IHD Voya Emerging Markets High Income Dividend Equity Fund

FIDELITY

(A)Loss resulting f r o m any dishonest o r fraudu- lent act(s), including Larceny o r Embezzlement committed by an Employee, committed any- where and whether committed alone o r in collusion with others, including loss o f P r o p - erty resulting f r o m such acts o f an Employee, which Property is held by the Insured f o r any purpose o r in any capacity and whether so held gratuitously o r not and whether o r not the Insured is liable therefor.

Dishonest o r fraudulent act(s) as used in this Insuring Agreement shall mean only dishonest o r fraudulent act(s) committed by such E m - ployee with the manifest intent:

(a)to cause the Insured to sustain such loss; and

(b)to obtain financial benefit f o r the E m - ployee, o r f o r any other person o r o r - ganization intended by the Employee to receive such benefit, other than salaries, commissions, fees, bonuses, promotions, awards, profit sharing, pensions o r other employee benefits earned in the normal course o f employment.

ON PREMISES

(B)Loss o f Property (occurring with o r without negligence o r violence) through robbery, b u r - glary, Larceny, theft, holdup, o r other fraudu-

lent means, misplacement, mysterious u n e x - plainable disappearance, damage thereto o r destruction thereof, abstraction o r removal f r o m the possession, custody o r control o f the Insured, and loss o f subscription, c o n v e r - sion, redemption o r deposit privileges through the misplacement o r loss o f Property, while the Property is (or is supposed o r believed by

the Insured to be) lodged o r deposited within any offices o r premises located anywhere, except in an o f f i c e listed in Item 4 o f the Declarations o r amendment thereof o r in the mail o r with a carrier f o r hire other than an armored motor vehicle company, f o r the p u r - pose o f transportation.

Offices and Equipment

(1)Loss o f o r damage to furnishings, f i x - tures, stationary, supplies o r equipment, within any o f the Insured'soffices c o v -

ered under this Bond caused by Larceny o r theft in, o r by burglary, robbery o r hold-up o f such office, o r attempt thereat, o r by vandalism o r malicious m i s - chief; o r

(2)loss through damage to any such o f f i c e by Larceny o r theft in, o r by burglary, r o b - bery o r hold-up o f such o f f i c e o r attempt thereat.

IN TRANSIT

(C)Loss o f Property (occurring with o r without negligence o r violence) through robbery, Lar- ceny, theft, hold-up, misplacement, mysteri- ous unexplainable disappearance, being lost o r otherwise made away with, damage thereto o r destruction thereof, and loss o f subscription, conversion, redemption o r deposit privileges through the misplacement o r loss o f Property, while the Property is in transit anywhere in the custody o f any person o r persons acting as messenger, except while in the mail o r with a carrier f o r hire, other than an armored motor vehicle company, f o r the purpose o f trans- portation, such transit to begin immediately upon receipt o f such Property by the trans- porting person o r persons, and to end imm e- diately upon delivery thereof at destination.

FORGERY OR ALTERATION

(D)Loss through FORGERY o r ALTERATION of, on o r in any bills o f exchange, checks, drafts, acceptances, certificates o f deposit, p r o m i s - sory notes, o r other written promises, orders o r directions to pay sums certain in money due bills, money orders, warrants, orders upon public treasuries, letters o f credit, w r i t - ten instructions, advices o r applications d i - rected to the Insured, authorizing o r acknowl-

edging the transfer, payment, delivery o r r e - ceipt o f funds o r Property, which instructions o r advices o r applications purport to have been signed o r endorsed by any customer o f the Insured, shareholder o r subscriber to shares, whether certificated o r uncertificated, o f any Investment Company o r by any financial o r banking institution o r stock-broker but which instructions, advices o r applications e i - ther bear the forged signature o r Endorse- ment o r have been altered without the k n o w l - edge and consent o f such customer, shareholder o r subscriber to shares, whether certificated o r uncertificated, o f an Invest- ment Company, financial o r banking institution o r stockbroker, withdrawal orders o r receipts

issuer, o r o f another Investment Company f o r which the Insured acts as agent, excluding, however, any loss covered under Insuring

Any check o r draft (a) made payable to a fictitious payee and endorsed in the name o f such fictitious payee o r (b) procured in a transaction with the maker o r drawer thereof o r with one acting as an agent o f such maker o r drawer o r anyone impersonating another and made o r drawn payable to the one so impersonated and endorsed by anyone other than the one impersonated, shall be deemed to be forged as to such Endorsement.

Mechanically reproduced facsimile signatures are treated the same as handwritten signa- tures.

SECURITIES

(E)Loss sustained by the Insured, including loss sustained by reason o f a violation o f the c o n - stitution, by-laws, rules o r regulations o f any

Self Regulatory Organization o f which the I n - sured is a member o r which would have been imposed upon the Insured by the constitution, by-laws, rules o r regulations o f any Self Regulatory Organization i f the Insured had been a member thereof,

(1)through the Insured'shaving, in good faith and in the course o f business, whether f o r its own account o r f o r the account o f others, in any representative, fiduciary, agency o r any other capacity, either g r a - tuitously o r otherwise, purchased o r o t h - erwise acquired, accepted o r received, o r sold o r delivered, o r given any value, e x - tended any credit o r assumed any liability, on the faith of, o r otherwise acted upon, any securities, documents o r other written instruments which prove to have been

(a)counterfeited, o r

(b)forged as to the signature o f any maker, drawer, issuer, endorser, a s - signor, lessee, transfer agent o r regis- trar, acceptor, surety o r guarantor o r as to the signature o f any person signing in any other capacity, o r

(c)raised o r otherwise altered, o r lost, o r stolen, o r

(2)through the Insured'shaving, in good faith

whether f o r valuable consideration o r not and whether o r not such guaranteeing o r witnessing is ultra vires the Insured, upon any transfers, assignments, bills o f sale, powers o f attorney, guarantees, Endorse- ments o r other obligations upon o r in connection with any securities, documents o r other written instruments and which pass o r purport to pass title to such s e - curities, documents o r other written i n - struments; EXCLUDING, losses caused by FORGERY o r ALTERATION of, on o r in those instruments covered under Insuring Agreement (D) hereof.

Securities, documents o r other written instru- ments shall be deemed to mean original (in- cluding original counterparts) negotiable o r non-negotiable agreements which in and o f themselves represent an equitable interest, ownership, o r debt, including an assignment thereof which instruments are in the ordinary

dorsement o r assignment.

The w o r d "counterfeited" as used in this I n - suring Agreement shall be deemed to mean any security, document o r other written i n - strument which is intended to deceive and to be taken f o r an original.

Mechanically reproduced facsimile signatures are treated the same as handwritten signa- tures.

the United States o f America o r Canada issued o r purporting to have been issued by the United States o f America o r Canada o r issued pursuant to a United States o f America o r Canadian statute f o r use as currency.

STOP PAYMENT

(G)Loss against any and all sums which the I n - sured shall become obligated to pay by reason o f the Liability imposed upon the Insured by law f o r damages:

For having either complied with o r failed to comply with any written notice o f any c u s - tomer, shareholder o r subscriber o f the I n - sured o r any Authorized Representative o f such customer, shareholder o r subscriber to stop payment o f any check o r draft made o r drawn by such customer, shareholder o r s u b - scriber o r any Authorized Representative o f such customer, shareholder o r subscriber, o r

For having refused to pay any check o r draft made o r drawn by any customer, shareholder o r subscriber o f the Insured, o r any A u t h o - rized Representative o f such customer, shareholder o r Subscriber.

UNCOLLECTIBLE ITEMS OF DEPOSIT

(H)Loss resulting f r o m payments o f dividends o r fund shares, o r withdrawals permitted f r o m any customer's,shareholder'so r subscriber's account based upon Uncollectible items o f Deposit o f a customer, shareholder o r s u b - scriber credited by the Insured o r the I n - sured's agent to such customer's, sharehol- der'so r subscriber'sMutual Fund Account: o r

loss resulting f r o m any item o f Deposit p r o - cessed through an Automated Clearing House which is reversed by the customer, sharehol- der o r subscriber and deemed uncollectible by the Insured.

Loss includes dividends and interest accrued not to exceed 15% o f the Uncollectible items which are deposited.

This Insuring Agreement applies to all Mutual Funds with "exchange privileges" i f all Fund(s) in the exchange program are insured by a Great American Insurance Company o f Cin- cinnati, OH f o r Uncollectible Items o f Deposit. Regardless o f the number o f transactions b e - tween Fund(s) the minimum number o f days o f deposit within the Fund(s) before withdrawal as declared in the Fund(s) prospectus shall begin f r o m the date a deposit was first c r e d - ited to any Insured Fund(s).

AUDIT EXPENSE

(I) Expense incurred by the Insured f o r that part o f the costs o f audits o r examinations r e - quired by any governmental regulatory a u - thority to be conducted either by such a u - thority o r by an independent accountant by reason o f the discovery o f loss sustained by the Insured through any dishonest o r fradulent act(s), including Larceny o r Embezzlement o f any o f the Employees. The total liability o f the Underwriter f o r such expense by reason o f such acts o f any Employee o r in which such Employee is concerned o r implicated o r with respect to any one audit o r examination is limited to the amount stated opposite Audit Expense in Item 3 o f the Declarations; it being understood, however, that such expense shall be deemed to be a loss sustained by the Insured through any dishonest o r fraudulent act(s), including Larceny o r Embezzlement o f one o r more o f the Employees and the liability under this paragraph shall be in addition to the Limit o f Liability stated in Insuring Agreement

(A)in Item 3 o f the Declarations.

TELEFACSIMILE TRANSMISSIONS

(J)Loss resulting by reason o f the Insured having transferred, paid o r delivered any funds o r Property, established any credit, debited any account, o r given any value relying on any fraudulent instructions sent by a customer o r financial institution by Telefacsimile Transmis- sion directed to the Insured, authorizing o r

acknowledging the transfer, payment, o r d e - livery o f funds o r property, the establishment o f a credit, debiting o f any account, o r the giving o f value by the Insured, but only i f such telefacsimile instructions:

(1)bear a valid test key exchanged between the Insured and a customer o r another financial institution with authority to use such test key f o r Telefacsimile instruc- tions in the ordinary course o f business, but which test key has been wrongfully obtained by a person who was not a u - thorized to initiate, make, validate o r a u - thenticate a test key arrangement; and

(2)fraudulently purport to have been sent by such customer o r financial institution, but which telefacsimile instructions are trans-

mitted without the knowledge o r consent o f such customer o r financial institution by a person other than such customer o r f i - nancial institution and which bear a forged signature.

"Telefacsimile" means a system o f trans- mitting written documents by electronic signals over telephone lines to equipment maintained by the Insured within its c o m - munication room f o r the purposes o f r e - producing a copy o f said document. It does not mean electronic communication sent by Telex, TWC, o r electronic mail, o r Automated Clearing House.

UNAUTHORIZED SIGNATURES

(K)Loss resulting directly f r o m the Insured having accepted, paid o r cashed any check o r w i t h - drawal order, draft, made o r drawn on a c u s - tomer'saccount which bears the signature o r Endorsement o f one other than a person whose name and signature is on the applica- tion on file with the Insured as a signatory on such account.

It shall be a condition precedent to the I n - sured'sright to recovery under this Insuring Agreement that the Insured shall have on file signatures o f all persons who are a u - thorized signatories on such account.

(A)ADDITIONAL OFFICES OR EMPLOYEES- CON- SOLIDATION OR MERGER-NOTICE

(2) If an Investment Company, named as I n - sured herein, shall, while this Bond is in force, merge o r consolidate with, o r p u r - chase the assets o f another institution, coverage f o r such acquisition shall apply automatically f r o m the date o f acquisition. The Insured shall notify the Underwriter o f such acquisition within 6 0 days o f said

date, and an additional premium shall be computed only i f such acquisition involves additional offices o r employees.

WARRANTY

(B)No statement made by o r on behalf o f the Insured, whether contained in the application o r otherwise, shall be deemed to be a w a r - ranty o f anything except that it is true to the best o f the knowledge and belief o f the p e r - son making the statement.

COURT COSTS AND ATTORNEYS'FEES (Applicable to all Insuring Agreements o r C o v - erages now o r hereafter forming part o f this Bond)

(C)The Underwriter will indemnify the Insured against court costs and reasonable attorneys' fees incurred and paid by the Insured in d e - fense, whether o r not successful, whether o r not fully litigated on the merits and whether o r not settled o f any suit o r legal proceeding brought against the Insured to enforce the lnsured'sliability o r alleged liability on account

o f any loss, claim o r damage which, i f estab- lished against the Insured, would constitute a loss sustained by the Insured covered under the terms o f this Bond provided, however, that with respect to Insuring Agreement (A) this indemnity shall apply only in the event that

(1)an Employee admits to being guilty o f any dishonest o r fraudulent act(s), including Larceny o r Embezzlement; o r

(2)an Employee is adjudicated to be guilty o f any dishonest o r fraudulent act(s), including Larceny o r Embezzlement;

(3)in the absence o f (1) o r (2) above an a r - bitration panel agrees, after a review o f an agreed statement o f facts, that an E m - ployee would be found guilty o f d i s - honesty i f such Employee were prosecut- ed.

The Insured shall promptly give notice to the Underwriter o f any such suit o r legal p r o - ceeding and at the request o f the Underwriter shall furnish it with copies o f all pleadings and other papers therein. At the Underwriter's election the Insured shall permit the Under- writer to conduct the defense o f such suit o r legal proceeding, in the Insured's name, through attorneys o f the Underwriter'sselec-

tion. In such event, the Insured shall give all reasonable information and assistance which the Underwriter shall deem necessary to the proper defense o f such suit o r legal p r o - ceeding.

If the Insured's liability o r alleged liability is greater than the amount recoverable under this Bond, o r i f a Deductible Amount is a p - plicable, the liability o f the Underwriter under this General Agreement is limited to that p e r - centage o f litigation expense determined by pro ration o f the Bond limit o f liability to the amount claimed, after the application o f any deductible. This litigation expense will be in addition to the Limit o f Liability f o r the a p - plicable Insuring Agreement.

FORMER EMPLOYEE

(D)Acts o f Employee, as defined in this Bond, are covered under Insuring Agreement (A) only while the Employee is in the Insured'semploy. Should loss involving a f or me r Employee o f the Insured be discovered subsequent to the termination o f employment, coverage would still apply under Insuring Agreement (A) i f the direct proximate cause o f the loss occurred while the f o rme r Employee performed duties within the scope o f his/her employment.

SECTION 1. DEFINITIONS

The following terms, as used in this Bond, shall have the respective meanings stated in this S e c - tion:

(a)Employee means:

(1)any o f the Insured'sofficers, partners, o r employees, and

(2)any o f the officers o r employees o f any predecessor o f the Insured whose princi- pal assets are acquired by the Insured by consolidation o r merger with, o r purchase o f assets o f capital stock o f such p r e - decessor, and

(3) attorneys retained by the Insured to p e r - f o r m legal services f o r the Insured and the employees o f such attorneys while such attorneys o r the employees o f such a t t o r - neys are performing such services f o r the Insured, and

(4)guest students pursuing their studies o r duties in any o f the Insured'soffices, and

(5)directors o r trustees o f the Insured, the investment advisor, underwriter (distribu- tor), transfer agent, o r shareholder a c - counting record keeper, o r administrator

authorized by written agreement to keep financial and/or other required records, but only while performing acts coming within the scope o f the usual duties o f an o f f i c e r o r employee o r while acting as a member o f any committee duly elected o r

appointed to examine o r audit o r have custody o f o r access to the Property o f the Insured, and

(7)each natural person, partnership o r c o r - poration authorized by written agreement with the Insured to perform services as electronic data processor o f checks o r other accounting records o f the Insured, but excluding any such processor who acts as transfer agent o r in any other agency capacity in issuing checks, drafts o r securities f o r the Insured, unless i n - cluded under Sub-section (9) hereof, and

(8) those persons so designated in section

15, Central Handling o f Securities, and

(9)any officer, partner o r Employee o f

(a)an investment advisor,

(b)an underwriter (distributor),

(c)a transfer agent o r shareholder a c - counting record-keeper, o r

(d)an administrator authorized by written agreement to keep financial and/or other required records, f o r an Invest-

ment Company, named as Insured while performing acts coming within the scope o f the usual duties o f an o f f i c e r o r Employee o f any Investment C o m - pany named as Insured herein, o r while acting as a member o f any committee

ment Company provided that only E m - ployees o r partners o f a transfer agent, shareholder accounting r e c o r d - keeper o r administrator which is an affiliated person as defined in the I n - vestment Company Act o f 1 940 , o f an Investment Company named as Insured, o r is an affiliated person o f the a d - viser, underwriter o r administrator o f such Investment Company, and which is not a bank, shall be included within the definition o f Employee.

Each employer o f temporary p e r s o n - nel o r processors as set f o r t h in S u b - Sections (6) and (7) o f Section 1 (a) and their partners, officers and e m - ployees shall collectively be deemed to be one person f o r all the purposes o f this Bond, excepting, however, the last paragraph o f Section 13. Brokers, o r other agents under contract o r r e p r e - sentatives o f the same general char - acter shall not be considered Employ- ees.

(b)Property means money (i.e. currency, coin, bank notes, Federal Reserve notes), postage

and revenue stamps, U.S. Savings Stamps, b u l - lion, precious metals o f all kinds and in any f o r m and articles made therefrom, jewelry, watches, necklaces, bracelets, gems, precious and semi-precious stones, Bonds, securities, evidences o f debts, debentures, scrip, c e r t i f - icates, interim receipts, warrants, rights, puts, calls, straddles, spreads, transfers, coupons, drafts, bills o f exchange, acceptances, notes, checks, withdrawal orders, money orders, warehouse receipts, bills o f lading, conditional sales contracts, abstracts o f title, insurance Policies, deeds, mortgages under real estate and/or chattels and upon interests therein, and assignments o f such Policies, mortgages and instruments, and other valuable papers, includ- ing books o f account and other records used by the Insured in the conduct o f its business, and all other instruments similar to o r in the nature o f the foregoing including Electronic Representations o f such Instruments enumer- ated above (but excluding all data processing records) in which the Insured has an interest o r in which the Insured acquired o r should have acquired an interest by reason o f a p r e - decessor'sdeclared financial condition at the time o f the Insured'sconsolidation o r merge with, o r purchase o f the principal assets of, such predecessor o r which are held by the Insured f o r any purpose o r in any capacity and whether so held by the Insured f o r any p u r - pose o r in any capacity and whether so held gratuitously o r not and whether o r not the Insured is liable therefor.

(c)Forgery means the signing o f the name o f another with the intent to deceive; it does not include the signing o f one'sown name with o r without authority, in any capacity, o r f o r any purpose.

(d)Larceny and Embezzlement as it applies to any named Insured means those acts as set f o r t h

in Section 3 7 o f the Investment Company Act o f 1940.

(e)Items o f Deposit means any one o r more checks and drafts.

SECTION 2. EXCLUSIONS

THIS BOND DOES NOT COVER:

(a)loss effected directly o r indirectly by means o f forgery o r alteration of, on o r in any i n - strument, except when covered by Insuring Agreement (A), (D), (E) o r (F).

(b)loss due to riot o r civil commotion outside the United States o f America and Canada; o r loss due to military, naval o r usurped power, war o r insurrection unless such loss occurs in transit in the circumstances recited in Insuring Agreement (C) and unless, when such transit was initiated, there was no knowledge o f such riot, civil commotion, military, naval o r usurped power, war o r insurrection on the part o f any person acting f o r the Insured in initiating such transit.

trick, artifice, fraud o r false pretenses, unless such loss is covered under Insuring A g r e e - ment (A), (E) o r (F).

(f)loss resulting f r o m any violation by the I n - sured o r by any Employee

(1)o f law regulating (a) the issuance, purchase o r sale o f securities, (b) securities trans- actions upon Security Exchanges o r over the counter market, (c) Investment C o m - panies, o r (d) Investment Advisors, o r

(2)o f any rule o r regulation made pursuant to any such law.

unless such loss, in the absence o f such laws, rules o r regulations, would be covered under Insuring Agreements (A) o r (E).

(g) loss o f Property o r loss o f privileges through the misplacement o r loss o f Property as set f o r t h in Insuring Agreement (C) o r (D) while the Property is in the custody o f any armored motor vehicle company, unless such loss shall be in excess o f the amount recovered o r received by the Insured under (a) the Insured's contract with said armored motor vehicle company, (b) insurance carried by said a r - mored motor vehicle company f o r the benefit o f users o f its service, and (c) all other insur- ance and indemnity in f o r c e in whatsoever f o r m carried by o r f o r the benefit o f users o f said armored motor vehicle company's s e r - vice, and then this Bond shall cover only such excess.

(h)potential income, including but not limited to interest and dividends, not realized by the I n - sured because o f a loss covered under this Bond, except as included under Insuring Agreement (I).

threat

(1) to do bodily harm to any person, except

vided that when such transit was initiated there was no knowledge by the Insured o f any such threat, o r

(2)to do damage to the premises o r Property o f the Insured, except when covered u n - der Insuring Agreement (A).

(k)all costs, fees and other expenses incurred by the Insured in establishing the existence o f o r amount o f loss covered under this Bond u n - less such indemnity is provided f o r under I n - suring Agreement (I).

(l)loss resulting f r o m payments made o r w i t h - drawals f r o m the account o f a customer o f the Insured, shareholder o r subscriber to shares involving funds erroneously credited to such account, unless such payments are made to o r withdrawn by such depositor o r r e p r e - sentative o f such person, who is within the

premises o f the drawee bank o f the Insured

payment is covered under Insuring Agreement

(A).

(m)any loss resulting f r o m Uncollectible Items o f Deposit which are drawn f r o m a financial i n - stitution outside the f i f t y states o f the United States o f America, District o f Columbia, and territories and possessions o f the United States o f America, and Canada.

SECTION 3. ASSIGNMENT OF RIGHTS

This Bond does not a f f o r d coverage in favor o f any Employers o f temporary personnel o r o f processors as set f o r t h in sub-sections (6) and

(7)o f Section 1(a) o f this Bond, as aforesaid, and upon payment to the insured by the Underwriter on account o f any loss through dishonest o r fraudulent act(s) including Larceny o r Embezzle-

alone o r in collusion with others, an assignment o f such o f the Insured'srights and causes o f action as it may have against such Employers by reason o f such acts so committed shall, to the extent o f such payment, be given by the Insured to the Underwriter, and the Insured shall execute all p a - pers necessary to secure to the Underwriter the rights herein provided for.

SECTION 4. LOSS-NOTICE-PROOF-LEGAL PROCEEDINGS

This Bond is f o r the use and benefit only o f the Insured named in the Declarations and the Under- writer shall not be liable hereunder f o r loss s u s - tained by anyone other than the Insured unless the Insured, in its sole discretion and at its option, shall include such loss in the Insured'sp r o o f o f loss. At the earliest practicable moment after d i s - covery o f any loss hereunder the Insured shall give the Underwriter written notice thereof and shall also within six months after such discovery furnish to the Underwriter affirmative p r o o f o f loss with full particulars. If claim is made under this Bond f o r loss o f securities o r shares, the Underwriter shall not be liable unless each o f such securities o r shares is identified in such p r o o f o f loss by a certificate o r Bond number or, where such securities o r shares are uncertificated, by such identification means as agreed to by the

withstanding the loss is made up wholly o r in part o f securities o f which duplicates may be obtained. Legal proceedings f o r recovery o f any loss h e r e - under shall not be brought prior to the expiration

loss, except that any action o r proceeding to recover hereunder on account o f any judgment against the Insured in any suit mentioned in Gen- eral Agreement C o r to recover attorneys'fees paid in any such suit, shall be begun within t w e n - t y - f o u r months f r o m the date upon which the judgment in such suit shall become final. If any limitation embodied in this Bond is prohibited by any law controlling the construction hereof, such limitation shall be deemed to be amended so as to be equal to the minimum period o f limitation p e r - mitted by such law.

Discovery occurs when the Insured

(a)becomes aware o f facts, o r

(b)receives written notice o f an actual o r p o t e n - tial claim by a third party which alleges that the Insured is liable under circumstance

which would cause a reasonable person to a s - sume that a loss covered by the Bond has been o r will be incurred even though the exact amount o r details o f loss may not be then known.

The value o f any Property, except books o f a c - counts o r other records used by the Insured in the conduct o f its business, f o r the loss o f which

aclaim shall be made hereunder, shall be d e t e r - mined by the average market value o f such P r o p - erty on the business day next preceding the d i s - covery o f such loss; provided, however, that the

o r misplacement o f interim certificates, warrants, rights, o r other securities, the production which is necessary to the exercise o f subscription, c o n - version, redemption o r deposit privileges, the

covered until after their expiration. If no market price is quoted f o r such Property o r f o r such privileges, the value shall be fixed by agreement between the parties o r by arbitration.

In case o f any loss o r damage to Property c o n - sisting o f books o f accounts o r other records used by the Insured in the conduct o f its business, the Underwriter shall be liable under this Bond only i f such books o r records are actually r e p r o - duced and then f o r not more than the cost o f blank books, blank pages o r other materials plus the cost o f labor f o r the actual transcription o r copying o f data which shall have been furnished by the Insured in order to reproduce such books and other records.

SECTION 6. VALUATION OF PREMISES AND FURNISHINGS

stationary, supplies, equipment, safes o r vaults therin, the Underwriter shall not be liable f o r more than the actual cash value thereof, o r f o r more than the actual cost o f their replacement o r repair. The Underwriter may, at its election, pay such actual cash value o r make such replacement o r repair. If the Underwriter and the Insured can- not agree upon such cash value o r such cost o r replacement o r repair, such shall be determined by arbitration.

If the Insured shall sustain a loss o f securities the total value o f which is in excess o f the limit stated in Item 3 o f the Declarations o f this Bond, the liability o f the Underwriter shall be limited to payment f o r , o r duplication of, securities having value equal to the limit stated in Item 3 o f the Declarations o f this Bond.

If the Underwriter shall make payment to the I n - sured f o r any loss o f securities, the Insured shall thereupon assign to the Underwriter all o f the Insured'srights, title and interests in and to said securities.

With respect to securities the value o f which do not exceed the Deductible Amount (at the time o f the discovery o f the loss) and f o r which the Underwriter may at its sole discretion and option and at the request o f the Insured issue a Lost Instrument Bond o r Bonds to e f f e c t replacement thereof, the Insured will pay the usual premium charged therefor and will indemnify the Under- writer against all loss o r expense that the Under-

ment thereof, the Insured agrees that it will pay as premium therefor a proportion o f the usual p r e - mium charged therefor, said proportion being equal to the percentage that the Deductible Amount bears to the value o f the securities upon

against all loss and expense that is not r e c o v e r - able f r o m the Underwriter under the terms and conditions o f this INVESTMENT COMPANY BOND subject to the Limit o f Liability hereunder.

SECTION 8. SALVAGE

In case o f recovery, whether made by the Insured o r by the Underwriter, on account o f any loss in excess o f the Limit o f Liability hereunder plus the Deductible Amount applicable to such loss f r o m any source other than suretyship, insurance, r e - insurance, security o r indemnity taken by o r f o r the benefit o f the Underwriter, the net amount o f such recovery, less the actual costs and expenses o f making same, shall be applied to reimburse the

Insured in full f o r the excess portion o f such loss, and the remainder, i f any, shall be paid first in reimbursement o f the Underwriter and t h e r e - after in reimbursement o f the Insured f o r that part o f such loss within the Deductible Amount. The Insured shall execute all necessary papers to secure to the Underwriter the rights provided f o r herein.

SECTION 9. NON-REDUCTION AND NON- ACCUMULATION OF LIABILITY AND TOTAL LIABILITY

At all times prior to termination hereof this Bond

liable to pay hereunder; PROVIDED, however, that regardless o f the number o f years this Bond shall continue in f o r c e and the number o f premiums which shall be payable o r paid, the liability o f the Underwriter under this Bond with respect to all loss resulting f o r m

(a) any one act o f burglary, robbery o r hold-up, o r attempt thereat, in which no Partner o r Employee is concerned o r implicated shall be deemed to be one loss, o r

(b) any one unintentional o r negligent act on the part o f any one person resulting in damage to o r destruction o r misplacement o f Property, shall be deemed to be one loss, o r

(c) all wrongful acts, other than those specified in

(a) above, o f any one person shall be deemed to be one loss, o r

(d)all wrongful acts, other than those specified in

(a)above, o f one o r more persons (which dishonest act(s) o r act(s) o f Larceny o r E m - bezzlement include, but are not limited to, the failure o f an Employee to report such acts o f others) whose dishonest act o r acts intention- ally o r unintentionally, knowingly o r unknowin- gly, directly o r indirectly, aid o r aids in any way, o r permits the continuation of, the d i s - honest act o r acts o f any other person o r persons shall be deemed to be one loss with the act o r acts o f the persons aided, o r

(e)any one casualty o r event other than those specified in (a), (b), (c) o r (d) preceding, shall be deemed to be one loss, and shall be limited to the applicable Limit o f Liability stated in Item 3

shall not be cumulative in amounts f r o m year to year o r f r o m period to period.

Sub-section (c) is not applicable to any situation to which the language o f sub-section (d) applies.

SECTION 10. LIMIT OF LIABILITY

With respect to any loss set f o r t h in the PRO- VIDED clause o f Section 9 o f this Bond which is recoverable o r recovered in whole o r in part under any other Bonds o r Policies issued by the Underwriter to the Insured o r to any predecessor in interest o f the Insured and terminated o r can- celled o r allowed to expire and in which the p e - riod f o r discovery has not expired at the time any such loss thereunder is discovered, the total l i - ability o f the Underwriter under this Bond and under other Bonds o r Policies shall not exceed, in the aggregate, the amount carried hereunder on such loss o r the amount available to the Insured under such other Bonds, o r Policies, as limited by the terms and conditions thereof, f o r any such loss i f the latter amount be the larger.

SECTION 11. OTHER INSURANCE

If the Insured shall hold, as indemnity against any loss covered hereunder, any valid and enforceable insurance o r suretyship, the Underwriter shall be liable hereunder only f o r such amount o f such loss which is in excess o f the amount o f such other insurance o r suretyship, not exceeding, however, the Limit o f Liability o f this Bond a p - plicable to such loss.

SECTION 12. DEDUCTIBLE

The Underwriter shall not be liable under any o f the Insuring Agreements o f this Bond on account o f loss as specified, respectively, in sub-sections (a), (b), (c), (d) and (e) o f Section 9, Non-Reduction And Nonaccumulation O f Liability And Total Liabil- ity, unless the amount o f such loss, after deduct- ing the net amount o f all reimbursement and/or recovery obtained o r made by the insured, other than f r o m any Bond o r Policy o f insurance issued by an insurance company and covering such loss, o r by the Underwriter on account thereof prior to payment by the Underwriter o f such loss, shall exceed the Deductible Amount set f o r t h in Item 3 o f the Declarations hereof (herein called Deduct-

ible Amount) and then f o r such excess only, but in no event f o r more than the applicable Limit o f Liability stated in Item 3 o f the Declarations.

The Insured will bear, in addition to the Deductible Amount, premiums on Lost Instrument Bonds as set f o r t h in Section 7.

There shall be no deductible applicable to any loss under Insuring Agreement A sustained by any I n - vestment Company named as Insured herein.

SECTION 13. TERMINATION

The Underwriter may terminate this Bond as an entirety by furnishing written notice specifying the termination date which cannot be prior to 9 0 days after the receipt o f such written notice by each Investment Company named as Insured and the Securities and Exchange Commission, W a s h - ington, D.C. The Insured may terminate this Bond as an entirety by furnishing written notice to the Underwriter. When the Insured cancels, the I n - sured shall furnish written notice to the Securities and Exchange Commission, Washington, D.C. prior to 9 0 days before the effective date o f the t e r - mination. The Underwriter shall notify all other Investment Companies named as Insured o f the receipt o f such termination notice and the t e r - mination cannot be effective prior to 9 0 days after receipt o f written notice by all other Invest- ment Companies. Premiums are earned until the termination date as set f o r t h herein.

This Bond will terminate as to any one Insured, (other than a registered management investment company), immediately upon taking over o f such Insured by a receiver o r other liquidator o r by State o r Federal officials, o r immediately upon the filing o f a petition under any State o r Federal statute relative to bankruptcy o r reorganization o f the Insured, o r assignment f o r the benefit o f creditors o f the Insured, o r immediately upon such Insured ceasing to exist, whether through merger into another entity, o r by disposition o f all o f its assets.

This Bond will terminate as to any registered management investment company upon the e x - piration o f 9 0 days after written notice has been given to the Securities and Exchange Commission, Washington, D.C.

The Underwriter shall refund the unearned p r e - mium computed as short rates in accordance with the standard short rate cancellation tables i f t e r -

minated by the Insured o r pro rata i f terminated f o r any other reason.

This Bond shall terminate

(a)as to any Employee as soon as any partner, o f f i c e r o r supervisory Employee o f the I n -

sured, who is not in collusion with such E m - ployee, shall learn o f any dishonest o r fraudu- lent act(s), including Larceny o r Embezzlement on the part o f such Employee without p r e j u - dice to the loss o f any Property then in transit in the custody o f such Employee and upon the expiration o f ninety (90) days after written notice has been given to the Securities and Exchange Commission, Washington, D.C. (See Section 16(d)) and to the Insured Investment Company, o r

(b)as to any Employee 9 0 days after receipt by each Insured and by the Securities and E x - change Commission o f a written notice f r o m the Underwriter o f its desire to terminate this Bond as to such Employee, o r

(c)as to any person, who is a partner, o f f i c e r o r employee o f any Electronic Data Processor covered under this Bond, f r o m and after the time that the Insured o r any partner o r o f f i c e r thereof not in collusion with such person shall have knowledge o f information that such p e r - son has committed any dishonest o r fraudu- lent act(s), including Larceny o r Embezzlement in the service o f the Insured o r otherwise, whether such act be committed before o r after the time this Bond is effective.

SECTION 14. RIGHTS AFTER TERMINATION OR CANCELLATION

At any time prior to the termination o r cancella- tion o f this Bond as an entirety, whether by the Insured o r the Underwriter, the Insured may give to the Underwriter notice that it desires under this Bond an additional period o f 1 2 months within which to discover loss sustained by the Insured prior to the effective date o f such termination o r cancellation and shall pay an additional premium therefor.

Upon receipt o f such notice f r o m the Insured, the Underwriter shall give its written consent thereto: provided, however, that such additional period o f time shall terminate immediately;

(a)on the effective date o f any other insurance obtained by the Insured, its successor in busi- ness o r any other party, replacing in whole o r in part the insurance afforded by this Bond, whether o r not such other insurance provides coverage f o r loss sustained prior to its e f - fective date, o r

(b)upon takeover o f the Insured's business by any State o r Federal official o r agency, o r by any receiver o r liquidator, acting o r appointed f o r this purpose without the necessity o f the Underwriter giving notice o f such termination. In the event that such additional period o f time is terminated, as provided above, the Under- writer shall refund any unearned premium.

The right to purchase such additional period f o r the discovery o f loss may not be exercised by any State o r Federal official o r agency, o r by any receiver o r liquidator, acting o r appointed to take over the Insured'sbusiness f o r the operation o r f o r the liquidation thereof o r f o r any other p u r - pose.

SECTION 15. CENTRAL HANDLING OF

SECURITIES

Securities included in the systems f o r the central handling o f securities established and maintained by Depository Trust Company, Midwest Deposi- tory Trust Company, Pacific Securities Depository Trust Company, and Philadelphia Depository Trust Company, hereinafter called Corporations, to the extent o f the Insured'sinterest therein as e f f e c - tive by the making o f appropriate entries on the books and records o f such Corporations shall be deemed to be Property.

The words "Employee" and "Employees" shall be deemed to include the officers, partners, clerks and other employees o f the New York Stock Exchange, Boston Stock Exchange, Midwest Stock Exchange, Pacific Stock Exchange and Philadelphia Stock Exchange, hereinafter called Exchanges, and o f the above named Corporations, and o f any nominee in whose name is registered any security included within the systems f o r the central handling o f securities established and maintained by such Corporations, and any e m - ployee o f any recognized service company, while such officers, partners, clerks and other employ- ees and employees o f service companies p e r - f o r m services f o r such Corporations in the o p - eration o f such systems. For the purpose o f the above definition a recognized service company

shall be any company providing clerks o r other personnel to said Exchanges o r Corporation on a contract basis.

The Underwriter shall not be liable on account o f any loss(es) in connection with the central handling o f securities within the systems established and maintained by such Corporations, unless such loss(es) shall be in excess o f the amount(s) r e c o v - erable o r recovered under any Bond o r Policy i f insurance indemnifying such Corporations, against such loss(es), and then the Underwriter shall be liable hereunder only f o r the Insured'sshare o f such excess loss(es), but in no event f o r more than the Limit o f Liability applicable hereunder.

For the purpose o f determining the Insured's share o f excess loss(es) it shall be deemed that the Insured has an interest in any certificate r e - presenting any security included within such s y s - tems equivalent to the interest the Insured then has in all certificates representing the same s e c u - rity included within such systems and that such Corporation shall use their best judgment in a p - portioning the amount(s) recoverable o r r e c o v - ered under any Bond o r Policy o f insurance i n - demnifying such Corporations against such loss(es) in connection with the central handling o f securities within such systems among all those having an interest as recorded by appropriate e n - tries in the books and records o f such Corpora- tions in Property involved in such loss(es) on the basis that each such interest shall share in the amount(s) so recoverable o r recovered in the r a - tio that the value o f each such interest bears to the total value o f all such interests and that the Insured'sshare o f such excess loss(es) shall be the amount o f the Insured'sinterest in such P r o p - erty in excess o f the amount(s) so apportioned to the Insured by such Corporations.

This Bond does not a f f o r d coverage in favor o f such Corporations o r Exchanges o r any nominee in whose name is registered any security included within the systems f o r the central handling o f securities established and maintained by such Corporations, and upon payment to the Insured by the Underwriter on account o f any loss(es) within the systems, an assignment o f such o f the I n - sured'srights and causes o f action as it may have against such Corporations o r Exchanges shall to the extent o f such payment, be given by the Insured to the Underwriter, and the Insured shall execute all papers necessary to secure to the Underwriter the rights provided f o r herein.

SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED

If more than one corporation, co-partnership o r person o r any combination o f them be included as the Insured herein:

(a) the total liability o f the Underwriter hereunder

(b) the one first named herein shall be deemed

shall be deemed to be the agent o f the others f o r such purposes and f o r the giving o r r e - ceiving o f any notice required o r permitted to be given by the terms hereof, provided that the Underwriter shall furnish each named I n - vestment Company with a copy o f the Bond and with any amendment thereto, together with a copy o f each formal filing o f the s e t - tlement o f each such claim prior to the e x - ecution o f such settlement,

(c)the Underwriter shall not be responsible f o r the proper application o f any payment made hereunder to said first named Insured,

(d)knowledge possessed o r discovery made by any partner, o f f i c e r o r supervisory Employee o f any Insured shall f o r the purpose o f S e c - tion 4 and Section 1 3 o f this Bond constitute knowledge o r discovery by all the Insured, and

(e)i f the first named Insured ceases f o r any r e a - son to be covered under this Bond, then the Insured next named shall thereafter be c o n - sidered as the first named Insured f o r the purposes o f this Bond.

SECTION 17. NOTICE AND CHANGE OF CONTROL

Upon the Insured's obtaining knowledge o f a transfer o f its outstanding voting securities which results in a change in control (as set f o r t h in Section 2(a) (9) o f the Investment Company Act o f

1940) o f the Insured, the Insured shall within t h i r - ty (30) days o f such knowledge give written n o - tice to the Underwriter setting forth:

(a)the names o f the transferors and transferees (or the names o f the beneficial owners i f the voting securities are requested in another name), and

(b) the total number o f voting securities owned by the transferors and the transferees (or the beneficial owners), both immediately before and after the transfer, and

(c)the total number o f outstanding voting securi- ties.

As used in this section, control means the po w e r to exercise a controlling influence over the man- agement o r Policies o f the Insured.

Failure to give the required notice shall result in termination o f coverage o f this Bond, effective upon the date o f stock transfer f o r any loss in which any transferee is concerned o r implicated.

Such notice is not required to be given in the case o f an Insured which is an Investment C o m - pany.

SECTION 18. CHANGE OR MODIFICATION

This Bond o r any instrument amending o r e f f e c - ting same may not be changed o r modified orally. No changes in o r modification thereof shall be effective unless made by written Endorsement issued to f o r m a part hereof over the signature o f the Underwriter's Authorized Representative. When a Bond covers only one Investment C o m - pany no change o r modification which would a d - versely affect the rights o f the Investment C o m - pany shall be effective prior to 6 0 days after written notification has been furnished to the S e - curities and Exchange Commission, Washington, D.C. by the Insured o r by the Underwriter. If more than one Investment Company is named as the Insured herein, the Underwriter shall give written notice to each Investment Company and to the Securities and Exchange Commission, Washington, D.C. not less than 6 0 days prior to the effective date o f any change o r modification which would adversely affect the rights o f such Investment Company.

If you are using first class mail:

Great American Insurance Group

3561 Solutions Center

Chicago, IL 60677-3005

If you are using overnight mail:

PNC Bank c/o Great American Insurance Group Lockbox Number 773561

350 East Devon Avenue Itasca, IL 60143