="page_19"></a><br>
<a id="_bclPageBorder19" name="_bclPageBorder19"></a>

<div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<div style="TEXT-ALIGN: left">
<table id="z5169c0733d754c58a535009c5e2e259b" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 25%"></td>
<td style="WIDTH: 3%"></td>
<td style="WIDTH: 2%"></td>
<td style="WIDTH: 4%"></td>
<td style="WIDTH: 64%"></td>
</tr>

<tr valign="bottom">
<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Conditions and</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Limitations</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Subrogation - Assignment </i><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">&#8211;</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">d.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">fourth, to the ASSURED in satisfaction of any loss suffered by the</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Recovery</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">ASSURED which was not covered under this Bond.</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">(continued)</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a</td>
</tr>

<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="2" align="left">recovery under this section.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Cooperation Of Assured</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">12</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">At the COMPANY'S request and at reasonable times and places designated by</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">the COMPANY, the ASSURED shall:</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">submit to examination by the COMPANY and subscribe to the same under</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">oath,</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">produce for the COMPANY'S examination all pertinent records, and</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">c.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">cooperate with the COMPANY in all matters pertaining to the loss.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">The ASSURED shall execute all papers and render assistance to secure to the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">COMPANY the rights and causes of action provided for under this Bond. The</td>
</tr>

<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="2" align="left">ASSURED shall do nothing after loss to prejudice such rights or causes of action.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Termination</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">13</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">If the Bond is for a sole ASSURED, it shall not be terminated unless written notice</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">shall have been given by the acting party to the affected party and to the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Securities and Exchange Commission, Washington, D.C., not less than sixty (60)</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">days prior to the effective date of such termination.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">If the Bond is for a joint ASSURED, it shall not be terminated unless written notice</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">shall have been given by the acting party to the affected party, and by the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">COMPANY to all ASSURED </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Companies </b><font face="Arial,Arial,Helvetica,sans-serif">and to the Securities and</font></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Exchange Commission, Washington, D.C., not less than sixty (60) days prior to</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">the effective date of such termination.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">This Bond will terminate as to any one ASSURED, other than an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment</b></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Company</b><font face="Arial,Arial,Helvetica,sans-serif">:</font></td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">immediately on the taking over of such ASSURED by a receiver or other</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">liquidator or by State or Federal officials, or</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">immediately on the filing of a petition under any State or Federal statute</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">relative to bankruptcy or reorganization of the ASSURED, or assignment for</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">the benefit of creditors of the ASSURED, or</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">c.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">immediately upon such ASSURED ceasing to exist, whether through merger</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">into another entity, disposition of all of its assets or otherwise.</td>
</tr>

<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">The COMPANY shall refund the unearned premium computed at short rates in</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">accordance with the standard short rate cancellation tables if terminated by the</td>
</tr>

<tr valign="bottom">
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">ASSURED or pro rata if terminated for any other reason.</td>
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<p style="MARGIN: 0px">&#160;</p>

<div style="TEXT-ALIGN: left">
<table id="z9c5eb43ddd40428aa1bd181164c8bcc4" cellspacing="0" border="0">
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<td style="WIDTH: 54%"></td>
<td style="WIDTH: 45%"></td>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 17 of 19</td>
</tr>
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<p style="MARGIN: 0px">&#160;</p>
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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Conditions and</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Limitations</i></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
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<tr>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Termination</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">If any partner, director, trustee, or officer or supervisory employee of an</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">(continued)</i></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">ASSURED not acting in collusion with an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">learns of any dishonest act</font></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">committed by such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">at any time, whether in the employment of the</font></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">ASSURED or otherwise, whether or not such act is of the type covered under this</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Bond, and whether against the ASSURED or any other person or entity, the</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">ASSURED:</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td align="right"><font face="Arial,Arial,Helvetica,sans-serif">shall immediately remove such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">from a position that would enable</font></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="right"><font face="Arial,Arial,Helvetica,sans-serif">such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">to cause the ASSURED to suffer a loss covered by this</font></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">Bond; and</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td align="right"><font face="Arial,Arial,Helvetica,sans-serif">within forty-eight (48) hours of learning that an </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">has committed</font></td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">any dishonest act, shall notify the COMPANY, of such action and provide full</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="center">particulars of such dishonest act.</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">The COMPANY may terminate coverage as respects any </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee </b><font face="Arial,Arial,Helvetica,sans-serif">sixty (60)</font></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">days after written notice is received by each ASSURED </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Company</b></td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">and the Securities and Exchange Commission, Washington, D.C. of its desire to</td>
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<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" colspan="2" align="left"><font face="Arial,Arial,Helvetica,sans-serif">terminate this Bond as to such </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Employee</b><font face="Arial,Arial,Helvetica,sans-serif">.</font></td>
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<td colspan="5">&#160;</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Other Insurance</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">14</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Coverage under this Bond shall apply only as excess over any valid and collectible</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">insurance, indemnity or suretyship obtained by or on behalf of:</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">the ASSURED,</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td align="left"><font face="Arial,Arial,Helvetica,sans-serif">a </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Transportation Company</b><font face="Arial,Arial,Helvetica,sans-serif">, or</font></td>
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<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">c.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">another entity on whose premises the loss occurred or which employed the</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="right"><font face="Arial,Arial,Helvetica,sans-serif">person causing the loss or engaged the messenger conveying the </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Property</b></td>
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<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" align="right">involved.</td>
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<tr>
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</tr>

<tr>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Conformity</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">15</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">If any limitation within this Bond is prohibited by any law controlling this Bond's</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">construction, such limitation shall be deemed to be amended so as to equal the</td>
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<tr valign="bottom">
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="2" align="left">minimum period of limitation provided by such law.</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Change or Modification</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">16</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">This Bond or any instrument amending or affecting this Bond may not be changed</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">or modified orally. No change in or modification of this Bond shall be effective</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">except when made by written endorsement to this Bond signed by an authorized</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">representative of the COMPANY.</td>
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<tr>
<td colspan="5">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">If this Bond is for a sole ASSURED, no change or modification which would</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">days after written notice has been furnished to the Securities and Exchange</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Commission, Washington, D.C., by the acting party.</td>
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</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<div style="TEXT-ALIGN: left">
<table id="z6979619d67c14c9cb3e21414a59b0a86" cellspacing="0" border="0">
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<td style="WIDTH: 54%"></td>
<td style="WIDTH: 45%"></td>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 18 of 19</td>
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<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Conditions And</i></b></td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><b><i style="FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Limitations</i></b></td>
<td align="left">&#160;</td>
</tr>

<tr>
<td colspan="2">&#160;</td>
</tr>

<tr>
<td colspan="2">&#160;</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">Change or Modification</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">If this Bond is for a joint ASSURED, no charge or modification which would</td>
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<td align="left"><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Italic, Arial, Helvetica, sans-serif">(continued)</i></td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left"><font face="Arial,Arial,Helvetica,sans-serif">days after written notice has been furnished to all insured </font><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Investment Companies</b></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">and to the Securities and Exchange Commission, Washington, D.C., by the</td>
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<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">COMPANY.</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<div style="TEXT-ALIGN: left">
<table id="za98c19e30d6c47e885d4d56bd6108218" cellspacing="0" border="0">
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<td style="WIDTH: 54%"></td>
<td style="WIDTH: 45%"></td>
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<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond (5-98)</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1421 (Ed. 5-98)</td>
<td style="FONT-SIZE: 70%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 19 of 19</td>
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<p style="MARGIN: 0px">&#160;</p>
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<td align="left">&#160;</td>
<td style="TEXT-INDENT: 147.17pt" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">ENDORSEMENT/RIDER</b></td>
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<tr>
<td colspan="2">&#160;</td>
</tr>

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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Effective date of</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">this endorsement/rider: January 1, 2018</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">FEDERAL INSURANCE COMPANY</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Endorsement/Rider No. 1</td>
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<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">To be attached to and</td>
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<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">form a part of Policy No. 82302675</td>
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<td colspan="2">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" align="left">Issued to: EAGLE CAPITAL GROWTH FUND INC</td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="left">&#160;</td>
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<td colspan="2" align="center"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS</b></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other similar laws or</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">regulations prohibit the coverage provided by this insurance.</td>
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<td colspan="2">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">conditions of coverage.</td>
<td align="left">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">All other terms, conditions and limitations of this Policy shall remain unchanged.</td>
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<p style="MARGIN: 0px">&#160;</p>

<p style="TEXT-ALIGN: center"><img border="0" align="middle" src="p82302675_2017x22x1.jpg"></p>

<p style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-ALIGN: left">14-02-9228 (2/2010)</p>

<p style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-ALIGN: left">Page 1</p>
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<td style="TEXT-INDENT: 220.49pt" colspan="2" align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">FEDERAL INSURANCE COMPANY</b></td>
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<td align="left">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 220.49pt" colspan="2" align="left">Endorsement No: 2 DFI</td>
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<td align="left">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 220.49pt" align="left">Bond Number:</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">82302675</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; BORDER-BOTTOM: #000000 1px solid" colspan="5" align="left">NAME OF ASSURED: EAGLE CAPITAL GROWTH FUND INC</td>
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<td colspan="6" align="center"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">TERMINATION-NONRENEWAL-NOTICE ENDORSEMENT</b></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="5" align="left">It is agreed that this Bond is amended as follows:</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">1</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">By adding to Section 13., Termination, the following:</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">"Termination By The Company</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">Bonds In Effect For More Than Sixty (60) Days</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">If this Bond has been in effect for more than sixty (60) days, or, if this Bond is a renewal, the</td>
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<td align="left">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="4" align="right">COMPANY may terminate by providing written notice of cancellation at least sixty (60) days before the</td>
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<td align="left">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">effective date of termination for at least one of the following reasons:</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">1</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" align="left">Nonpayment of premium;</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">2</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" colspan="2" align="left">Discovery of fraud or material misrepresentation in obtaining this Bond or in the presentation of a</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">claim thereunder;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">3</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" colspan="2" align="left">Discovery of willful or reckless acts or omissions or violation of any provision of this Bond on the</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" colspan="2" align="left">part of the ASSURED which substantially and materially increases any hazard insured against,</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" colspan="2" align="left">and which occurred subsequent to the inception of the current BOND PERIOD;</td>
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<td align="left">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">4</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" colspan="2" align="left">Conviction of the ASSURED of a crime arising out of acts increasing the hazard insured against;</td>
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<td align="left">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">5</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" colspan="2" align="left">Material change in the risk which increases the risk of loss after insurance coverage has been</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" colspan="2" align="left">issued or renewed, except to the extent that the COMPANY should reasonably have foreseen the</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" align="left">change, or contemplated the risk when the contract was written;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">6</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" colspan="2" align="left">Determination by the Commissioner that the continuation of the Bond would jeopardize a</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" colspan="2" align="left">COMPANY'S solvency or would place the COMPANY in violation of the insurance laws of any</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" align="left">state;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">7</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" colspan="2" align="left">Determination by the Commissioner that continuation of the present premium volume of the</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="6" align="center">COMPANY would jeopardize the COMPANY'S policyholders, creditors or the public;</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">8</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" align="left">Such other reasons that are approved by the Commissioner;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">9</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" colspan="2" align="left">Determination by the Commissioner that the COMPANY no longer has adequate reinsurance to</td>
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<td align="left">&#160;</td>
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<td align="left">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">meet the ASSUREDS needs;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">10</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" colspan="2" align="left">Substantial breaches of contractual duties, conditions or warranties; or</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">11</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" colspan="2" align="left">Unfavorable underwriting facts, specific to the ASSURED, existing that were not present at the</td>
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<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 0.839pt" align="left">inception of the Bond.</td>
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<div style="TEXT-ALIGN: left">
<table id="zae8ea2b454c74c5eb7dcddcf1836f507" cellspacing="0" border="0">
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<td style="WIDTH: 61%"></td>
<td style="WIDTH: 38%"></td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1360 (Rev. 10-99)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 1</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Bonds In Effect Sixty (60) Days Or Less</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">If this Bond has been in effect for sixty (60) days or less, and it is not a renewal Bond, the COMPANY</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">may terminate for any reason by providing written notice of termination at least sixty (60) days before</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">the effective date of termination.</td>
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<td colspan="2">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Notice Of Termination</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Notice of termination under this Section shall be mailed or delivered, by certified mail, return receipt</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">provided by the United States Postal Service, to the ASSURED and to the authorized agent or broker, if</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">any, at least sixty (60) days prior to the effective date of cancellation at the address shown on the</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">DECLARATIONS of this Bond.</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">If this Bond is cancelled for nonpayment of premium, the COMPANY will mail or deliver, by certified</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">mail, return receipt provided by the United States Postal Service, a written notice at least thirty (30)</td>
</tr>

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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">days before the effective date of cancellation. The cancellation notice shall contain information</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">regarding the amount of premium due and the due date, and shall state the effect of nonpayment by</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">the due date. Cancellation shall not be effective if payment of the amount due is made prior to the</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">effective date of cancellation.</td>
</tr>

<tr>
<td colspan="2">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">All notice of cancellation shall state the reason(s) for cancellation.</td>
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<tr>
<td colspan="2">&#160;</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">There is no liability on the part of, and no cause of action of any nature shall arise against, the</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">COMPANY, its authorized representatives, its employees, or any firm, person or corporation furnishing</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">to the COMPANY, information relating to the reasons for cancellation or nonrenewal, for any statement</td>
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<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">made by them in complying or enabling the COMPANY to comply with this Section, for the provision of</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">information pertaining thereto, or for statements made or evidence submitted at any hearings</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">conducted in connection therewith, if such information was provided in good faith and without malice.</td>
</tr>

<tr>
<td colspan="2">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Notice Of Nonrenewal</td>
</tr>

<tr>
<td colspan="2">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">If the COMPANY elects not to renew this Bond, the COMPANY shall mail or deliver written notice, by</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">certified mail, return receipt, provided by the United States Postal Service, to the ASSURED, at his last</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">known address, at least sixty (60) days before the expiration date or before the anniversary date, if this</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="right">Bond has been written for a term of more than one (1) year. Such notice shall also be mailed to the</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">ASSURED'S agent or broker, if any.</td>
</tr>

<tr>
<td colspan="2">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Such notice shall contain all of the following:</td>
</tr>

<tr>
<td colspan="2">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">a.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">Bond Number:</td>
</tr>

<tr>
<td colspan="2">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">b.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">Date of Notice;</td>
</tr>

<tr>
<td colspan="2">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">c.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">Reason for Cancellation;</td>
</tr>

<tr>
<td colspan="2">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">d.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Expiration Date of the Bond;</td>
</tr>

<tr>
<td colspan="2">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">e.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">Effective Date and Hour of Cancellation.</td>
</tr>

<tr>
<td colspan="2">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">Notice of nonrenewal shall not be required if the COMPANY or a COMPANY within the same insurance</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">group has offered to issue a renewal Bond, the ASSURED has obtained replacement coverage or has</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">agreed in writing to obtain replacement coverage, the ASSURED has requested or agreed to</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="2" align="left">nonrenewal, or the Bond is expressly designated as nonrenewable.</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<div style="TEXT-ALIGN: left">
<table id="zc808bf3a3dea4d5c9be40e175133ed7f" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 61%"></td>
<td style="WIDTH: 38%"></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1360 (Rev. 10-99)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 2</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>
</div>

<hr style="WIDTH: 100%" align="center" size="2" noshade="noshade">
<div style="PAGE-BREAK-BEFORE: always">&#160;</div>

<a id="page_25" name="page_25"></a><br>
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<div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<div style="TEXT-ALIGN: left">
<table id="zb8ffb8799c5a4f4ab5416b1793df61bb" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 3%"></td>
<td style="WIDTH: 3%"></td>
<td style="WIDTH: 93%"></td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Return Premium Calculations</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Any unearned premiums which have been paid by the ASSURED shall be refunded to the ASSURED</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">on a pro rata basis if terminated by the COMPANY or the ASSURED. The unearned premiums shall</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">be refunded to the ASSURED within forty-five (45) days of receipt of the request for cancellation or the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">effective date of cancellation, whichever is later.</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Conditional Renewal</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">If the COMPANY offers or purports to renew the Bond, but on less favorable terms or at higher rates,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">the new terms or higher premiums may take effect on the renewal date, if the COMPANY mails or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">delivers by certified mail, return receipt provided by the United States Postal Service, to the ASSURED,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">notice of the new terms or premiums at least sixty (60) days prior to the renewal date. If the</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">COMPANY notifies the ASSURED within sixty (60) days prior to the renewal date, the new terms or</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">premiums do not take effect until sixty (60) days after the notice is mailed or delivered, in which case,</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">the ASSURED may elect to cancel the renewal Bond within the sixty (60) day period. If the COMPANY</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">does not notify the ASSURED of the new terms or premiums, the COMPANY shall continue the Bond</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">at the expiring terms and premiums until notice is given or until the effective date of replacement</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left"><font face="Arial,Arial,Helvetica,sans-serif">coverage is obtained by the ASSURED, w</font><font face="Arial,Arial,Helvetica,sans-serif">hichever occurs first.&#8221;</font></td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="right">2</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">.</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">It is further understood and agreed that for the purposes of Section 13., Termination, any occurrence</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">listed in this Section shall be considered to be a request by the ASSURED to immediately terminate this</td>
</tr>

<tr valign="bottom">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Bond.</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">This Endorsement applies to loss discovered after 12:01 a.m. on January 1, 2018.</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr>
<td colspan="3">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" colspan="3" align="left">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<p style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-ALIGN: left">Date: November 29, 2017</p>

<p style="TEXT-ALIGN: center"><img border="0" src="p82302675_2017x25x1.jpg"></p>

<br>
<div style="TEXT-ALIGN: left">
<table id="z3d67ac04703243d8a687a6b0cb1abcf2" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 61%"></td>
<td style="WIDTH: 38%"></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">ICAP Bond</td>
<td align="left">&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Form 17-02-1360 (Rev. 10-99)</td>
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Page 3</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>
</div>

<hr style="WIDTH: 100%" align="center" size="2" noshade="noshade">
<div style="PAGE-BREAK-BEFORE: always">&#160;</div>

<a id="page_26" name="page_26"></a><br>
<a id="_bclPageBorder26" name="_bclPageBorder26"></a>

<div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<div style="TEXT-ALIGN: left">
<table id="zfb90722fa5ec4893989dc6a9a129c672" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 99%"></td>
</tr>

<tr valign="bottom">
<td align="center"><b><i style="FONT-SIZE: 80%; FONT-FAMILY: Arial, BoldItalic, Arial, Helvetica, sans-serif">Important Notice:</i></b></td>
</tr>

<tr>
<td>&#160;</td>
</tr>

<tr>
<td>&#160;</td>
</tr>

<tr>
<td>&#160;</td>
</tr>

<tr valign="bottom">
<td align="left"><b style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">The SEC Requires Proof of Your Fidelity Insurance Policy</b></td>
</tr>

<tr>
<td>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Your company is now required to file an electronic copy of your fidelity insurance coverage</td>
</tr>

<tr valign="bottom">
<td align="left"><font face="Arial,Arial,Helvetica,sans-serif">(Chubb&#8217;s ICAP Bond policy) to the Securities and Exchange Commission (SEC), accordin</font><font face="Arial,Arial,Helvetica,sans-serif">g to</font></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">rules adopted by the SEC on June 12, 2006.</td>
</tr>

<tr>
<td>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Chubb is in the process of providing your agent/broker with an electronic copy of your insurance</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">policy as well as instructions on how to submit this proof of fidelity insurance coverage to the</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">SEC. You can expect to receive this information from your agent/broker shortly.</td>
</tr>

<tr>
<td>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">The electronic copy of your policy is provided by Chubb solely as a convenience and does not</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">affect the terms and conditions of coverage as set forth in the paper policy you receive by mail.</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">The terms and conditions of the policy mailed to you, which are the same as those set forth in</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">the electronic copy, constitute the entire agreement between your company and Chubb.</td>
</tr>

<tr>
<td>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">If you have any questions, please contact your agent or broker.</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<p style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-ALIGN: left">Form 14-02-12160 (ed. 7/2006)</p>
</div>

<hr style="WIDTH: 100%" align="center" size="2" noshade="noshade">
<div style="PAGE-BREAK-BEFORE: always">&#160;</div>

<a id="page_27" name="page_27"></a><br>
<a id="_bclPageBorder27" name="_bclPageBorder27"></a>

<div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<div style="TEXT-ALIGN: left">
<table id="z82553d574d3645d397e05fa3d96d9271" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 99%"></td>
</tr>

<tr valign="bottom">
<td align="center"><b style="FONT-SIZE: 120%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">IMPORTANT NOTICE TO POLICYHOLDERS</b></td>
</tr>

<tr>
<td>&#160;</td>
</tr>

<tr>
<td>&#160;</td>
</tr>

<tr>
<td>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 35.996pt" align="left">All of the members of the Chubb Group of Insurance companies doing business in the United</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">States (hereinafter &#8220;Chubb&#8221;) distribute their products through licensed insurance brokers and agents</td>
</tr>

<tr valign="bottom">
<td align="left"><font face="Arial,Arial,Helvetica,sans-serif">(&#8220;producers&#8221;). Detailed i</font><font face="Arial,Arial,Helvetica,sans-serif">nformation regarding the types of compensation paid by Chubb to producers on</font></td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">US insurance transactions is available under the Producer Compensation link located at the bottom of the</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from your</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">producer.</td>
</tr>

<tr>
<td>&#160;</td>
</tr>

<tr valign="bottom">
<td style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-INDENT: 35.996pt" align="left">Thank you for choosing Chubb.</td>
</tr>
</table>
</div>

<p style="MARGIN: 0px">&#160;</p>

<p style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-ALIGN: left">10-02-1295 (ed. 6/2007)</p>
</div>

<hr style="WIDTH: 100%" align="center" size="2" noshade="noshade">
<div style="PAGE-BREAK-BEFORE: always">&#160;</div>

<a id="page_28" name="page_28"></a><br>
<a id="_bclPageBorder28" name="_bclPageBorder28"></a>

<div style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<div style="TEXT-ALIGN: left">
<table id="z39092147386e4066b87e2ce7242e7bb5" cellspacing="0" border="0">
<tr>
<td style="WIDTH: 100%"></td>
</tr>

<tr valign="bottom">
<td align="center"><b style="FONT-SIZE: 150%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">POLICYHOLDER</b></td>
</tr>

<tr valign="bottom">
<td align="center"><b style="FONT-SIZE: 150%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">DISCLOSURE NOTICE OF</b></td>
</tr>

<tr valign="bottom">
<td align="center"><b style="FONT-SIZE: 150%; FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">TERRORISM INSURANCE COVERAGE</b></td>
</tr>

<tr valign="bottom">
<td align="center"><b style="FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">(for policies with no terrorism exclusion or sublimit)</b></td>
</tr>

<tr valign="bottom">
<td align="center"><b style="FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">Insuring Company: FEDERAL INSURANCE</b></td>
</tr>

<tr valign="bottom">
<td align="center"><b style="FONT-FAMILY: Arial, Bold, Arial, Helvetica, sans-serif">COMPANY</b></td>
</tr>

<tr valign="bottom">
<td align="left"><font face="Arial,Arial,Helvetica,sans-serif">You are hereby notified that, under the Terrorism Risk Insurance Act (the </font><font face="Arial,Arial,Helvetica,sans-serif">&#8220;Act&#8221;), </font><font face="Arial,Arial,Helvetica,sans-serif">this</font></td>
</tr>

<tr valign="bottom">
<td style="FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">policy makes available to you insurance for losses arising out of certain acts of terrorism.</td>
</tr>

<tr valign="bottom">
<td style="FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Terrorism is defined as any act certified by the Secretary of the Treasury of the United</td>
</tr>

<tr valign="bottom">
<td style="FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">States, to be an act of terrorism; to be a violent act or an act that is dangerous to human</td>
</tr>

<tr valign="bottom">
<td style="FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">life, property or infrastructure; to have resulted in damage within the United States,</td>
</tr>

<tr valign="bottom">
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<p style="MARGIN: 0px">&#160;</p>

<p style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-ALIGN: left">10-02-1281 (Ed. 03/2015)</p>
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<tr valign="bottom">
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<td style="FONT-FAMILY: Arial, Arial, Helvetica, sans-serif" align="left">Treasury.</td>
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<p style="MARGIN: 0px">&#160;</p>

<p style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-ALIGN: left">10-02-1281 (Ed. 03/2015)</p>

<p style="FONT-SIZE: 80%; FONT-FAMILY: Arial, Arial, Helvetica, sans-serif; TEXT-ALIGN: left">&#160;</p>

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<div style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">EAGLE CAPITAL GROWTH FUND, INC.</div>

<div><br>
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<div style="BACKGROUND-COLOR: #ffffff">
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<div>&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">EAGLE CAPITAL GROWTH FUND, INC.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 9.07%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">By:</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">/s/ David C. Sims</div>
</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 9.07%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 85.96%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">David C. Sims</div>
</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 9.07%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 85.96%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 4.97%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 9.07%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 85.96%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 9.07%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Date:</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 85.96%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">December 19, 2017</div>
</td>
</tr>
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<div>&#160;</div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
