<SEC-DOCUMENT>0001391609-15-000030.txt : 20150211
<SEC-HEADER>0001391609-15-000030.hdr.sgml : 20150211
<ACCEPTANCE-DATETIME>20150211162157
ACCESSION NUMBER:		0001391609-15-000030
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150211
DATE AS OF CHANGE:		20150211
EFFECTIVENESS DATE:		20150211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUUS TOTAL RETURN, INC.
		CENTRAL INDEX KEY:			0000878932
		IRS NUMBER:				760345915
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		15599833

	BUSINESS ADDRESS:	
		STREET 1:		EIGHT GREENWAY PLAZA
		STREET 2:		SUITE 930
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
		BUSINESS PHONE:		7135290900

	MAIL ADDRESS:	
		STREET 1:		EIGHT GREENWAY PLAZA
		STREET 2:		SUITE 930
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUUS II INC
		DATE OF NAME CHANGE:	19970422
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>f4017g_equus2015.htm
<DESCRIPTION>FORM 40-17G
<TEXT>
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<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">February 11, 2015</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0"><B><U>VIA EDGAR</U></B></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0">Washington, D.C.&nbsp; 20549-0506</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Re:&nbsp; Equus Total Return, Inc. &mdash;
Rule 17g-1(g) Fidelity Bond Filing</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On behalf of Equus Total Return, Inc. (the
&ldquo;Company&rdquo;), enclosed herewith for filing, pursuant to Rule 17g-1(g) under the Investment Company Act of 1940, as amended,
is a copy of the following materials:</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">1.</FONT></TD><TD><FONT STYLE="font-size: 11pt">A Certificate of the Secretary of the Company, which attaches a copy of the resolutions of the
Board of Directors approving the amount, type, form and coverage of the Fidelity Bond and a statement as to the period for which
premiums have been paid; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">2.</FONT></TD><TD><FONT STYLE="font-size: 11pt">A copy of the Fidelity Bond covering the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If you have any questions regarding this
submission, please do not hesitate to call me at (713) 529-0900.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%; line-height: 115%">&nbsp;</td>
    <td style="width: 50%; line-height: 115%"><font style="font-family: Times New Roman, Times, Serif">Very truly yours,</font></td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 115%">&nbsp;</td>
    <td style="line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 115%">&nbsp;</td>
    <td style="line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 115%">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; line-height: 115%"><font style="font-family: Times New Roman, Times, Serif"><i>/s/ Kenneth I. Denos</i></font></td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 115%">&nbsp;</td>
    <td style="line-height: 115%"><font style="font-family: Times New Roman, Times, Serif">Kenneth I. Denos</font></td></tr>
<tr style="vertical-align: top">
    <td style="line-height: 115%">&nbsp;</td>
    <td style="line-height: 115%"><font style="font-family: Times New Roman, Times, Serif">Chief Compliance Officer</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 10pt; line-height: 115%">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">Enclosures</P>


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<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>EQUUS TOTAL RETURN, INC.</B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"><B><IMG SRC="image_001.jpg" ALT=""></B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>KENNETH I. DENOS</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">SECRETARY &amp; CHIEF COMPLIANCE OFFICER</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">CERTIFICATE OF SECRETARY</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The undersigned, Kenneth I. Denos, Secretary
of Equus Total Return, Inc., a Delaware corporation (the &ldquo;Company&rdquo;), does hereby certify that:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-indent: 31.5pt"><FONT STYLE="font-size: 10pt">1.
</FONT><FONT STYLE="font-size: 3pt"> </FONT><FONT STYLE="font-size: 10pt">This certificate is being delivered to the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) in connection with the filing of the Company&rsquo;s fidelity bond (the &ldquo;Bond&rdquo;)
pursuant to Rule 17g-1 of the Investment Company Act of 1940, as amended, and the SEC is entitled to rely on this certificate for
purposes of the filing.</FONT></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-indent: 31.5pt"><FONT STYLE="font-size: 10pt">2.</FONT><FONT STYLE="font-size: 3pt">
</FONT><FONT STYLE="font-size: 10pt">The undersigned is the duly elected, qualified and acting Secretary of the Company, and has
custody of the corporate records of the Company and is a proper officer to make this certification.</FONT></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-indent: 31.5pt"><FONT STYLE="font-size: 10pt">3.
</FONT><FONT STYLE="font-size: 3pt"> </FONT><FONT STYLE="font-size: 10pt">Attached hereto as <U>Exhibit A</U> is a copy of the
resolutions approved by the Board of Directors of the Company, including a majority of the Board of Directors who are not &ldquo;interested
persons&rdquo; of the Company, approving the amount, type, form and coverage of the Bond.</FONT></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-indent: 31.5pt"><FONT STYLE="font-size: 10pt">4.</FONT><FONT STYLE="font-size: 3pt">
</FONT><FONT STYLE="font-size: 10pt">Premiums have been paid for the period March 28, 2015 to March 28, 2016.</FONT></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">IN WITNESS
WHEREOF, I have executed this certificate as of the  11th day of February, 2015.</FONT></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2" style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">EQUUS TOTAL RETURN, INC.</font></td></tr>
<tr style="vertical-align: top">
    <td style="width: 51%">&nbsp;</td>
    <td style="width: 6%">&nbsp;</td>
    <td style="width: 43%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">By:</font></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif"><i>/s/ Kenneth I. Denos</i></font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">Name:</font></td>
    <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">Kenneth I. Denos</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">Title:</font></td>
    <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secretary</font></td></tr>
</table>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 24.5pt"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Resolutions   of the Board of Directors</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>of Equus Total Return, Inc.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>effective as of</B> <B> February 11, 2015</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>WHEREAS,</B> pursuant to Rule 17g-1
of the Investment Company Act of 1940 (the &quot;1940 Act&quot;), Equus Total Return, Inc. (the &quot;Company&quot;) is required
to provide and maintain a fidelity bond against larceny and embezzlement, covering each officer and employee of the Company, who
may singly or jointly with others, have access to securities or funds of the Company;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>WHEREAS,</B> Rule 17g-1 specifies
that the bond may be in the form of (i) an individual bond for each covered person, or a schedule or blanket bond covering such
persons, (ii) a blanket bond which names the Company as the only insured (a &ldquo;single insured bond&rdquo;), or (iii) a bond
which names the Company and one or more other parties as insureds (a &ldquo;joint insured bond&rdquo;), as permitted by Rule 17g-1;
and</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>WHEREAS,</B> the Board of Directors
of the Company (the &ldquo;Board&rdquo;) (including a majority of the directors who are not &ldquo;interested directors&rdquo;
of the Company) has reviewed the Investment Company Bond submitted to it and after due consideration of all relevant factors including,
but not limited to, the value of the aggregate assets of the Company to which any covered person may have access, the type and
terms of the arrangements made for custody and safekeeping of such assets, and the nature of the Company&rsquo;s portfolio securities,
believes such bond is in reasonable form and amount;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>NOW, THEREFORE, BE IT RESOLVED,</B>
that the Board of Directors of the Fund hereby determines that a fidelity bond issued by Chubb Group of Insurance Companies covering
officers and employers of the Fund in accordance with the requirements of Rule 17g-1 under the 1940 Act, in the amount of $400,000,
is reasonable in form and amount, after having given due consideration to the value of the aggregate assets of the Fund to which
any such covered person may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets,
and the nature of the securities in the Fund&rsquo;s portfolio; and be it further</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>RESOLVED,</B> that the officers of
the Fund are authorized to file the following documents with the SEC (and any actions previously taken in this regard are ratified):</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: 0.5in">a. A copy of the Fidelity
Bond;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 24.45pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: 0.5in">b. A copy of the Board resolution
approving the Fidelity Bond; and</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 24.45pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-indent: -2.55pt">c. Any other documents required
by Rule 17g-1 under the Investment Company Act of 1940; and be it further</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 24.45pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>RESOLVED,</B> that all actions taken
prior hereto by the officers of the Company in the name and on behalf of the Company in connection with the matters related thereto
are hereby approved, ratified and confirmed as the acts of the Company as if each such act had been presented to and approved by
the Board prior to being taken.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>RESOLVED,</B> that the officers of
the Company are hereby severally authorized to sign, execute, certify to, verify, acknowledge, deliver, accept, file and record
any and all such instruments, agreements and documents and amendments and supplements thereto, and to take or cause to be taken
any and all other action, in the name and on behalf of the Company or otherwise, as any such officer shall, in such officer&rsquo;s
sole discretion, deem necessary or desirable and in the best interests of the Company to effect the purposes of the foregoing resolutions,
and that any such officer&rsquo;s signature or such actions taken by such officer shall be conclusive evidence that such officer
did deem same to be desirable or necessary and in the best interests of the Company.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr>
    <td style="width: 26%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 74%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">NORTHEAST AGENCIES, INC.</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">ATTN:</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Laura Sargent</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">6467 MAIN ST. SUITE 104</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">WILLIAMSVILLE, NY 14221</font></td></tr>
</table>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr>
    <td style="width: 41%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 59%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 12pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>INSURED:</i></b></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">EQUUS TOTAL RETURN INC</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 12pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>PRODUCT:</i></b></font></td>
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    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 12pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>POLICY NO:</i></b></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">82050480</font></td></tr>
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    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 12pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>TRANSACTION:</i></b></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">RENL</font></td></tr>
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    <TD STYLE="width: 8%; padding: 0.75pt">&nbsp;</TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Chubb Group of Insurance Companies</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>DECLARATIONS</B></FONT></TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>FINANCIAL INSTITUTION INVESTMENT</B></FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">15 Mountain View Road, Warren, New Jersey 07059</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>COMPANY ASSET PROTECTION BOND</B></FONT></TD></TR>
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    <TD COLSPAN="11" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD></TR>
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    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05in; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">NAME OF ASSURED (including its <B>Subsidiaries</B>):</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Bond Number: 82050480</FONT></TD>
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    <TD COLSPAN="11" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05in; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">EQUUS TOTAL RETURN INC</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
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    <TD COLSPAN="11" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05in; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">700 LOUISIANA STREET, 48TH FLOOR</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">Incorporated under the laws of Indiana</FONT></TD>
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    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05in; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">HOUSTON, TX 77002</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">a stock insurance company herein called the COMPANY</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">Capital Center, 251 North Illinois, Suite 1100</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">Indianapolis, IN 46204-1927</FONT></TD>
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    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05in; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>ITEM 1. </B></FONT></TD>
    <TD STYLE="width: 17%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: -0.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">BOND PERIOD:</FONT></TD>
    <TD STYLE="width: 21%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">From 12:01 a.m. on</FONT></TD>
    <TD STYLE="width: 53%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">March 28, 2015</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">To 12:01 a.m. on</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">March 28, 2016</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: -0.9pt; line-height: 115%; font-size: 12pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05in; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>ITEM 2. </B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: -0.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">If &ldquo;Not Covered&rdquo; is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and any other reference shall be deemed to be deleted. <B>There shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained by any Investment Company.</B></FONT></TD></TR>
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    <TD COLSPAN="14" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">DEDUCTIBLE</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">INSURING CLAUSE</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">LIMIT OF LIABILITY</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">AMOUNT</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.</FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Employee</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">400,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2.</FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">On Premises</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">400,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.</FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In Transit</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">400,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.</FONT></TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Forgery or Alteration</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">400,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Extended Forgery</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">400,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Counterfeit Money</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">400,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Threats to Person</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Not Covered</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Computer System</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">400,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.</FONT></TD>
    <TD COLSPAN="5" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Voice Initiated Funds Transfer Instruction</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">400,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Uncollectible Items of Deposit</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%; text-indent: 0.75pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">250,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Audit Expense</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%; text-indent: 0.75pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">250,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05in; line-height: 115%; width: 10%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>ITEM 3. </B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: -0.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1 - 4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>IN WITNESS WHEREOF, THE COMPANY </B>has caused this Bond to be signed by its authorized officers, but it shall not be valid unless also signed by an authorized representative of the Company.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt/0 Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/0 Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/0 Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/0 Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 67%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98) - Federal</font></td>
    <td style="width: 33%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
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    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Page 1 of 1</font></td></tr>
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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 22%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 6%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 2%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 3%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 2%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 61%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="6" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The COMPANY, in consideration of payment of the required premium, and in reliance on the APPLICATION and all other statements made and information furnished to the COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED for:</font></td></tr>
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    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>Insuring Clauses</i></b></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Employee</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">1.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Loss resulting directly from <b>Larceny </b>or <b>Embezzlement </b>committed by any<b> Employee</b>, alone or in collusion with others.</font></td></tr>
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    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>On Premises</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">2.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Loss of <b>Property </b>resulting directly from robbery, burglary, false pretenses, common law or statutory larceny, misplacement, mysterious unexplainable disappearance, damage, destruction or removal, from the possession, custody or control of the ASSURED, while such <b>Property </b>is lodged or deposited at premises located anywhere.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>In Transit</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">3.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Loss of <b>Property </b>resulting directly from common law or statutory larceny, misplacement, mysterious unexplainable disappearance, damage or destruction, while the <b>Property </b>is in transit anywhere:</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">in an armored motor vehicle, including loading and unloading thereof,</font></td></tr>
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    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">in the custody of a natural person acting as a messenger of the ASSURED, or</font></td></tr>
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    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">c.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">in the custody of a <b>Transportation Company </b>and being transported in a conveyance other than an armored motor vehicle provided, however, that covered <b>Property </b>transported in such manner is limited to the following:</font></td></tr>
<tr style="vertical-align: top">
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<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(1)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">written records,</font></td></tr>
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<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(2)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">securities issued in registered form, which are not endorsed or are restrictively endorsed, or</font></td></tr>
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<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(3)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">negotiable instruments not payable to bearer, which are not endorsed or are restrictively endorsed.</font></td></tr>
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    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Coverage under this INSURING CLAUSE begins immediately on the receipt of such <b>Property </b>by the natural person or <b>Transportation Company </b>and ends immediately on delivery to the premises of the addressee or to any representative of the addressee located anywhere.</font></td></tr>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Page 1 of 19</font></td></tr>
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    <TD STYLE="padding: 0.75pt">&nbsp;</td>
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    <TD STYLE="padding-top: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B><I>Insuring
Clauses </I></B></FONT><I><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(continued)</FONT>&nbsp;</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="8" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Forgery Or Alteration&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">4.</font></td>
    <TD STYLE="padding: 0.75pt">&nbsp;</td>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Loss resulting directly from:</font></td></tr>
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    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Forgery </b>on, or fraudulent material alteration of, any bills of exchange, checks, drafts, acceptances, certificates of deposits, promissory notes, due bills, money orders, orders upon public treasuries, letters of credit, other written promises, orders or directions to pay sums certain in money, or receipts for the withdrawal of <b>Property</b>, or</font></td></tr>
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    <td colspan="8" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td colspan="2" style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">transferring, paying or delivering any funds or other <b>Property</b>, or establishing any credit or giving any value in reliance on any written instructions, advices or applications directed to the ASSURED authorizing or acknowledging the transfer, payment, delivery or receipt of funds or other <b>Property</b>, which instructions, advices or applications fraudulently purport to bear the handwritten signature of any customer of the ASSURED, or shareholder or subscriber to shares of an <b>Investment Company</b>, or of any financial institution or <b>Employee </b>but which instructions, advices or applications either bear a <b>Forgery </b>or have been fraudulently materially altered without the knowledge and consent of such customer, shareholder, subscriber, financial institution or <b>Employee</b>;</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">excluding, however, under this INSURING CLAUSE any loss covered under INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING CLAUSE 5. is provided for in the DECLARATIONS of this Bond.</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="5" style="padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile signature is treated the same as a handwritten signature.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="8" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Extended
Forgery</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">5.</font></td>
    <TD STYLE="padding: 0.75pt">&nbsp;</td>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Loss resulting directly from the ASSURED having, in good faith, and in the ordinary course of business, for its own account or the account of others in any capacity:</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="8" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">acquired, accepted or received, accepted or received, sold or delivered, or given value, extended credit or assumed liability, in reliance on any original<b> Securities, documents or other written instruments </b>which prove to:</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="8" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(1)</font></td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">bear a <b>Forgery </b>or a fraudulently material alteration,</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="8" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(2)</font></td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">have been lost or stolen, or</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="8" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(3)</font></td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">be <b>Counterfeit</b>, or</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="8" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">guaranteed in writing or witnessed any signatures on any transfer, assignment, bill of sale, power of attorney, guarantee, endorsement or other obligation upon or in connection with any <b>Securities, documents or other written instruments</b>.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="8" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Actual physical possession, and continued actual physical possession if taken as collateral, of such <b>Securities, documents or other written instruments </b>by an<b> Employee, Custodian</b>, or a Federal or State chartered deposit institution of the ASSURED is a condition precedent to the ASSURED having relied on such items. Release or return of such collateral is an acknowledgment by the ASSURED that it no longer relies on such collateral.</font></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif"><tr style="vertical-align: bottom"><td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">Page
    2  of 19</FONT></TD></TR></TABLE>


<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 21%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 6%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 2%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 2%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 61%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>Insuring Clauses</i></b></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Extended Forgery (continued)</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile signature is treated the same as a handwritten signature.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Counterfeit Money</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">6.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Loss resulting directly from the receipt by the ASSURED in good faith of any<b> Counterfeit </b>money.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Threats To Person</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">7.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Loss resulting directly from surrender of <b>Property </b>away from an office of the ASSURED as a result of a threat communicated to the ASSURED to do bodily harm to an <b>Employee </b>as defined in Section 1.e. (1), (2) and (5), a <b>Relative </b>or invitee of such <b>Employee</b>, or a resident of the household of such <b>Employee</b>, who is, or allegedly is, being held captive provided, however, that prior to the surrender of such <b>Property</b>:</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">the <b>Employee </b>who receives the threat has made a reasonable effort to notify an officer of the ASSURED who is not involved in such threat, and</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">the ASSURED has made a reasonable effort to notify the Federal Bureau of Investigation and local law enforcement authorities concerning such threat.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">It is agreed that for purposes of this INSURING CLAUSE, any <b>Employee </b>of the ASSURED, as set forth in the preceding paragraph, shall be deemed to be an ASSURED hereunder, but only with respect to the surrender of money, securities and other tangible personal property in which such <b>Employee </b>has a legal or equitable interest.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Computer System</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">8.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Loss resulting directly from fraudulent:</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">entries of data into, or</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">changes of data elements or programs within, a <b>Computer System</b>, provided the fraudulent entry or change causes:</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(1)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">funds or other property to be transferred, paid or delivered,</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(2)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">an account of the ASSURED or of its customer to be added, deleted, debited or credited, or</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(3)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">an unauthorized account or a fictitious account to be debited or credited.</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding: 0.75pt">&nbsp;</td></tr>
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<tr>
    <TD STYLE="padding: 0.75pt">&nbsp;</td>
    <TD STYLE="padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Page 3 of 19</font></td></tr>
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<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 22%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 6%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 2%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 66%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>Insuring Clauses </i></b></font><i><font style="font: 10pt Arial, Helvetica, Sans-Serif">(continued)</font></i></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Voice Initiated Funds Transfer Instruction</i></font></td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">9.</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Loss resulting directly from <b>Voice Initiated Funds Transfer Instruction </b>directed</font></td></tr>
<tr>
    <td style="vertical-align: top; padding: 0.75pt">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">to the ASSURED authorizing the transfer of dividends or redemption proceeds of<b> Investment Company </b>shares from a <b>Customer's </b>account, provided such <b>Voice Initiated Funds Transfer Instruction </b>was:</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="vertical-align: top; padding: 0.75pt">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">received at the ASSURED'S offices by those <b>Employees </b>of the ASSURED specifically authorized to receive the <b>Voice Initiated Funds Transfer Instruction</b>,</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">made by a person purporting to be a <b>Customer</b>, and</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">c.</font></td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">made by said person for the purpose of causing the ASSURED or <b>Customer</b> to sustain a loss or making an improper personal financial gain for such person or any other person.</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 10pt">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">In order for coverage to apply under this INSURING CLAUSE, all <b>Voice Initiated Funds Transfer Instructions </b>must be received and processed in accordance with the Designated Procedures outlined in the APPLICATION furnished to the COMPANY.</font></td></tr>
<tr>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Uncollectible Items of Deposit</i></font></td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">10.</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Loss resulting directly from the ASSURED having credited an account of a customer, shareholder or subscriber on the faith of any <b>Items of Deposit </b>which prove to be uncollectible, provided that the crediting of such account causes:</font></td></tr>
<tr>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">redemptions or withdrawals to be permitted,</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">shares to be issued, or</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">c.</font></td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">dividends to be paid,</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">from an account of an <b>Investment Company</b>.</font></td></tr>
<tr>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">In order for coverage to apply under this INSURING CLAUSE, the ASSURED must hold <b>Items of Deposit </b>for the minimum number of days stated in the APPLICATION before permitting any redemptions or withdrawals, issuing any shares or paying any dividends with respect to such <b>Items of Deposit</b>.</font></td></tr>
<tr>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Items of Deposit </b>shall not be deemed uncollectible until the ASSURED'S standard collection procedures have failed.</font></td></tr>
<tr>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Audit Expense</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">11.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Expense incurred by the ASSURED for that part of the cost of audits or</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">examinations required by any governmental regulatory authority or self-regulatory organization to be conducted by such authority, organization or their appointee by reason of the discovery of loss sustained by the ASSURED and covered by this Bond.</font></td></tr>
</table>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Page 4 of 19</font></td></tr>
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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 23%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 2%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 67%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>General Agreements</i></b></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Additional Companies Included As Assured</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">A.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">If more than one corporation, or <b>Investment Company</b>, or any combination of them is included as the ASSURED herein:</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(1)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The total liability of the COMPANY under this Bond for loss or losses sustained by any one or more or all of them shall not exceed the limit for which the COMPANY would be liable under this Bond if all such loss were sustained by any one of them.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(2)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Only the first named ASSURED shall be deemed to be the sole agent of the others for all purposes under this Bond, including but not limited to the giving or receiving of any notice or proof required to be given and for the purpose of effecting or accepting any amendments to or termination of this Bond. The COMPANY shall furnish each <b>Investment Company </b>with a copy of the Bond and with any amendment thereto, together with a copy of each formal filing of claim by any other named ASSURED and notification of the terms of the settlement of each such claim prior to the execution of such settlement.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(3)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The COMPANY shall not be responsible for the proper application of any payment made hereunder to the first named ASSURED.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(4)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Knowledge possessed or discovery made by any partner, director, trustee, officer or supervisory employee of any ASSURED shall constitute knowledge or discovery by all the ASSUREDS for the purposes of this Bond.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(5)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">If the first named ASSURED ceases for any reason to be covered under this Bond, then the ASSURED next named on the APPLICATION shall thereafter be considered as the first named ASSURED for the purposes of this Bond.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Representation Made By Assured</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">B.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The ASSURED represents that all information it has furnished in the APPLICATION for this Bond or otherwise is complete, true and correct Such APPLICATION and other information constitute part of this Bond</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The ASSURED must promptly notify the COMPANY of any change in any fact or circumstance which materially affects the risk assumed by the COMPANY under this Bond.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Any intentional misrepresentation, omission, concealment or incorrect statement of a material fact, in the APPLICATION or otherwise, shall be grounds for recision of this Bond.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="padding: 0.75pt">&nbsp;</td></tr>
</table>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<tr>
    <TD STYLE="padding: 0.75pt">&nbsp;</td>
    <TD STYLE="padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Page 5 of 19</font></td></tr>
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<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 25%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 3%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 6%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 2%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 64%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0.75pt">
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><b><i>General Agreements</i></b></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><i>(continued)</i></P></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Additional Offices Or Employees - Consolidation, Merger Or Purchase Or Acquisition Of Assets Or Liabilities - Notice To Company</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">C.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">If the ASSURED, other than an <b>Investment Company</b>, while this Bond is in force, merges or consolidates with, or purchases or acquires assets or liabilities of another institution, the ASSURED shall not have the coverage afforded under this Bond for loss which has:</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(1)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">occurred or will occur on premises, or</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(2)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">been caused or will be caused by an employee, or</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(3)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">arisen or will arise out of the assets or liabilities, of such institution, unless the ASSURED:</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">gives the COMPANY written notice of the proposed consolidation, merger or purchase or acquisition of assets or liabilities prior to the proposed effective date of such action, and</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">obtains the written consent of the COMPANY to extend some or all of the coverage provided by this Bond to such additional exposure, and </font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">c.</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">on obtaining such consent, pays to the COMPANY an additional premium.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Change Of Control - Notice To Company</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">D.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">When the ASSURED learns of a change in control (other than in an <b>Investment</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Company</b>), as set forth in Section 2(a) (9) of the Investment Company Act of</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">1940, the ASSURED shall within sixty (60) days give written notice to the COMPANY setting forth:</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(1)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">the names of the transferors and transferees (or the names of the beneficial owners if the voting securities are registered in another name),</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(2)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">the total number of voting securities owned by the transferors and the transferees (or the beneficial owners), both immediately before and after the transfer, and</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(3)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">the total number of outstanding voting securities. Failure to give the required notice shall result in termination of coverage for any loss involving a transferee, to be effective on the date of such change in control.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Court Costs And Attorneys&rsquo; Fees</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">E.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The COMPANY will indemnify the ASSURED for court costs and reasonable</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">attorneys' fees incurred and paid by the ASSURED in defense, whether or not successful, whether or not fully litigated on the merits and whether or not settled, of any claim, suit or legal proceeding with respect to which the ASSURED would be entitled to recovery under this Bond. However, with respect to INSURING CLAUSE 1., this Section shall only apply in the event that:</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(1)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">an <b>Employee </b>admits to being guilty of <b>Larceny or Embezzlement</b>,</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(2)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">an <b>Employee </b>is adjudicated to be guilty of <b>Larceny or Embezzlement</b>, or</font></td></tr>
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<table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Page 6 of 19</font></td></tr>
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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 26%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 7%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 67%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>General Agreements</i></b></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Court Costs And Attorneys&rsquo; Fees (continued)</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(3)</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">in the absence of 1 or 2 above, an arbitration panel agrees, after a review of an agreed statement of facts between the COMPANY and the ASSURED, that an <b>Employee </b>would be found guilty of <b>Larceny or Embezzlement </b>if such <b>Employee </b>were prosecuted.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The ASSURED shall promptly give notice to the COMPANY of any such suit or legal proceeding and at the request of the COMPANY shall furnish copies of all pleadings and pertinent papers to the COMPANY. The COMPANY may, at its sole option, elect to conduct the defense of all or part of such legal proceeding. The defense by the COMPANY shall be in the name of the ASSURED through attorneys selected by the COMPANY. The ASSURED shall provide all reasonable information and assistance as required by the COMPANY for such defense</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">If the COMPANY declines to defend the ASSURED, no settlement without the prior written consent of the COMPANY nor judgment against the ASSURED shall determine the existence, extent or amount of coverage under this Bond.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">If the amount demanded in any such suit or legal proceeding is within the DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court costs and attorney's fees incurred in defending all or part of such suit or legal proceeding.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">If the amount demanded in any such suit or legal proceeding is in excess of the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees incurred in defending all or part of such suit or legal proceedings is limited to the proportion of such court costs and attorney's fees incurred that the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING CLAUSE bears to the total of the amount demanded in such suit or legal proceeding.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">If the amount demanded is any such suit or legal proceeding is in excess of the DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">2.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">of the DECLARATIONS for the applicable INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees incurred in defending all or part of such suit or legal proceedings shall be limited to the proportion of such court costs or attorney's fees that the amount demanded that would be payable under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total amount demanded.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Amounts paid by the COMPANY for court costs and attorneys' fees shall be in addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.</font></td></tr>
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    <TD STYLE="padding: 0.75pt">&nbsp;</td>
    <TD STYLE="padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Page 7 of 19</font></td></tr>
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<tr>
    <TD STYLE="width: 20%; padding: 0.75pt">&nbsp;</td>
    <TD STYLE="width: 7%; padding: 0.75pt">&nbsp;</td>
    <TD STYLE="width: 2%; padding: 0.75pt">&nbsp;</td>
    <TD STYLE="width: 4%; padding: 0.75pt">&nbsp;</td>
    <TD STYLE="width: 4%; padding: 0.75pt">&nbsp;</td>
    <TD STYLE="width: 2%; padding: 0.75pt">&nbsp;</td>
    <TD STYLE="width: 61%; padding: 0.75pt">&nbsp;</td></tr>
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    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>Conditions And Limitations</i></b></font><font style="font: 12pt Times New Roman, Times, Serif">&nbsp;</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Definitions</i></font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">1.</font></td>
    <TD STYLE="padding: 0.75pt">&nbsp;</td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">As used in this Bond:</font></td></tr>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Computer System </b>means a computer and all input, output, processing, storage, off-line media libraries, and communication facilities which are connected to the computer and which are under the control and supervision of the operating system(s) or application(s) software used by the ASSURED.</font></td></tr>
<tr>
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Counterfeit </b>means an imitation of an actual valid original which is intended to deceive and be taken as the original.</font></td></tr>
<tr>
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">c.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Custodian </b>means the institution designated by an <b>Investment Company </b>to maintain possession and control of its assets.</font></td></tr>
<tr>
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">d.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Customer </b>means an individual, corporate, partnership, trust customer, shareholder or subscriber of an <b>Investment Company </b>which has a written agreement with the ASSURED for <b>Voice Initiated Funds Transfer Instruction</b>.</font></td></tr>
<tr>
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">e.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Employee </b>means:</font></td></tr>
<tr>
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(1)</font></td>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">an officer of the ASSURED,</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(2)</font></td>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a natural person while in the regular service of the ASSURED at any of the ASSURED'S premises and compensated directly by the ASSURED through its payroll system and subject to the United States Internal Revenue Service Form W-2 or equivalent income reporting plans of other countries, and whom the ASSURED has the right to control and direct both as to the result to be accomplished and details and means by which such result is accomplished in the performance of such service,</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(3)</font></td>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a guest student pursuing studies or performing duties in any of the ASSURED'S premises,</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(4)</font></td>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">an attorney retained by the ASSURED and an employee of such attorney while either is performing legal services for the ASSURED,</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(5)</font></td>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a natural person provided by an employment contractor to perform employee duties for the ASSURED under the ASSURED'S supervision at any of the ASSURED'S premises,</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(6)</font></td>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">an employee of an institution merged or consolidated with the ASSURED prior to the effective date of this Bond,</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(7)</font></td>
    <TD STYLE="vertical-align: top; padding: 0.75pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a director or trustee of the ASSURED, but only while performing acts within the scope of the customary and usual duties of any officer or other employee of the ASSURED or while acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to <b>Property </b>of the ASSURED, or</font></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif"><tr style="vertical-align: bottom"><td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">Page
    8  of 19</FONT></TD></TR></TABLE>





<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td colspan="2" style="padding: 0.75pt">&nbsp;</td>
    <TD STYLE="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding: 0.75pt">&nbsp;</td>
    <TD STYLE="padding: 0.75pt">&nbsp;</td>
    <TD STYLE="padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B><I>Conditions And Limitations</I></B></FONT></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Definitions(continued)</i></font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(8)</font></td>
    <TD STYLE="padding: 0.75pt">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">each natural person, partnership or corporation authorized by written agreement with the ASSURED to perform services as electronic data processor of checks or other accounting records related to such checks but only while such person, partnership or corporation is actually performing such services and not:</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">creating, preparing, modifying or maintaining the ASSURED'S computer software or programs, or</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">acting as transfer agent or in any other agency capacity in issuing checks, drafts or securities for the ASSURED,</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(9)</font></td>
    <TD STYLE="padding: 0.75pt">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">any partner, officer or employee of an investment advisor, an underwriter (distributor), a transfer agent or shareholder accounting record keeper, or an administrator, for an <b>Investment Company </b>while performing acts coming within the scope of the customary and usual duties of an officer or employee of an <b>Investment Company </b>or acting as a member of any committee duly elected or appointed to examine, audit or have custody of or access to<b> Property </b>of <b>an Investment Company</b>.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The term <b>Employee </b>shall not include any partner, officer or employee of a transfer agent, shareholder accounting record keeper or administrator:</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">which is not an &quot;affiliated person&quot; (as defined in Section 2(a) of the Investment Company Act of 1940) of an <b>Investment Company </b>or of the investment advisor or underwriter (distributor) of such <b>Investment Company</b>, or</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">which is a &quot;bank&quot; (as defined in Section 2(a) of the Investment Company Act of 1940).</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">This Bond does not afford coverage in favor of the employers of persons as set forth in e. (4), (5) and (8) above, and upon payment to the ASSURED by the COMPANY resulting directly from <b>Larceny or Embezzlement </b>committed by any of the partners, officers or employees of such employers, whether acting alone or in collusion with others, an assignment of such of the ASSURED'S rights and causes of action as it may have against such employers by reason of such acts so committed shall, to the extent of such payment, be given by the ASSURED to the COMPANY, and the ASSURED shall execute all papers necessary to secure to the COMPANY the rights provided for herein.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Each employer of persons as set forth in e.(4), (5) and (8) above and the partners, officers and other employees of such employers shall collectively be deemed to be one person for all the purposes of this Bond; excepting, however, the fifth paragraph of Section 13.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="7" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Independent contractors not specified in e.(4), (5) or (8) above, intermediaries, agents, brokers or other representatives of the same general character shall not be considered <b>Employees</b>.</font></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif"><tr style="vertical-align: bottom"><TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">Page
    9  of 19</FONT></TD></TR></TABLE>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 30%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 3%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 67%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>Conditions And Limitations</i></b></font><font style="font: 12pt Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Definitions(continued)</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">f.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Forgery </b>means the signing of the name of another natural person with the intent to deceive but does not mean a signature which consists in whole or in part of one's own name, with or without authority, in any capacity for any purpose.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">g.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Investment Company </b>means any investment company registered under the Investment Company Act of 1940 and listed under the NAME OF ASSURED on the DECLARATIONS.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">h.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Items of Deposit </b>means one or more checks or drafts drawn upon a financial institution in the United States of America.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">i.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Larceny or Embezzlement </b>means larceny or embezzlement as defined in Section 37 of the Investment Company Act of 1940.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">j.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Property </b>means money, revenue and other stamps; securities; including any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of deposit, certificate of interest or participation in any profit- sharing agreement, collateral trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any interest or instruments commonly known as a security under the Investment Company Act of 1940, any other certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing; bills of exchange; acceptances; checks; withdrawal orders; money orders; travelers' letters of credit; bills of lading; abstracts of title; insurance policies, deeds, mortgages on real estate and/or upon chattels and interests therein; assignments of such policies, deeds or mortgages; other valuable papers, including books of accounts and other records used by the ASSURED in the conduct of its business (but excluding all electronic data processing records); and, all other instruments similar to or in the nature of the foregoing in which the ASSURED acquired an interest at the time of the ASSURED'S consolidation or merger with, or purchase of the principal assets of, a predecessor or which are held by the ASSURED for any purpose or in any capacity and whether so held gratuitously or not and whether or not the ASSURED is liable therefor.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">k.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Relative </b>means the spouse of an <b>Employee </b>or partner of the ASSURED and any unmarried child supported wholly by, or living in the home of, such<b> Employee </b>or partner and being related to them by blood, marriage or legal guardianship.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">l.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Securities, documents or other written instruments </b>means original (including original counterparts) negotiable or non-negotiable instruments, or assignments thereof, which in and of themselves represent an equitable interest, ownership, or debt and which are in the ordinary course of business transferable by delivery of such instruments with any necessary endorsements or assignments.</font></td></tr>
</table>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Page 10 of 19</font></td></tr>
</table>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;<BR CLEAR="ALL">
</P>

<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 23%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 2%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 67%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>Conditions And Limitations</i></b></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Definitions (continued)</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Subsidiary </b>means any organization that, at the inception date of this Bond, is named in the APPLICATION or is created during the BOND PERIOD and of which more than fifty percent (50%) of the outstanding securities or voting rights representing the present right to vote for election of directors is owned or controlled by the ASSURED either directly or through one or more of its subsidiaries.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">n.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Transportation Company </b>means any organization which provides its own or its leased vehicles for transportation or which provides freight forwarding or air express services.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">o.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Voice Initiated Election </b>means any election concerning dividend options available to <b>Investment Company </b>shareholders or subscribers which is requested by voice over the telephone.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">p.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Voice Initiated Redemption </b>means any redemption of shares issued by an<b> Investment Company </b>which is requested by voice over the telephone.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">q.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Voice Initiated Funds Transfer Instruction </b>means any <b>Voice Initiated Redemption </b>or <b>Voice Initiated Election</b>.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">For the purposes of these definitions, the singular includes the plural and the plural includes the singular, unless otherwise indicated.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>General Exclusions - Applicable to All Insuring Clauses</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">2</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">.</font></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>This bond does not directly or indirectly cover:</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss not reported to the COMPANY in writing within sixty (60) days after termination of this Bond as an entirety;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss due to riot or civil commotion outside the United States of America and Canada, or any loss due to military, naval or usurped power, war or insurrection. This Section 2.b., however, shall not apply to loss which occurs in transit in the circumstances recited in INSURING CLAUSE 3., provided that when such transit was initiated there was no knowledge on the part of any person acting for the ASSURED of such riot, civil commotion, military, naval or usurped power, war or insurrection;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">c.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from the effects of nuclear fission or fusion or radioactivity;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">d.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss of potential income including, but not limited to, interest and dividends not realized by the ASSURED or by any customer of the ASSURED;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">e.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">damages of any type for which the ASSURED is legally liable, except compensatory damages, but not multiples thereof, arising from a loss covered under this Bond;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">f.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">costs, fees and expenses incurred by the ASSURED in establishing the existence of or amount of loss under this Bond, except to the extent covered under INSURING CLAUSE 11.;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">g.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from indirect or consequential loss of any nature;</font></td></tr>
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    <TD STYLE="padding: 0.75pt">&nbsp;</td>
    <TD STYLE="padding: 0.75pt">&nbsp;</td></tr>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Page 11 of 19</font></td></tr>
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<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 23%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 2%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 2%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 57%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>Conditions And Limitations</i></b></font><font style="font: 12pt Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="8" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>General Exclusions - Applicable to All Insuring Clauses (continued)</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">h.</font></td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from dishonest acts by any member of the Board of Directors or Board of Trustees of the ASSURED who is not an <b>Employee</b>, acting alone or in collusion with others; </font></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">i.</font></td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss, or that part of any loss, resulting solely from any violation by the ASSURED or by any <b>Employee</b>:</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(1)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">of any law regulating:</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">the issuance, purchase or sale of securities,</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">securities transactions on security or commodity exchanges or the over the counter market,</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">c.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">investment companies,</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">d.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">investment advisors, or</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(2)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">of any rule or regulation made pursuant to any such law; or</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">j.</font></td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss of confidential information, material or data;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">k.</font></td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from voice requests or instructions received over the telephone, provided however, this Section 2.k. shall not apply to INSURING CLAUSE 7. or 9.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="8" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="8" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Specific Exclusions -</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">3.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>This Bond does not directly or indirectly cover:</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Applicable To All Insuring Clauses Except Insuring Clause 1.</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss caused by an <b>Employee</b>, provided, however, this Section 3.a. shall not apply to loss covered under INSURING CLAUSE 2. or 3. which results directly from misplacement, mysterious unexplainable disappearance, or damage or destruction of <b>Property</b>;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss through the surrender of property away from premises of the ASSURED as a result of a threat:</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(1)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">to do bodily harm to any natural person, except loss of <b>Property </b>in transit in the custody of any person acting as messenger of the ASSURED, provided that when such transit was initiated there was no knowledge by the ASSURED of any such threat, and provided further that this Section 3.b. shall not apply to INSURING CLAUSE 7., or</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(2)</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">to do damage to the premises or <b>Property </b>of the ASSURED;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">c.</font></td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from payments made or withdrawals from any account involving erroneous credits to such account;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">d.</font></td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss involving <b>Items of Deposit </b>which are not finally paid for any reason provided however, that this Section 3.d. shall not apply to INSURING CLAUSE 10.;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">e.</font></td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss of property while in the mail;</font></td></tr>
</table>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif">
<tr>
    <TD STYLE="padding: 0.75pt">&nbsp;</td>
    <TD STYLE="padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Page 12 of 19</font></td></tr>
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<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 28%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 2%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 14%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 11%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 14%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 15%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 8%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>Conditions And</i></b></font><font style="font: 12pt Times New Roman, Times, Serif"> </font><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>Limitations</i></b></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="9" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Specific Exclusions - Applicable To All Insuring Clauses Except Insuring Clause 1. (continued)</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">f.</font></td>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from the failure for any reason of a financial or depository institution, its receiver or other liquidator to pay or deliver funds or other<b> Property </b>to the ASSURED provided further that this Section 3.f. shall not apply to loss of <b>Property </b>resulting directly from robbery, burglary, misplacement, mysterious unexplainable disappearance, damage, destruction or removal from the possession, custody or control of the ASSURED.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">g.</font></td>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss of <b>Property </b>while in the custody of a <b>Transportation Company</b>, provided however, that this Section 3.g. shall not apply to INSURING CLAUSE 3.;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">h.</font></td>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from entries or changes made by a natural person with authorized access to a <b>Computer System </b>who acts in good faith on instructions, unless such instructions are given to that person by a software contractor or its partner, officer, or employee authorized by the ASSURED to design, develop, prepare, supply, service, write or implement programs for the ASSURED's <b>Computer System</b>; or</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">i.</font></td>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting directly or indirectly from the input of data into a <b>Computer System </b>terminal, either on the premises of the customer of the ASSURED or under the control of such a customer, by a customer or other person who had authorized access to the customer's authentication mechanism.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="9" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Specific Exclusions -</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">4.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>This bond does not directly or indirectly cover:</b></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Applicable To All Insuring Clauses Except Insuring Clauses 1., 4., And 5.</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from the complete or partial non-payment of or default on any loan whether such loan was procured in good faith or through trick, artifice, fraud or false pretenses; provided, however, this Section 4.a. shall not apply to INSURING CLAUSE 8.;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from forgery or any alteration;</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">c.</font></td>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">loss involving a counterfeit provided, however, this Section 4.c. shall not apply to INSURING CLAUSE 5. or 6.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="9" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Limit Of Liability/Non- Reduction And Non- Accumulation Of Liability</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">5.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="6" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">At all times prior to termination of this Bond, this Bond shall continue in force for the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS, notwithstanding any previous loss for which the COMPANY may have paid or be liable to pay under this Bond provided, however, that the liability of the COMPANY under this Bond with respect to all loss resulting from:</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">any one act of burglary, robbery or hold-up, or attempt thereat, in which no<b> Employee </b>is concerned or implicated, or</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">any one unintentional or negligent act on the part of any one person resulting in damage to or destruction or misplacement of <b>Property</b>, or</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">c.</font></td>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">all acts, other than those specified in a. above, of any one person, or</font></td></tr>
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<tr>
    <TD STYLE="padding: 0.75pt">&nbsp;</td>
    <TD STYLE="padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Page 13 of 19</font></td></tr>
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<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 2%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 66%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>Conditions And Limitations</i></b></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Limit
    Of Liability/Non- Reduction And Non- Accumulation Of Liability (continued)</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">d.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">any one casualty or event other than those specified in a., b., or c. above, shall be deemed to be one loss and shall be limited to the applicable LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of the total amount of such loss or losses and shall not be cumulative in amounts from year to year or from period to period.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">All acts, as specified in c. above, of any one person which</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">i.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">directly or indirectly aid in any way wrongful acts of any other person or persons, or</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">ii.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">permit the continuation of wrongful acts of any other person or persons whether such acts are committed with or without the knowledge of the wrongful acts of the person so aided, and whether such acts are committed with or without the intent to aid such other person, shall be deemed to be one loss with the wrongful acts of all persons so aided.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Discovery</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">6.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">This Bond applies only to loss first discovered by an officer of the ASSURED during the BOND PERIOD. Discovery occurs at the earlier of an officer of the ASSURED being aware of:</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">facts which may subsequently result in a loss of a type covered by this Bond, or</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">an actual or potential claim in which it is alleged that the ASSURED is liable to a third party, regardless of when the act or acts causing or contributing to such loss occurred, even though the amount of loss does not exceed the applicable DEDUCTIBLE AMOUNT, or the exact amount or details of loss may not then be known.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Notice To Company - Proof - Legal Proceedings Against Company</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">7.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The ASSURED shall give the COMPANY notice thereof at the earliest practicable moment, not to exceed sixty (60) days after discovery of loss, in an amount that is in excess of 50% of the applicable DEDUCTIBLE AMOUNT, as stated in ITEM 2. of the DECLARATIONS.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to, with full particulars within six (6) months after such discovery.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">c.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Securities listed in a proof of loss shall be identified by certificate or bond numbers, if issued with them.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">d.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Legal proceedings for the recovery of any loss under this Bond shall not be brought prior to the expiration of sixty (60) days after the proof of loss is filed with the COMPANY or after the expiration of twenty-four (24) months from the discovery of such loss.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">e.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">This Bond affords coverage only in favor of the ASSURED. No claim, suit, action or legal proceedings shall be brought under this Bond by anyone other than the ASSURED.</font></td></tr>
</table>
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<tr>
    <TD STYLE="padding: 0.75pt">&nbsp;</td>
    <TD STYLE="padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Page 14 of 19</font></td></tr>
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<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 2%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 66%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>Conditions And Limitations</i></b></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Notice
    To Company - Proof - Legal Proceedings Against Company (continued)</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">f.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Proof of loss involving <b>Voice Initiated Funds Transfer Instruction </b>shall include electronic recordings of such instructions.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Deductible Amount</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">8.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The COMPANY shall not be liable under any INSURING CLAUSES of this Bond on account of loss unless the amount of such loss, after deducting the net amount of all reimbursement and/or recovery obtained or made by the ASSURED, other than from any Bond or policy of insurance issued by an insurance company and covering such loss, or by the COMPANY on account thereof prior to payment by the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the DECLARATIONS.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">There shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained by any <b>Investment Company</b>.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Valuation</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">9.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>BOOKS OF ACCOUNT OR OTHER RECORDS</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The value of any loss of <b>Property </b>consisting of books of account or other records used by the ASSURED in the conduct of its business shall be the amount paid by the ASSURED for blank books, blank pages, or other materials which replace the lost books of account or other records, plus the cost of labor paid by the ASSURED for the actual transcription or copying of data to reproduce such books of account or other records.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The value of any loss of <b>Property </b>other than books of account or other records used by the ASSURED in the conduct of its business, for which a claim is made shall be determined by the average market value of such <b>Property </b>on the business day immediately preceding discovery of such loss provided, however, that the value of any <b>Property </b>replaced by the ASSURED with the consent of the COMPANY and prior to the settlement of any claim for such <b>Property </b>shall be the actual market value at the time of replacement.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">In the case of a loss of interim certificates, warrants, rights or other securities, the production of which is necessary to the exercise of subscription, conversion, redemption or deposit privileges, the value of them shall be the market value of such privileges immediately preceding their expiration if said loss is not discovered until after their expiration. If no market price is quoted for such <b>Property </b>or for such privileges, the value shall be fixed by agreement between the parties.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>OTHER PROPERTY</b></font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The value of any loss of <b>Property</b>, other than as stated above, shall be the actual cash value or the cost of repairing or replacing such <b>Property </b>with <b>Property </b>of like quality and value, whichever is less.</font></td></tr>
</table>
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    <TD STYLE="padding: 0.75pt">&nbsp;</td>
    <TD STYLE="padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Page 15 of 19</font></td></tr>
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<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 2%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 66%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>Conditions And</i></b></font><font style="font: 12pt Times New Roman, Times, Serif"> </font><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>Limitations </i></b></font><i><font style="font: 10pt Arial, Helvetica, Sans-Serif">(continued)</font></i></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Securities Settlement</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">10.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">In the event of a loss of securities covered under this Bond, the COMPANY may, at its sole discretion, purchase replacement securities, tender the value of the securities in money, or issue its indemnity to effect replacement securities.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The indemnity required from the ASSURED under the terms of this Section against all loss, cost or expense arising from the replacement of securities by the COMPANY'S indemnity shall be:</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">for securities having a value less than or equal to the applicable DEDUCTIBLE AMOUNT - one hundred (100%) percent;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">for securities having a value in excess of the DEDUCTIBLE AMOUNT but within the applicable LIMIT OF LIABILITY - the percentage that the DEDUCTIBLE AMOUNT bears to the value of the securities;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">c.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">for securities having a value greater than the applicable LIMIT OF LIABILITY- the percentage that the DEDUCTIBLE AMOUNT and portion in excess of the applicable LIMIT OF LIABILITY bears to the value of the securities.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The value referred to in Section 10.a., b., and c. is the value in accordance with Section 9, VALUATION, regardless of the value of such securities at the time the loss under the COMPANY'S indemnity is sustained.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The COMPANY is not required to issue its indemnity for any portion of a loss of securities which is not covered by this Bond; however, the COMPANY may do so as a courtesy to the ASSURED and at its sole discretion.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The ASSURED shall pay the proportion of the Company's premium charge for the Company's indemnity as set forth in Section 10.a., b., and c. No portion of the LIMIT OF LIABILITY shall be used as payment of premium for any indemnity purchased by the ASSURED to obtain replacement securities.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Subrogation - Assignment - Recovery</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">11.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">In the event of a payment under this Bond, the COMPANY shall be subrogated to all of the ASSURED'S rights of recovery against any person or entity to the extent of such payment. On request, the ASSURED shall deliver to the COMPANY an assignment of the ASSURED'S rights, title and interest and causes of action against any person or entity to the extent of such payment.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Recoveries, whether effected by the COMPANY or by the ASSURED, shall be applied net of the expense of such recovery in the following order:</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">first, to the satisfaction of the ASSURED'S loss which would otherwise have been paid but for the fact that it is in excess of the applicable LIMIT OF LIABILITY,</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">second, to the COMPANY in satisfaction of amounts paid in settlement of the ASSURED'S claim,</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">c.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE AMOUNT, and</font></td></tr>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Page 16 of 19</font></td></tr>
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<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 2%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 66%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>Conditions And Limitations</i></b></font><font style="font: 12pt Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Subrogation - Assignment - Recovery(continued)</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">d.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">fourth, to the ASSURED in satisfaction of any loss suffered by the ASSURED which was not covered under this Bond.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a recovery under this section.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Cooperation Of Assured</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">12.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">At the COMPANY'S request and at reasonable times and places designated by the COMPANY, the ASSURED shall:</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 10pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">submit to examination by the COMPANY and subscribe to the same under oath,</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">produce for the COMPANY'S examination all pertinent records, and</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">c.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">cooperate with the COMPANY in all matters pertaining to the loss.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The ASSURED shall execute all papers and render assistance to secure to the COMPANY the rights and causes of action provided for under this Bond. The ASSURED shall do nothing after loss to prejudice such rights or causes of action.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Termination</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">13.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">If the Bond is for a sole ASSURED, it shall not be terminated unless written notice shall have been given by the acting party to the affected party and to the Securities and Exchange Commission, Washington, D.C., not less than sixty (60) days prior to the effective date of such termination.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">If the Bond is for a joint ASSURED, it shall not be terminated unless written notice shall have been given by the acting party to the affected party, and by the COMPANY to all ASSURED <b>Investment Companies </b>and to the Securities and Exchange Commission, Washington, D.C., not less than sixty (60) days prior to the effective date of such termination.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">This Bond will terminate as to any one ASSURED, other than an <b>Investment Company</b>:</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">immediately on the taking over of such ASSURED by a receiver or other liquidator or by State or Federal officials, or immediately on the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the ASSURED, or assignment for the benefit of creditors of the ASSURED, or immediately upon such ASSURED ceasing to exist, whether through merger into another entity, disposition of all of its assets or otherwise.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The COMPANY shall refund the unearned premium computed at short rates in accordance with the standard short rate cancellation tables if terminated by the ASSURED or pro rata if terminated for any other reason.</font></td></tr>
</table>
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<table cellspacing="0" cellpadding="0" style="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Page 17 of 19</font></td></tr>
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<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 23%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 5%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 2%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 4%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 66%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>Conditions And Limitations</i></b></font><font style="font: 12pt Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Termination (continued) </i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">If any partner, director, trustee, or officer or supervisory employee of an ASSURED not acting in collusion with an <b>Employee </b>learns of any dishonest act committed by such <b>Employee </b>at any time, whether in the employment of the ASSURED or otherwise, whether or not such act is of the type covered under this Bond, and whether against the ASSURED or any other person or entity, the ASSURED:</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">shall immediately remove such <b>Employee </b>from a position that would enable such <b>Employee </b>to cause the ASSURED to suffer a loss covered by this Bond; and</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">within forty-eight (48) hours of learning that an <b>Employee </b>has committed any dishonest act, shall notify the COMPANY, of such action and provide full particulars of such dishonest act.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The COMPANY may terminate coverage as respects any <b>Employee </b>sixty (60) days after written notice is received by each ASSURED <b>Investment Company</b> and the Securities and Exchange Commission, Washington, D.C. of its desire to terminate this Bond as to such <b>Employee</b>.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Other Insurance</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">14.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Coverage under this Bond shall apply only as excess over any valid and collectible insurance, indemnity or suretyship obtained by or on behalf of:</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">the ASSURED,</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">b.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">a <b>Transportation Company</b>, or</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">c.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">another entity on whose premises the loss occurred or which employed the person causing the loss or engaged the messenger conveying the <b>Property</b> involved.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Conformity</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">15.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">If any limitation within this Bond is prohibited by any law controlling this Bond's construction, such limitation shall be deemed to be amended so as to equal the minimum period of limitation provided by such law.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Change or Modification</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">16.</font></td>
    <td style="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">This Bond or any instrument amending or affecting this Bond may not be changed or modified orally. No change in or modification of this Bond shall be effective except when made by written endorsement to this Bond signed by an authorized representative of the COMPANY.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">If this Bond is for a sole ASSURED, no change or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to the Securities and Exchange Commission, Washington, D.C., by the acting party.</font></td></tr>
</table>
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    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Page 18 of 19</font></td></tr>
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<tr style="vertical-align: top">
    <td style="width: 26%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 74%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b><i>Conditions And Limitations</i></b></font><font style="font: 12pt Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Change or Modification (continued)</i></font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">If this Bond is for a joint ASSURED, no charge or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to all insured <b>Investment Companies</b> and to the Securities and Exchange Commission, Washington, D.C., by the COMPANY.</font></td></tr>
</table>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="padding: 0.75pt">&nbsp;</td>
    <TD STYLE="padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">ICAP Bond (5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Form 17-02-1421 (Ed. 5-98)</font></td>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif">Page 19 of 19</font></td></tr>
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<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 46%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 49%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 5%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 125.45pt; line-height: 115%; font-size: 11pt"><font style="font: 13.5pt Arial, Helvetica, Sans-Serif"><b>Policyholder Information Notice</b></font></td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>IMPORTANT NOTICE</b></font></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b><i>AVISO IMPORTANTE</i></b></font><font style="font: 12pt Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">To obtain information or make a complaint:</font></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.95pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Para obtener informaci&oacute;n o para someter una queja:</font></td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">You may call Chubb's toll-free telephone number for information or to make a complaint at</font></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Usted puede llamar al n&uacute;mero de tel&eacute;fono gratis de Chubb's para informaci&oacute;n o para someter una queja al</font></td></tr>
<tr>
    <td colspan="3" style="padding-right: -0.75pt; text-align: justify; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b><i>1-800-36-CHUBB</i></b></font></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b><i>1-800-36-CHUBB</i></b></font><font style="font: 12pt Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">You may contact the Texas Department of Insurance to obtain the information on companies, coverages, rights or complaints at</font></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Puede comunicarse con el Departamento de Seguros de Texas para obtener informaci&oacute;n acerca de compa&ntilde;ias coberturas, derechos o quejas al </font></td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b><i>1-800-252-3439</i></b></font></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b><i>1-800-252-3439</i></b></font><font style="font: 12pt Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">You may write the Texas Department of Insurance</font></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.95pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Puede escribir al Departamento de Seguros de Texas</font></td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">P.O. Box 149104</font></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt; text-indent: 0.95pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">P.O. Box 149104</font><font style="font: 12pt Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Austin, TX 78714-9104</font></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt; text-indent: 0.95pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Austin TX 78714-9104</font><font style="font: 12pt Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Fax # (512) 475-1771</font></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt; text-indent: 0.95pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">FAX # (512) 475-1771</font><font style="font: 12pt Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b><i>PREMIUM OR CLAIM DISPUTES</i></b></font></td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt; text-indent: 0.95pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b><i>DISPUTAS SOBRE PRIMAS O RECLAMOS:</i></b></font></td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Should you have a dispute concerning your premium or about a claim you should contact the agent first. If the dispute is not resolved, you may contact the Texas Department of Insurance.</font></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.95pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Si tiene una disputa concerniente a su prima o a un reclamo, debe comunicarse con el agente primero. Si no se resueve la disputa, puede entonces comunicarse con el departamento (TDI).</font></td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b><i>ATTACH THIS NOTICE TO YOUR POLICY:</i></b></font></td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt; text-indent: 0.95pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b><i>UNA ESTE AVISO A SU POLIZA:</i></b></font></td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">This notice is for information only and does not become a part or condition of the attached document.</font></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.95pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Este aviso es solo para proposito de informaci&oacute;n y no se convierte en parte o condicion del documento adjunto.</font></td></tr>
</table>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Texas Policyholder Information Notice Form 99-10-0299 (Ed.
8-01)</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 100%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b><i>Important Notice:</i></b></font></td></tr>
<tr>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>The SEC Requires Proof of Your Fidelity Insurance Policy</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Your company is now required to file an electronic copy of your fidelity insurance coverage (Chubb&rsquo;s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to rules adopted by the SEC on June 12, 2006.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Chubb is in the process of providing your agent/broker with an electronic copy of your insurance policy as well as instructions on how to submit this proof of fidelity insurance coverage to the SEC. You can expect to receive this information from your agent/broker shortly.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The electronic copy of your policy is provided by Chubb solely as a convenience and does not affect the terms and conditions of coverage as set forth in the paper policy you receive by mail. The terms and conditions of the policy mailed to you, which are the same as those set forth in the electronic copy, constitute the entire agreement between your company and Chubb.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">If you have any questions, please contact your agent or broker.</font></td></tr>
</table>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Form 14-02-12160 (ed. 7/2006)</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 100%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 18pt Arial, Helvetica, Sans-Serif"><b>POLICYHOLDER</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 18pt Arial, Helvetica, Sans-Serif"><b>DISCLOSURE NOTICE OF</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 18pt Arial, Helvetica, Sans-Serif"><b>TERRORISM INSURANCE COVERAGE</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif"><b>(for policies with no terrorism exclusion or sublimit)</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif">You are hereby notified that, under the Terrorism Risk Insurance Act (the &ldquo;Act&rdquo;), effective December 26, 2007, this policy makes available to you insurance for losses arising out of certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of the Treasury, in concurrence with the Secretary of State and the Attorney General of the United States, to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of an air carrier or vessel or the premises of a United States Mission; and to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion.</font></td></tr>
<tr>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif">You should know that the insurance provided by your policy for losses caused by acts of terrorism is partially reimbursed by the United States under the formula set forth in the Act. Under this formula, the United States pays 85% of covered terrorism losses that exceed the statutorily established deductible to be paid by the insurance company providing the coverage.</font></td></tr>
<tr>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif">However, if aggregate insured losses attributable to terrorist acts certified under the Act exceed $100 billion in a Program Year (January 1 through December 31), the Treasury shall not make any payment for any portion of the amount of such losses that exceeds$100 billion.</font></td></tr>
</table>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">10-02-1281 (Ed. 1/2003)</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 100%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif">If aggregate insured losses attributable to terrorist acts certified under the Act exceed$100 billion in a Program Year (January 1 through December 31) and we have met our insurer deductible under the Act, we shall not be liable for the payment of any portion of the amount of such losses that exceeds $100 billion, and in such case insured losses up to that amount are subject to pro rata allocation in accordance with procedures established by the Secretary of the Treasury.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif">The portion of your policy&rsquo;s annual premium that is attributable to insurance for such acts of terrorism is: $ <b>-0-.</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%"><font style="font: 12pt Arial, Helvetica, Sans-Serif">If you have any questions about this notice, please contact your agent or broker.</font></td></tr>
</table>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">10-02-1281 (Ed. 1/2003)</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 3%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 3%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 38%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 32%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 24%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>ENDORSEMENT/RIDER</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Effective date of this endorsement/rider: March 28, 2015</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3" style="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 38.2pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>FEDERAL INSURANCE COMPANY</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 38.2pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Endorsement/Rider
No.&nbsp;&nbsp;1</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 38.2pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">To be attached to and</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 38.2pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">form a part of Bond No.</FONT> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">82050480</FONT></td></tr>
<tr>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3" style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Issued to: EQUUS TOTAL RETURN INC</font></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt; text-indent: 0.95pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">ENDORSEMENT</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">In consideration of the premium charged, it is agreed that this Bond is amended as follows:</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">1</font></td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">.</font></td>
    <td colspan="3" style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.</font></td></tr>
<tr>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">2</font></td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">.</font></td>
    <td colspan="3" style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced with</font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">the following:</font></td>
    <td style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td colspan="3" style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">If this Bond is for a joint ASSURED, no change or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to all insured <b>Investment Companies </b>and the Securities and Exchange Commission, Washington, D.C., by the COMPANY.</font></td></tr>
<tr>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="5" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</font></td></tr>
<tr>
    <td colspan="4" style="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</font></td>
    <td style="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
</table>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">17-02-2437 (12/2006) rev.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Page 1</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 3%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 40%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 27%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 30%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>ENDORSEMENT/RIDER</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Effective date of this endorsement/rider: March 28, 2015</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>FEDERAL INSURANCE COMPANY</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Endorsement/Rider No.</FONT> &nbsp;2 </td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">To be attached to and</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">form a part of Bond No.&nbsp;&nbsp;82050480</FONT> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Issued to: EQUUS TOTAL RETURNI INC.</font></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">AUTOMATIC INCREASE IN LIMITS ENDORSEMENT</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">In consideration of the premium charged, it is agreed that GENERAL AGREEMENTS, Section C. Additional Offices Or Employees-Consolidation, Merger Or Purchase Or Acquisition Of Assets Or Liabilities-Notice To Company, is amended by adding the following subsection:</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Automatic Increase in Limits for Investment Companies</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">If an increase in bonding limits is required pursuant to rule 17g-1 of the Investment Company Act of 1940 (&ldquo;the Act&rdquo;), due to:</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(i)</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">the creation of a new <b>Investment Company</b>, other than by consolidation or merger with, or purchase or acquisition of assets or liabilities of, another institution; or</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(ii)</font></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">an increase in asset size of current <b>Investment Companies </b>covered under this Bond, then the minimum required increase in limits shall take place automatically without payment of additional premium for the remainder of the BOND PERIOD.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</font></td></tr>
</table>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">14-02-14098 (04/2008)</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Page 1</P>


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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 41%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 59%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 147.15pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>ENDORSEMENT/RIDER</b></font></td></tr>
<tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Effective date of this endorsement/rider: March 28, 2015</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">FEDERAL INSURANCE COMPANY</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Endorsement/Rider No. 3</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">To be attached to and</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">form a part of Policy No. 82050480</font></td></tr>
<tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Issued to: EQUUS TOTAL RETURN INC</font></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other similar laws or regulations prohibit the coverage provided by this insurance.</font></td></tr>
<tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage. All other terms, conditions and limitations of this Policy shall remain unchanged.</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 0.75pt">&nbsp;</td></tr>
</table>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">14-02-9228 (2/2010)</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Page 1</P>


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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
    <td style="width: 75%; padding: 0.75pt">&nbsp;</td>
    <td style="width: 25%; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 252.05pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>FEDERAL INSURANCE COMPANY</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 252.05pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Endorsement
    No:</font> &nbsp;4</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%; font-size: 11pt"></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 252.05pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Bond Number:</font>&nbsp;&nbsp;82050480</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"></font></td></tr>
<tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">NAME OF ASSURED: EQUUS TOTAL RETURN INC</font></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>TEXAS AMENDATORY ENDORSEMENT</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">It is agreed that this Bond is amended by adding an additional paragraph to Section 13.,Termination, as follows:</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 0.75pt">&nbsp;</td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&quot;The COMPANY may not terminate or refuse to renew this Bond solely because the ASSURED is an elected official.&quot;</font></td></tr>
<tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">This Endorsement applies to loss discovered after 12:01 a.m. on March 28, 2015.</font></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; line-height: 115%; font-size: 11pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</font></td></tr>
</table>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Date: February 2, 2015</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">State Amendatory-General Use Form 17-02-1429 (Ed. 1-97)</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>



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