March 30, 2007

Via Electronic Filing

Securities and Exchange Commission
Attn: Filer Support
100 F Street N.E.
Washington, DC 20549

Re: Anchor Series Trust (File No. 811-3836)
    AIG Series Trust (File No. 811-21482)
    SunAmerica Focused Alpha Growth Fund, Inc. (811-21770)
    SunAmerica Focused Alpha Large-Cap Fund, Inc. (811-21805)
    SunAmerica Equity Funds (File No. 811-4801)
    SunAmerica Income Funds (File No. 811-4708)
    SunAmerica Money Market Funds, Inc. (File No. 811-3807)
    SunAmerica Focused Series, Inc. (File No. 811-07797)
    SunAmerica Senior Floating Rate Fund, Inc. (File No. 811-8727)
    Seasons Series Trust (File No. 811-07725)
    SunAmerica Series Trust (File No. 811-7238)
    VALIC Company I (File No. 811-03738)
    VALIC Company II (File No. 811-08789)

Ladies and Gentlemen:

   On behalf of the above-referenced registered investment companies (each a
"Fund" and collectively the "Funds"), transmitted herewith for filing is a copy
of the Funds' fidelity bond and certain other documentation required under Rule
17g-1(g)(1) of the Investment Company Act of 1940, as amended. The bond is a
joint insured bond covering the Funds. The premiums on the joint insured bond
have been paid through September 1, 2007.

   Should you have any questions concerning this filing, please contact the
undersigned at (201) 324-6374.

                                                  Very truly yours,

                                                  /S/ Richard J. Barton
                                                  -----------------------------
                                                  Richard J. Barton




POLICY COVER SHEET
Job Name: XP3312I Print Date and Time: 03/29/07 13:53
File Number: O617O
Business Center/
Original Business Unit:
Policy Number: 490PB1266
Name of insured: AIG SunAmerica Family of Funds
Agency Number: 3180284
Department or Expense Center:
Underwriter: 0 Underwriting Team:
Data Entry Person: KVITNITSKIY,GALINA
Date and Time: 03/29/07 00:00 001
Special Instructions
Policy Commencement Date: 09/01/06
THIS POLICY CONTAINS FORMS SELECTED THROUGH DOCUMENT SELECT
THE FOLLOWING SELECTED FORMS ARE NOT APPROVED ON THE FORMS STATUS TABLE
FORM NBR EDITION CO STATE TRANS DATE
* MEL1881 10.04 1 NY 2006-09-01*
* MEL2555 03.05 1 NY 2006-09-01*
* MEL3274 07.05 1 NY 2006-09-01*
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

40724 Ed.12-90 Printed in U.S.A. Page 1
DELIVERY INVOICE
Company: ST PAUL FIRE & MARINE INSURANCE COMPANY
INSURED
AIG SunAmerica Family of Funds
Harborside Financial Center
3200 Plaza 5, 33rd Floor
Jersey City, NJ 07311
Policy Inception/Effective Date: 09/01/06
Agency Number: 3180284
Transaction Type:
Transaction number:
Processing date: 03/29/07
Policy Number: 490PB1266
AGENT
William Lambiase
Frank Crystal & Co.
Financial Square
32 Old Slip
New York, NY 10005
Policy         Description     Amount           Surtax/
Number                                          Surcharge
490PB1266      FI-ICBB         $55,534
INSURED COPY
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

40724 Ed.12-90 Printed in U.S.A. Page 2
INSURED COPY
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

ND044 Rev. 8-05
 2005 The St. Paul Travelers Companies, Inc. All Rights Reserved Page 1
of 1
IMPORTANT NOTICE REGARDING INDEPENDENT AGENT AND BROKER COMPENSATION
For information about how St. Paul Travelers compensates independent
agents and brokers, please visit www.stpaultravelers.com, or you may
request a written copy from Marketing at One Tower Square, 2GSA,
Hartford, CT 06183.




The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

ICB001 Rev. 7/04
 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved Page 1
of 2
INVESTMENT COMPANY BLANKET BOND
St. Paul Fire and Marine Insurance Company
St. Paul, Minnesota 55102-1396
(A Stock Insurance Company, herein called Underwriter)
DECLARATIONS BOND NO. 490PB1266
Item 1. Name of Insured (herein called Insured):
AIG SunAmerica Family of Funds
Principal Address:
Harborside Financial Center
3200 Plaza 5, 33rd Floor
Jersey City, NJ 07311
Item 2. Bond Period from 12:01 a.m. on 09/01/06 to 12:01 a.m. on
09/01/07 the effective date of the termination or cancellation of the
bond, standard time at the Principal Address as to each of said dates.
Item 3. Limit of Liability
Subject to Sections 9, 10, and 12 hereof:
        Limit of        Deductible
        Liability       Amount
Insuring Agreement A - FIDELITY         $21,950,000     $50,000
Insuring Agreement B - AUDIT EXPENSE    $50,000 $NIL
Insuring Agreement C - PREMISES         $21,950,000     $50,000
Insuring Agreement D - TRANSIT  $21,950,000     $50,000
Insuring Agreement E - FORGERY OR ALTERATION    $21,950,000     $50,000
Insuring Agreement F - SECURITIES       $21,950,000     $50,000
Insuring Agreement G - COUNTERFEIT CURRENCY     $21,950,000     $50,000
Insuring Agreement H - STOP PAYMENT     $50,000         $2,500
Insuring Agreement I - UNCOLLECTIBLE ITEMS OF
DEPOSIT         $50,000         $2,500
OPTIONAL COVERAGES ADDED BY RIDER:
Insuring Agreement J - Computer Systems         $21,950,000     $50,000
Insuring Agreement K - Unauthorized Signature   $50,000         $2,500
Insuring Agreement L - Telefacsimile Coverage   $21,950,000     $50,000
Insuring Agreement M - Voice Initiated Transaction $21,950,000  $50,000
Insuring Agreement N - Automated Phone Systems  $21,950,000     $50,000
If "Not Covered" is inserted above opposite any specified Insuring
Agreement or Coverage, such Insuring Agreement or Coverage and any other
reference thereto in this bond shall be deemed to be deleted therefrom.
Item 4. Offices or Premises Covered - Offices acquired or established
subsequent to the effective date of this bond are covered according to
the terms of General Agreement A. All the Insured's offices or premises
in existence at the time this bond becomes effective are covered under
this bond except the offices or premises located as follows:
Item 5. The liability of the Underwriter is subject to the terms of the
following endorsements or riders attached hereto: ICB010 Ed. 07-04,
ICB011 Ed. 07-04,ICB012 Ed. 07-04,MEL1883 Ed. 07-04,ICB014 Ed. 07-04,
ICB019 Ed. 07-04,MEL1881 Ed. 10-04,ICB023 Ed. 07-04,ICB020 Ed. 07-04,
ICB016 Ed. 07-04,ICB015 Ed. 07-04,ICB026 Ed. 07-04, MEL2555 Ed. 03-05,
MEL3274 Ed. 07-05
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss
ICB001 Rev. 7/04
 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved Page 2
of 2
Item 6. The Insured by the acceptance of this bond gives notice to the
Underwriter terminating or canceling prior bonds or policy(ies) No.(s)
490BD0482 such termination or cancellation to be effective as of the time
this bond becomes effective.




IN WITNESS WHEREOF, the Company has caused this bond to be signed by its
President and Secretary and countersigned by a duly
authorized representative of the Company.
Countersigned:
/s/Bruce Backberg
Secretary
/s/Brian MacLean
President
Authorized Representative Countersigned At
Countersignature Date
ST. PAUL FIRE AND MARINE INSURANCE COMPANY
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

ICB005 Ed. 7-04 1 of 12
 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
INVESTMENT COMPANY BLANKET BOND
The Underwriter, in consideration of an agreed premium, and subject to
the Declarations made a part hereof, the General Agreements, Conditions
and Limitations and other terms of this bond, agrees with the Insured, in
accordance with the Insuring Agreements hereof to which an amount of
insurance is applicable as set forth in Item 3 of the Declarations and
with respect to loss sustained by the Insured at any time but discovered
during the Bond Period, to indemnify and hold harmless the Insured for:
INSURING AGREEMENTS
(A) FIDELITY
Loss resulting from any dishonest or fraudulent act(s), including Larceny
or Embezzlement, committed by an Employee, committed anywhere and whether
committed alone or in collusion with others, including loss of Property
resulting from such acts of an Employee, which Property is held by the
Insured for any purpose or in any capacity and whether so held
gratuitously or not and whether or not the Insured is liable therefor.
Dishonest or fraudulent act(s) as used in this Insuring Agreement shall
mean only dishonest or fraudulent act(s) committed by such Employee
with the manifest intent:
(a) to cause the Insured to sustain such loss; and
(b) to obtain financial benefit for the Employee, or for any other Person
or organization intended by the Employee to receive such benefit, other
than salaries, commissions, fees, bonuses, promotions, awards, profit
sharing, pensions or other employee benefits earned in the normal course
of employment.
(B) AUDIT EXPENSE
Expense incurred by the Insured for that part of the costs of audits or
examinations required by any governmental regulatory authority to be
conducted either by such authority or by an independent accountant by
reason of the discovery of loss sustained by the Insured through any
dishonest or fraudulent act(s), including Larceny or Embezzlement, of any
of the Employees. The total liability of the Underwriter for such expense
by reason of such acts of any Employee or in which such Employee
is concerned or implicated or with respect to any one audit or
examination is limited to the amount stated opposite Audit Expense in
Item 3 of the Declarations; it being understood, however, that
such expense shall be deemed to be a loss sustained by the Insured
through any dishonest or fraudulent act(s), including Larceny or
Embezzlement, of one or more of the Employees, and the liability under
this paragraph shall be in addition to the Limit of Liability stated in
Insuring Agreement (A) in Item 3 of the Declarations.
(C) ON PREMISES
Loss of Property (occurring with or without negligence or violence)
through robbery, burglary, Larceny, theft, holdup, or other fraudulent
means, misplacement, mysterious unexplainable disappearance, damage
thereto or destruction thereof, abstraction or removal from the
possession, custody or control of the Insured, and loss of subscription,




conversion, redemption or deposit privileges through the misplacement or
loss of Property, while the Property is (or is supposed or believed by
the Insured to be) lodged or deposited within any offices or premises
located anywhere, except in an office listed in Item 4 of the
Declarations or amendment thereof or in the mail or with a carrier for
hire, other than an armored motor vehicle company, for the purpose of
transportation.
Office and Equipment
(1) loss of or damage to furnishings, fixtures, stationery, supplies or
equipment, within any of the Insured's offices covered under this
bond caused by Larceny or theft in, or by burglary, robbery or hold-up
of, such office, or attempt thereat, or by vandalism or malicious
mischief; or
(2) loss through damage to any such office by Larceny or theft in, or by
burglary, robbery or hold-up of, such office, or attempt thereat,
or to the interior of any such office by vandalism or malicious mischief
provided, in any event, that the Insured is the owner of such offices,
furnishings, fixtures, stationery, supplies or equipment or is legally
liable for such loss or damage always excepting, however, all loss or
damage through fire.
(D) IN TRANSIT
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

ICB005 Ed. 7-04 2 of 12
 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
Loss of Property (occurring with or without negligence or violence)
through robbery, Larceny, theft, hold-up, misplacement, mysterious
unexplainable disappearance, being lost or otherwise made away with,
damage thereto or destruction thereof, and loss of subscription,
conversion, redemption or deposit privileges through the misplacement or
loss of Property, while the Property is in transit anywhere in the
custody of any person or persons acting as messenger, except while in the
mail or with a carrier for hire, other than an armored motor vehicle
company, for the purpose of transportation, such transit to begin
immediately upon receipt of such Property by the transporting
person or persons, and to end immediately upon delivery thereof at
destination.
(E) FORGERY 0R ALTERATION
Loss through Forgery or alteration of or on:
(1) any bills of exchange, checks, drafts, acceptances, certificates of
deposit, promissory notes, or other written promises, orders or
directions to pay sums certain in money, due bills, money orders,
warrants, orders upon public treasuries, letters of credit; or
(2) other written instructions, advices or applications directed to the
Insured, authorizing or acknowledging the transfer, payment, delivery or
receipt of funds or Property, which instructions, advices or
applications purport to have been signed or endorsed by any:
(a) customer of the Insured, or
(b) shareholder or subscriber to shares, whether certificated or
uncertificated, of any Investment Company, or
(c) financial or banking institution or stockbroker, but which
instructions, advices or applications either bear the forged signature
or endorsement or have been altered without the knowledge and consent of
such customer, shareholder or subscriber to shares, or financial or
banking institution or stockbroker; or
(3) withdrawal orders or receipts for the withdrawal of funds or
Property, or receipts or certificates of deposit for Property and
bearing the name of the Insured as issuer, or of another Investment
Company for which the Insured acts as agent, excluding, however, any loss
covered under Insuring Agreement (F) hereof whether or not coverage for
Insuring Agreement (F) is provided for in the Declarations of this bond.
Any check or draft (a) made payable to a fictitious payee and endorsed in




the name of such fictitious payee or (b) procured in a transaction
with the maker or drawer thereof or with one acting as an agent of such
maker or drawer or anyone impersonating another and made or drawn payable
to the one so impersonated and endorsed by anyone other than the one
impersonated, shall be deemed to be forged as to such endorsement.
Mechanically reproduced facsimile signatures are treated the same as
handwritten signatures.
(F) SECURITIES
Loss sustained by the Insured, including loss sustained by reason of a
violation of the constitution by-laws, rules or regulations of any
Self Regulatory Organization of which the Insured is a member or which
would have been imposed upon the Insured by the constitution, by-laws,
rules or regulations of any Self Regulatory Organization if the Insured
had been a member thereof,
(1) through the Insured's having, in good faith and in the course of
business, whether for its own account or for the account of others, in
any representative, fiduciary, agency or any other capacity, either
gratuitously or otherwise, purchased or otherwise acquired, accepted or
received, or sold or delivered, or given any value, extended any credit
or assumed any liability, on the faith of, or otherwise acted upon, any
securities, documents or other written instruments which prove to have
been:
(a) counterfeited, or
(b) forged as to the signature of any maker, drawer, issuer, endorser,
assignor, lessee, transfer agent or registrar, acceptor, surety or
guarantor or as to the signature of any person signing in any other
capacity, or
(c) raised or otherwise altered, or lost, or stolen, or
(2) through the Insured's having, in good faith and in the course of
business, guaranteed in writing or witnessed any signatures whether
for valuable consideration or not and whether or not such guaranteeing or
witnessing is ultra vires the Insured, upon any transfers,
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

ICB005 Ed. 7-04 3 of 12
 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
assignments, bills of sale, powers of attorney, guarantees, endorsements
or other obligations upon or in connection with any securities, documents
or other written instruments and which pass or purport to pass title to
such securities, documents or other written instruments; excluding losses
caused by Forgery or alteration of, on or in those instruments covered
under Insuring Agreement (E) hereof.
Securities, documents or other written instruments shall be deemed to
mean original (including original counterparts) negotiable or
non-negotiable agreements which in and of themselves represent an
equitable interest, ownership, or debt, including an assignment
thereof, which instruments are, in the ordinary course of business,
transferable by delivery of such agreements with any necessary
endorsement or assignment.
The word "counterfeited" as used in this Insuring Agreement shall be
deemed to mean any security, document or other written instrument
which is intended to deceive and to be taken for an original.
Mechanically reproduced facsimile signatures are treated the same as
handwritten signatures.
(G) COUNTERFEIT CURRENCY
Loss through the receipt by the Insured, in good faith, of any
counterfeited money orders or altered paper currencies or coin of the
United States of America or Canada issued or purporting to have been
issued by the United States of America or Canada or issued pursuant to a
United States of America or Canada statute for use as currency.
(H) STOP PAYMENT
Loss against any and all sums which the Insured shall become obligated to




pay by reason of the liability imposed upon the Insured by law for
damages:
For having either complied with or failed to comply with any written
notice of any customer, shareholder or subscriber of the Insured or any
Authorized Representative of such customer, shareholder or subscriber to
stop payment of any check or draft made or drawn by such customer,
shareholder or subscriber or any Authorized Representative of such
customer, shareholder or subscriber,
or
For having refused to pay any check or draft made or drawn by any
customer, shareholder or subscriber of the Insured or any
Authorized Representative of such customer, shareholder or subscriber.
(I) UNCOLLECTIBLE ITEMS OF DEPOSIT
Loss resulting from payments of dividends or fund shares, or withdrawals
permitted from any customer's, shareholder's, or subscriber's account
based upon Uncollectible Items of Deposit of a customer, shareholder or
subscriber credited by the Insured or the Insured's agent to such
customer's, shareholder's or subscriber's Mutual Fund Account; or loss
resulting from an Item of Deposit processed through an Automated
Clearing House which is reversed by the customer, shareholder or
subscriber and deemed uncollectible by the Insured.
Loss includes dividends and interest accrued not to exceed 15% of the
Uncollectible Items which are deposited.
This Insuring Agreement applies to all Mutual Funds with "exchange
privileges" if all Fund(s) in the exchange program are insured by the
Underwriter for Uncollectible Items of Deposit.
Regardless of the number of transactions between Fund(s), the minimum
number of days of deposit within the Fund(s) before withdrawal as
declared in the Fund(s) prospectus shall begin from the date a deposit
was first credited to any Insured Fund(s).
GENERAL AGREEMENTS
A. ADDITIONAL OFFICES OR EMPLOYEES - CONSOLIDATION OR MERGER - NOTICE
(1) If the Insured shall, while this bond is in force, establish any
additional office or offices, such offices shall be automatically
covered hereunder from the dates of their establishment, respectively. No
notice to the Underwriter of an increase during any premium period in the
number of offices or in the number of Employees at any of the offices
covered hereunder need be given and no additional premium need be paid
for the remainder of such premium period.
(2) If an Investment Company, named as Insured herein, shall, while this
bond is in force, merge or consolidate with, or purchase the assets of
another institution, coverage for such acquisition shall apply
automatically
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

ICB005 Ed. 7-04 4 of 12
 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
from the date of acquisition. The Insured shall notify the Underwriter of
such acquisition within 60 days of said date, and an additional premium
shall be computed only if such acquisition involves additional offices or
employees.
B. WARRANTY
No statement made by or on behalf of the Insured, whether contained in
the application or otherwise, shall be deemed to be a warranty of
anything except that it is true to the best of the knowledge and belief
of the person making the statement.
C. COURT COSTS AND ATTORNEYS' FEES
(Applicable to all Insuring Agreements or Coverages now or hereafter
forming part of this bond)
The Underwriter will indemnify the Insured against court costs and
reasonable attorneys' fees incurred and paid by the Insured in defense,
whether or not successful, whether or not fully litigated on the merits




and whether or not settled, of any suit or legal proceeding brought
against the Insured to enforce the Insured's liability or alleged
liability on account of any loss, claim or damage which, if established
against the Insured, would constitute a loss sustained by the Insured
covered under the terms of this bond provided, however, that with respect
to Insuring Agreement (A) this indemnity shall apply only in the event
that:
(1) an Employee admits to being guilty of any dishonest or fraudulent
act(s), including Larceny or Embezzlement; or
(2) an Employee is adjudicated to be guilty of any dishonest or
fraudulent act(s), including Larceny or Embezzlement;
(3) in the absence of (1) or (2) above an arbitration panel agrees, after
a review of an agreed statement of facts, that an Employee would be found
guilty of dishonesty if such Employee were prosecuted.
The Insured shall promptly give notice to the Underwriter of any such
suit or legal proceedings and at the request of the Underwriter shall
furnish it with copies of all pleadings and other papers therein. At the
Underwriter's election the Insured shall permit the Underwriter to
conduct the defense of such suit or legal proceeding, in the Insured's
name, through attorneys of the Underwriter's selection. In such event,
the Insured shall give all reasonable information and assistance which
the Underwriter shall deem necessary to the proper defense of such suit
or legal proceeding.
If the amount of the Insured's liability or alleged liability is greater
than the amount recoverable under this bond, or if a Deductible Amount is
applicable, or both, the liability of the Underwriter under this General
Agreement is limited to the proportion of court costs and attorneys' fees
incurred and paid by the Insured or by the Underwriter that the amount
recoverable under this bond bears to the total of such amount plus the
amount which is not so recoverable. Such indemnity shall be in addition
to the Limit of Liability for the applicable Insuring Agreement or
Coverage.
D. FORMER EMPLOYEE
Acts of an Employee, as defined in this bond, are covered under Insuring
Agreement (A) only while the Employee is in the Insured's employ. Should
loss involving a former Employee of the Insured be discovered subsequent
to the termination of employment, coverage would still apply under
Insuring Agreement (A) if the direct proximate cause of the loss occurred
while the former Employee performed duties within the scope of
his/her employment.
THE FOREGOING INSURING AGREEMENTS AND GENERAL AGREEMENTS ARE SUBJECT TO
THE FOLLOWING CONDITIONS AND LIMITATIONS:
SECTION 1. DEFINITIONS
The following terms, as used in this bond have the respective meanings
stated in this Section:
(a) "Employee" means:
(1) any of the Insured's officers, partners, or employees, and
(2) any of the officers or employees of any predecessor of the Insured
whose principal assets are acquired by the Insured by consolidation or
merger with, or purchase of assets or capital stock of, such predecessor,
and
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

ICB005 Ed. 7-04 5 of 12
 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
(3) attorneys retained by the Insured to perform legal services for the
Insured and the employees of such attorneys while such attorneys or
employees of such attorneys are performing such services for the Insured,
and
(4) guest students pursuing their studies or duties in any of the
Insured's offices, and
(5) directors or trustees of the Insured, the investment advisor,




underwriter (distributor), transfer agent, or shareholder accounting
record keeper, or administrator authorized by written agreement to keep
financial and/or other required records, but only while performing acts
coming within the scope of the usual duties of an officer or employee or
while acting as a member of any committee duly elected or appointed to
examine or audit or have custody of or access to the Property of the
Insured, and
(6) any individual or individuals assigned to perform the usual duties of
an employee within the premises of the Insured, by contract, or by any
agency furnishing temporary personnel on a contingent or parttime
basis, and
(7) each natural person, partnership or corporation authorized by written
agreement with the Insured to perform services as electronic data
processor of checks or other accounting records of the Insured, but
excluding any such processor who acts as transfer agent or in any other
agency capacity in issuing checks, drafts or securities for the
Insured, unless included under sub-section (9) hereof, and
(8) those persons so designated in Section 15, Central Handling of
Securities, and
(9) any officer, partner, or Employee of:
(a) an investment advisor,
(b) an underwriter (distributor),
(c) a transfer agent or shareholder accounting record-keeper, or
(d) an administrator authorized by written agreement to keep financial
and/or other required records, for an Investment Company named as Insured
while performing acts coming within the scope of the usual duties of an
officer or Employee of any investment Company named as Insured herein,
or while acting as a member of any committee duly elected or appointed to
examine or audit or have custody of or access to the Property of any
such Investment Company, provided that only Employees or partners of a
transfer agent, shareholder accounting record-keeper or administrator
which is an affiliated person, as defined in the Investment Company Act
of 1940, of an Investment Company named as Insured or is an affiliated
person of the advisor, underwriter or administrator of such Investment
Company, and which is not a bank, shall be included within the definition
of Employee.
Each employer of temporary personnel or processors as set forth in sub-
sections (6) and (7) of Section 1(a) and their partners, officers and
employees shall collectively be deemed to be one person for all the
purposes of this bond, excepting, however, the last paragraph of Section
13.
Brokers, or other agents under contract or representatives of the same
general character shall not be considered Employees.
(b) "Property" means money (i.e. currency, coin, bank notes, Federal
Reserve notes), postage and revenue stamps, U.S. Savings Stamps, bullion,
precious metals of all kinds and in any form and articles made therefrom,
jewelry, watches, necklaces, bracelets, gems, precious and semi-precious
stones, bonds, securities, evidences of debts, debentures, scrip,
certificates, interim receipts, warrants, rights, puts, calls, straddles,
spreads, transfers, coupons, drafts, bills of exchange, acceptances,
notes, checks, withdrawal orders, money orders, warehouse receipts, bills
of lading, conditional sales contracts, abstracts of title, insurance
policies, deeds, mortgages under real estate and/or chattels and upon
interests therein, and assignments of such policies, mortgages and
instruments, and other valuable papers, including books of account and
other records used by the Insured in the conduct of its business, and all
other instruments similar to or in the nature of the foregoing including
Electronic Representations of such instruments enumerated above (but
excluding all data processing records) in which the Insured has an
interest or in which the Insured acquired or should have acquired an
interest by reason of a predecessor's declared financial condition at the
time of the Insured's consolidation or merger with, or purchase of the
principal assets of, such predecessor or which are held by the Insured




for any purpose or in any capacity and whether so held gratuitously or
not and whether or not the Insured is liable therefor.
(c) "Forgery" means the signing of the name of another with intent to
deceive; it does not
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

ICB005 Ed. 7-04 6 of 12
 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
include the signing of one's own name with or without authority, in any
capacity, for any purpose.
(d) "Larceny and Embezzlement" as it applies to any named Insured means
those acts as set forth in Section 37 of the Investment Company Act of
1940.
(e) "Items of Deposit" means any one or more checks and drafts. Items of
Deposit shall not be deemed uncollectible until the Insured's
collection procedures have failed.
SECTION 2. EXCLUSIONS THIS BOND, DOES NOT COVER:
(a) loss effected directly or indirectly by means of forgery or
alteration of, on or in any instrument, except when covered by Insuring
Agreement (A), (E), (F) or (G).
(b) loss due to riot or civil commotion outside the United States of
America and Canada; or
loss due to military, naval or usurped power, war or insurrection unless
such loss occurs in transit in the circumstances recited in Insuring
Agreement (D), and unless, when such transit was initiated, there was no
knowledge of such riot, civil commotion, military, naval or usurped
power, war or insurrection on the part of any person acting for the
Insured in initiating such transit.
(c) loss, in time of peace or war, directly or indirectly caused by or
resulting from the effects of nuclear fission or fusion or radioactivity;
provided, however, that this paragraph shall not apply to loss resulting
from industrial uses of nuclear energy.
(d) loss resulting from any wrongful act or acts of any person who is a
member of the Board of Directors of the Insured or a member of any
equivalent body by whatsoever name known unless such person is also an
Employee or an elected official, partial owner or partner of the Insured
in some other capacity, nor, in any event, loss resulting from the act or
acts of any person while acting in the capacity of a member of such Board
or equivalent body.
(e) loss resulting from the complete or partial non-payment of, or
default upon, any loan or transaction in the nature of, or amounting to,
a loan made by or obtained from the Insured or any of its partners,
directors or Employees, whether authorized or unauthorized and whether
procured in good faith or through trick, artifice fraud or false
pretenses, unless such loss is covered under Insuring Agreement (A), (E)
or (F).
(f) loss resulting from any violation by the Insured or by any Employee:
(1) of law regulating (a) the issuance, purchase or sale of securities,
(b) securities transactions upon Security Exchanges or over the counter
market, (c) Investment Companies, or (d) Investment Advisors, or
(2) of any rule or regulation made pursuant to any such law.
unless such loss, in the absence of such laws, rules or regulations,
would be covered under Insuring Agreements (A) or (E).
(g) loss of Property or loss of privileges through the misplacement or
loss of Property as set forth in Insuring Agreement (C) or (D) while
the Property is in the custody of any armored motor vehicle company,
unless such loss shall be in excess of the amount recovered or
received by the Insured under (a) the Insured's contract with said
armored motor vehicle company, (b) insurance carried by said armored
motor vehicle company for the benefit of users of its service, and (c)
all other insurance and indemnity in force in whatsoever form carried by
or for the benefit of users of said armored motor vehicle company's




service, and then this bond shall cover only such excess.
(h) potential income, including but not limited to interest and
dividends, not realized by the Insured because of a loss covered under
this bond, except as included under Insuring Agreement (I).
(i) all damages of any type for which the Insured is legally liable,
except direct compensatory damages arising from a loss covered under this
bond.
(j) loss through the surrender of Property away from an office of the
Insured as a result of a threat:
(1) to do bodily harm to any person, except loss of Property in transit
in the custody of any person acting as messenger provided that when such
transit was initiated there was no knowledge by the Insured of any such
threat, or
(2) to do damage to the premises or Property of the Insured, except when
covered under Insuring Agreement (A).
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

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(k) all costs, fees and other expenses incurred by the Insured in
establishing the existence of or amount of loss covered under this bond
unless such indemnity is provided for under Insuring Agreement (B).
(l) loss resulting from payments made or withdrawals from the account of
a customer of the Insured, shareholder or subscriber to shares involving
funds erroneously credited to such account, unless such payments are
made to or withdrawn by such depositors or representative of such person,
who is within the premises of the drawee bank of the Insured or within
the office of the Insured at the time of such payment or withdrawal or
unless such payment is covered under Insuring Agreement (A).
(m) any loss resulting from Uncollectible Items of Deposit which are
drawn from a financial institution outside the fifty states of the United
States of America, District of Columbia, and territories and possessions
of the United States of America, and Canada.
SECTION 3. ASSIGNMENT OF RIGHTS
This bond does not afford coverage in favor of any Employers of temporary
personnel or of processors as set forth in sub-sections (6) and (7) of
Section 1(a) of this bond, as aforesaid, and upon payment to the
Insured by the Underwriter on account of any loss through dishonest or
fraudulent act(s) including Larceny or Embezzlement committed by any of
the partners, officers or employees of such Employers, whether acting
alone or in collusion with others, an assignment of such of the Insured's
rights and causes of action as it may have against such Employers by
reason of such acts so committed shall, to the extent of such payment, be
given by the Insured to the Underwriter, and the Insured shall execute
all papers necessary to secure to the Underwriter the rights
herein provided for.
SECTION 4. LOSS - NOTICE - PROOF - LEGAL PROCEEDINGS
This bond is for the use and benefit only of the Insured named in the
Declarations and the Underwriter shall not be liable hereunder for loss
sustained by anyone other than the Insured unless the Insured, in its
sole discretion and at its option, shall include such loss in the
Insured's proof of loss.
At the earliest practicable moment after discovery of any loss hereunder
the Insured shall give the Underwriter written notice thereof and shall
also within six months after such discovery furnish to the Underwriter
affirmative proof of loss with full particulars. If claim is made under
this bond for loss of securities or shares, the Underwriter shall not be
liable unless each of such securities or shares is identified in such
proof of loss by a certificate or bond number or, where such securities
or shares are uncertificated, by such identification means as agreed
to by the Underwriter. The Underwriter shall have thirty days after
notice and proof of loss within which to investigate the claim, but where




the loss is clear and undisputed, settlement shall be made within
forty-eight hours; and this shall apply notwithstanding the loss is made
up wholly or in part of securities of which duplicates may be obtained.
Legal proceedings for recovery of any loss hereunder shall not be brought
prior to the expiration of sixty days after such proof of loss is filed
with the Underwriter nor after the expiration of twenty-four months from
the discovery of such loss, except that any action or proceedings to
recover hereunder on account of any judgment against the Insured in any
suit mentioned in General Agreement C or to recover attorneys' fees
paid in any such suit, shall be begun within twentyfour months from the
date upon which the judgment in such suit shall become final. If any
limitation embodied in this bond is prohibited by any law controlling the
construction hereof, such limitation shall be deemed to be amended so as
to be equal to the minimum period of limitation permitted by such law.
Discovery occurs when the Insured:
(a) becomes aware of facts, or
(b) receives written notice of an actual or potential claim by a third
party which alleges that the Insured is liable under circumstances,
which would cause a reasonable person to assume that a loss covered by
the bond has been or will be incurred even though the exact amount or
details of loss may not be then known.
SECTION 5. VALUATION OF PROPERTY
The value of any Property, except books of accounts or other records used
by the Insured in the conduct of its business, for the loss of which a
claim shall be made hereunder, shall be determined by the average
market value of such Property on the business day next preceding the
discovery of such loss; provided, however, that the value of any Property
replaced by the Insured prior to the payment of claim therefor shall be
the actual market value at the time of replacement; and further provided
that in case of a loss or misplacement of interim certificates, warrants,
rights, or other securities, the production of which is necessary to the
exercise of subscription, conversion, redemption or deposit privileges,
the value thereof shall be the market value of such privileges
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

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immediately preceding the expiration thereof if said loss or misplacement
is not discovered until after their expiration. If no market price is
quoted for such Property or for such privileges, the value shall
be fixed by agreement between the parties or by arbitration.
In case of any loss or damage to Property consisting of books of accounts
or other records used by the Insured in the conduct of its business, the
Underwriter shall be liable under this bond only if such books or records
are actually reproduced and then for not more than the cost of blank
books, blank pages or other materials plus the cost of labor for the
actual transcription or copying of data which shall have been furnished
by the Insured in order to reproduce such books and other records.
SECTION 6. VALUATION OF PREMISES AND FURNISHINGS
In case of damage to any office of the Insured, or loss of or damage to
the furnishings, fixtures, stationery, supplies, equipment, safes or
vaults therein, the Underwriter shall not be liable for more than the
actual cash value thereof, or for more than the actual cost of their
replacement or repair. The Underwriter may, at its election, pay such
actual cash value or make such replacement or repair. If the underwriter
and the Insured cannot agree upon such cash value or such cost of
replacement or repair, such shall be determined by arbitration.
SECTION 7. LOST SECURITIES
If the Insured shall sustain a loss of securities the total value of
which is in excess of the limit stated in Item 3 of the Declarations of
this bond, the liability of the Underwriter shall be limited to payment
for, or duplication of, securities having value equal to the limit stated




in Item 3 of the Declarations of this bond.
If the Underwriter shall make payment to the Insured for any loss of
securities, the Insured shall thereupon assign to the Underwriter all of
the Insured's rights, title and interest in and to said securities.
With respect to securities the value of which do not exceed the
Deductible Amount (at the time of the discovery of the loss) and for
which the Underwriter may at its sole discretion and option and at the
request of the Insured issue a Lost Instrument Bond or Bonds to effect
replacement thereof, the Insured will pay the usual premium charged
therefor and will indemnify the Underwriter against all loss or expense
that the Underwriter may sustain because of the issuance of such Lost
Instrument Bond or Bonds.
With respect to securities the value of which exceeds the Deductible
Amount (at the time of discovery of the loss) and for which the
Underwriter may issue or arrange for the issuance of a Lost Instrument
Bond or Bonds to effect replacement thereof, the Insured agrees that it
will pay as premium therefor a proportion of the usual premium charged
therefor, said proportion being equal to the percentage that the
Deductible Amount bears to the value of the securities upon discovery of
the loss, and that it will indemnify the issuer of said Lost Instrument
Bond or Bonds against all loss and expense that is not recoverable from
the Underwriter under the terms and conditions of this Investment Company
Blanket Bond subject to the Limit of Liability hereunder.
SECTION 8. SALVAGE
in case of recovery, whether made by the Insured or by the Underwriter,
on account of any loss in excess of the Limit of Liability hereunder plus
the Deductible Amount applicable to such loss, from any source other than
suretyship, insurance, reinsurance, security or indemnity taken by or for
the benefit of the Underwriter, the net amount of such recovery,
less the actual costs and expenses of making same, shall be applied to
reimburse the Insured in full for the excess portion of such loss, and
the remainder, if any, shall be paid first in reimbursement of the
Underwriter and thereafter in reimbursement of the Insured for that part
of such loss within the Deductible Amount. The Insured shall execute all
necessary papers to secure to the Underwriter the rights provided for
herein.
SECTION 9. NON-REDUCTION AND NONACCUMULATION OF LIABILITY AND TOTAL
LIABILITY
At all times prior to termination hereof, this bond shall continue in
force for the limit stated in the applicable sections of Item 3 of the
Declarations of this bond notwithstanding any previous loss for which
the Underwriter may have paid or be liable to pay hereunder; PROVIDED,
however, that regardless of the number of years this bond shall continue
in force and the number or premiums which shall be payable or paid, the
liability of the Underwriter under this bond with respect to all loss
resulting from:
(a) any one act of burglary, robbery or holdup, or attempt thereat, in
which no Partner or Employee is concerned or implicated shall be
deemed to be one loss, or
(b) any one unintentional or negligent act on the part of any other
person resulting in damage to or destruction or misplacement of
Property, shall be deemed to be one loss, or
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

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(c) all wrongful acts, other than those specified in (a) above, of any
one person shall be deemed to be one loss, or
(d) all wrongful acts, other than those specified in (a) above, of one or
more persons (which dishonest act(s) or act(s) of Larceny or Embezzlement
include, but are not limited to, the failure of an Employee to report
such acts of others) whose dishonest act or acts intentionally or




unintentionally, knowingly or unknowingly, directly or indirectly, aid or
aids in any way, or permits the continuation of, the dishonest act or
acts of any other person or persons shall be deemed to be one
loss with the act or acts of the persons aided,
or
(e) any one casualty or event other than those specified in (a), (b), (c)
or (d) preceding, shall be deemed to be one loss, and shall be limited to
the applicable Limit of Liability stated in Item 3 of the Declarations of
this bond irrespective of the total amount of such loss or losses
and shall not be cumulative in amounts from year to year or from period
to period. Sub-section (c) is not applicable to any situation to
which the language of sub-section (d) applies.
SECTION 10. LIMIT OF LIABILITY
With respect to any loss set forth in the PROVIDED clause of Section 9 of
this bond which is recoverable or recovered in whole or in part under any
other bonds or policies issued by the Underwriter to the Insured or to
any predecessor in interest of the Insured and terminated or cancelled or
allowed to expire and in which the period of discovery has not expired at
the time any such loss thereunder is discovered, the total liability of
the Underwriter under this bond and under other bonds or policies
shall not exceed, in the aggregate, the amount carried hereunder on such
loss or the amount available to the Insured under such other bonds or
policies, as limited by the terms and conditions thereof, for any
such loss if the latter amount be the larger.
SECTION 11. OTHER INSURANCE
If the Insured shall hold, as indemnity against any loss covered
hereunder, any valid and enforceable insurance or suretyship, the
Underwriter shall be liable hereunder only for such amount of such loss
which is in excess of the amount of such other insurance or suretyship,
not exceeding, however, the Limit of Liability of this bond applicable to
such loss.
SECTION 12. DEDUCTIBLE
The Underwriter shall not be liable under any of the Insuring Agreements
of this bond on account of loss as specified, respectively, in sub-
sections (a), (b), (c), (d) and (e) of Section 9, NON-REDUCTION AND
NON- ACCUMULATION OF LIABILITY AND TOTAL LIABILITY, unless the amount of
such loss, after deducting the net amount of all reimbursement
and/or recovery obtained or made by the Insured, other than from any bond
or policy of insurance issued by an insurance company and covering such
loss, or by the Underwriter on account thereof prior to payment by the
Underwriter of such loss, shall exceed the Deductible Amount set forth in
Item 3 of the Declarations hereof (herein called Deductible Amount), and
then for such excess only, but in no event for more than the applicable
Limit of Liability stated in Item 3 of the Declarations.
The Insured will bear, in addition to the Deductible Amount, premiums on
Lost Instrument Bonds as set forth in Section 7.
There shall be no deductible applicable to any loss under Insuring
Agreement A sustained by any Investment 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
60 days after the receipt of such written notice by each Investment
Company named as Insured and the Securities and Exchange Commission,
Washington, D.C. The Insured may terminate this bond as an entirety by
furnishing written notice to the Underwriter. When the Insured cancels,
the Insured shall furnish written notice to the Securities and
Exchange Commission, Washington, D.C., prior to 60 days before the
effective date of the termination. The Underwriter shall notify all other
Investment Companies named as Insured of the receipt of such termination
notice and the termination cannot be effective prior to 60 days after
receipt of written notice by all other Investment Companies.
Premiums are earned until the termination date as set forth herein.
This Bond will terminate as to any one Insured immediately upon taking




over of such Insured by a receiver or other liquidator or by State or
Federal officials, or immediately upon the filing of a petition
under any State or Federal statute relative to bankruptcy or
reorganization of the Insured, or assignment for the benefit of creditors
of the Insured, or immediately upon such Insured ceasing to exist,
whether through merger into another entity, or by disposition of all of
its assets.
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

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The Underwriter shall refund the unearned premium computed at short rates
in accordance with the standard short rate cancellation tables if
terminated by the Insured or pro rata if terminated for any other
reason.
This Bond shall terminate:
(a) as to any Employee as soon as any partner, officer or supervisory
Employee of the Insured, who is not in collusion with such Employee,
shall learn of any dishonest or fraudulent act(s), including Larceny or
Embezzlement on the part of such Employee without prejudice to the loss
of any Property then in transit in the custody of such Employee (see
Section 16(d)), or
(b) as to any Employee 60 days after receipt by each Insured and by the
Securities and Exchange Commission of a written notice from the
Underwriter of its desire to terminate this bond as to such Employee, or
(c) as to any person, who is a partner, officer or employee of any
Electronic Data Processor covered under this bond, from and after the
time that the Insured or any partner or officer thereof not in collusion
with such person shall have knowledge or information that such person has
committed any dishonest or fraudulent act(s), including Larceny or
Embezzlement in the service of the Insured or otherwise, whether such act
be committed before or after the time this bond is effective.
SECTION 14. RIGHTS AFTER TERMINATION OR CANCELLATION
At any time prior to the termination or cancellation of this bond as an
entirety, whether by the Insured or the Underwrite, the Insured may give
the Underwriter notice that it desires under this bond an additional
period of 12 months within which to discover loss sustained by the
Insured prior to the effective date of such termination or cancellation
and shall pay an additional premium therefor.
Upon receipt of such notice from the Insured, the Underwriter shall give
its written consent thereto; provided, however, that such additional
period of time shall terminate immediately:
(a) on the effective date of any other insurance obtained by the Insured,
its successor in business or any other party, replacing in whole or in
part the insurance afforded by this bond, whether or not such other
insurance provides coverage for loss sustained prior to its effective
date, or
(b) upon takeover of the Insured's business by any State or Federal
official or agency, or by any receiver or liquidator, acting or
appointed for this purpose without the necessity of the Underwriter
giving notice of such termination. In the event that such
additional period of time is terminated, as provided above, the
Underwriter shall refund any unearned premium.
The right to purchase such additional period for the discovery of loss
may not be exercised by any State or Federal official or agency, or by a
receiver or liquidator, acting or appointed to take over the
Insured's business for the operation or for the liquidation thereof or
for any purpose.
SECTION 15. CENTRAL HANDLING OF SECURITIES
Securities included in the system for the central handling of securities
established and maintained by Depository Trust Company, Midwest
Depository Trust Company, Pacific Securities Depository Trust




Company, and Philadelphia Depository Trust Company, hereinafter called
Corporations, to the extent of the Insured's interest therein as effected
by the making of appropriate entries on the books and records of 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 of the New York Stock
Exchange, Boston Stock Exchange, Midwest Stock Exchange, Pacific Stock
Exchange and Philadelphia Stock Exchange, hereinafter called Exchanges,
and of the above named Corporations, and of any nominee in whose name is
registered any security included within the systems for the central
handling of securities established and maintained by such Corporations,
and any employee or any recognized service company, while such officers,
partners, clerks and other employees and employees of service companies
perform services for such Corporations in the operation of such systems.
For the purpose of the above definition a recognized service company
shall be any company providing clerks or other personnel to the said
Exchanges or Corporations on a contract basis.
The Underwriter shall not be liable on account of any loss(es) in
connection with the central handling of securities within the systems
established and maintained by such Corporations, unless such loss(es)
shall be in excess of the amount(s) recoverable or recovered under any
bond or policy of insurance indemnifying such Corporations against such
loss(es), and then the Underwriter shall be liable hereunder
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

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only for the Insured's share of such excess loss(es), but in no event for
more than the Limit of Liability applicable hereunder.
For the purpose of determining the Insured's share of excess loss(es) it
shall be deemed that the Insured has an interest in any certificate
representing any security included within such systems equivalent to the
interest the Insured then has in all certificates representing the same
security included within such systems and that such Corporations shall
use their best judgment in apportioning the amount(s) recoverable or
recovered under any bond or policy of insurance indemnifying such
Corporations against such loss(es) in connection with the central
handling of securities within such systems among all those having an
interest as recorded by appropriate entries in the books and records of
such Corporations in Property involved in such loss(es) on the basis that
each such interest shall share in the amount(s) so recoverable or
recovered in the ratio that the value of each such interest bears to the
total value all such interests and that the Insured's share of such
excess loss(es) shall be the amount of the Insured's interest
in such Property in excess of the amount(s) so apportioned to the Insured
by such Corporations. This bond does not afford coverage in favor of such
Corporations or Exchanges or any nominee in whose name is registered any
security included within the systems for the central handling of
securities established and maintained by such Corporations, and upon
payment to the Insured by the Underwriter on account of any loss(es)
within the systems, an assignment of such of the Insured's rights and
causes of action as it may have against such Corporations or Exchanges
shall to the extent of such payment, be given by the Insured to the
Underwriter, and the Insured shall execute all papers necessary to secure
the Underwriter the rights provided for herein.
SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED
If more than one corporation, co-partnership or person or any combination
of them be included as the Insured herein:
(a) the total liability of the Underwriter hereunder for loss or losses
sustained by any one or more or all of them shall not exceed the limit
for which the Underwriter would be liable hereunder if all such loss were
sustained by any one of them;




(b) the one first named herein shall be deemed authorized to make, adjust
and receive and enforce payment of all claims hereunder and shall be
deemed to be the agent of the others for such purposes and for the giving
or receiving of any notice required or permitted to be given by the terms
hereof, provided that the Underwriter shall furnish each named Investment
Company with a copy of the bond and with any amendment thereto,
together with a copy of each formal filing of the settlement of each such
claim prior to the execution of such settlement;
(c) the Underwriter shall not be responsible for the proper application
of any payment made hereunder to said first named Insured;
(d) knowledge possessed or discovery made by any partner, officer of
supervisory Employee of any Insured shall for the purposes of Section 4
and Section 13 of this bond constitute knowledge or discovery by all the
Insured; and
(e) if the first named Insured ceases for any reason to be covered under
this bond, then the Insured next named shall thereafter be considered as
the first, named Insured for the purposes of this bond.
SECTION 17. NOTICE AND CHANGE OF CONTROL
Upon the Insured obtaining knowledge of a transfer of its outstanding
voting securities which results in a change in control (as set forth in
Section 2(a) (9) of the Investment Company Act of 1940) of the Insured,
the Insured shall within thirty (30) days of such knowledge give written
notice to the Underwriter setting forth:
(a) the names of the transferors and transferees (or the names of the
beneficial owners if the voting securities are requested in another
name), and
(b) 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
(c) the total number of outstanding voting securities.
As used in this section, control means the power to exercise a
controlling influence over the management or policies of the Insured.
Failing to give the required notice shall result in termination of
coverage of this bond, effective upon the date of stock transfer for any
loss in which any transferee is concerned or implicated.
Such notice is not required to be given in the case of an Insured which
is an Investment Company.
SECTION 18. CHANGE OR MODIFICATION
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

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This bond or any instrument amending or effecting same may not be changed
or modified orally. No changes in or modification thereof shall be
effective unless made by written endorsement issued to form a
part hereof over the signature of the Underwriter's Authorized
Representative. When a bond covers only one Investment Company no change
or modification which would adversely affect the rights of the
Investment Company shall be effective prior to 60 days after written
notification has been furnished to the Securities and Exchange
Commission, Washington, D.C., by the Insured or 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 60 days prior to the effective date of any change or modification
which would adversely affect the rights of such Investment Company.
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

ICB011 Ed. 7-04 Page 1 of 2
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ENDORSEMENT OR RIDER NO.




THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
ATTACHED TO AND FORMING
PART OF BOND OR POLICY NO. 490PB1266
DATE ENDORSEMENT OR
RIDER EXECUTED 03/29/07
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY 09/01/06
* ISSUED TO
AIG SunAmerica Family of Funds
Computer Systems
It is agreed that:
1. The attached bond is amended by adding an additional Insuring
Agreement as follows:
INSURING AGREEMENT J COMPUTER SYSTEMS
Loss resulting directly from a fraudulent
(1) entry of data into, or
(2) change of data elements or program within a Computer System listed in
the SCHEDULE below, provided the fraudulent entry or change causes
(a) Property to be transferred, paid or delivered,
(b) an account of the Insured, or of its customer, to be added, deleted,
debited or credited, or
(c) an unauthorized account or a fictitious account to be debited or
credited, and provided further, the fraudulent entry or change is made or
caused by an individual acting with the manifest intent to
(i) cause the Insured to sustain a loss, and
(ii) obtain financial benefit for that individual or for other persons
intended by that individual to receive financial benefit.
SCHEDULE
All systems utilized by the Insured
2. As used in this Rider, Computer System means
(a) computers with related peripheral components, including storage
components, wherever located,
(b) systems and applications software,
(c) terminal devices, and
(d) related communication networks by which data are electronically
collected, transmitted, processed, stored and retrieved.
3. In addition to the exclusions in the attached bond, the following
exclusions are applicable to this Insuring Agreement:
(a) loss resulting directly or indirectly from the theft of confidential
information, material or data; and
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

ICB011 Ed. 7-04 Page 2 of 2
 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
(b) loss resulting directly or indirectly from entries or changes made by
an individual authorized to have access to a Computer System who acts in
good faith on instructions, unless such instructions are given
to that individual by a software contractor (or by a partner, officer or
employee thereof) authorized by the Insured to design, develop, prepare,
supply, service, write or implement programs for the Insured's
Computer System.
4. The following portions of the attached bond are not applicable to this
Rider:
(a) the portion preceding the Insuring Agreements which reads "at any
time but discovered during the Bond Period";
(b) Section 9 NONREDUCTION AND NON-ACCUMULATION OF LIABILITY of the
Conditions and Limitations; and
(c) Section 10 LIMIT OF LIABILITY of the Conditions and Limitations.




5. The coverage afforded by this Rider applies only to loss discovered by
the Insured during the period this Rider is in force.
6. All loss or series of losses involving the fraudulent activity of one
individual, or involving fraudulent activity, in which one individual is
implicated, whether or not that individual is specifically identified,
shall be treated as one loss. A series of losses involving unidentified
individuals but arising from the same method of operation may be deemed
by the Underwriter to involve the same individual and in that event shall
be treated as one loss.
7. The Limit of Liability for the coverage provided by this Rider shall
be Twenty One Million, Nine Hundred and Fifty Thousand Dollars
($21,950,000 ), it being understood, however, that such liability shall
be a part of and not in addition to the Limit of Liability stated in Item
3 of the Declarations of the attached bond or any amendment thereof.
8. The Underwriter shall be liable hereunder for the amount by which one
loss exceeds the Deductible Amount applicable to the attached bond, but
not in excess of the Limit of Liability stated above.
9. If any loss is covered under this Insuring Agreement and any other
Insuring Agreement or Coverage, the maximum amount payable for such loss
shall not exceed the largest amount available under any one Insuring
Agreement or Coverage.
10. Coverage under this Rider shall terminate upon termination or
cancellation of the bond to which this Rider is attached. Coverage under
this Rider may also be terminated or canceled without canceling the bond
as an entirety
(a) 60 days after receipt by the Insured of written notice from the
Underwriter of its desire to terminate or cancel coverage under this
Rider, or
(b) immediately upon receipt by the Underwriter of a written request from
the Insured to terminate or cancel coverage under this Rider.
The Underwriter shall refund to the Insured the unearned premium for the
coverage under this Rider. The refund shall be computed at short rates if
this Rider be terminated or canceled or reduced by notice from, or at
the instance of, the Insured.
Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or limitations of
the above mentioned Bond or Policy, other than as above stated.
By
Authorized Representative
INSURED
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

ICB012 Ed. 7-04
 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have
the same inception date.
ATTACHED TO AND FORMING
PART OF BOND OR POLICY NO. 490PB1266
DATE ENDORSEMENT OR
RIDER EXECUTED 03/29/07
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY 09/01/06
* ISSUED TO
AIG SunAmerica Family of Funds
Unauthorized Signatures
It is agreed that:
1. The attached bond is amended by inserting an additional Insuring
Agreement as follows:




INSURING AGREEMENT K UNAUTHORIZED SIGNATURE
(A) Loss resulting directly from the Insured having accepted, paid or
cashed any check or withdrawal order, draft, made or drawn on a
customer's account which bears the signature or endorsement of one other
than a person whose name and signature is on the application on file with
the Insured as a signatory on such account.
(B) It shall be a condition precedent to the Insured's right of recovery
under this Rider that the Insured shall have on file signatures of all
persons who are authorized signatories on such account.
2. The total liability of the Underwriter under Insuring Agreement K is
limited to the sum of Fifty Thousand Dollars ($50,000  ), it
being understood, however, that such liability shall be part of and not
in addition to the Limit of Liability stated in Item 3 of the
Declarations of the attached bond or amendment thereof.
3. With respect to coverage afforded under this Rider, the Deductible
Amount shall be Two Thousand Five Hundred Dollars ($2,500  ).
Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or limitations of
the above mentioned Bond or Policy, other than as above stated.
By
Authorized Representative
INSURED
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

ICB014 Ed. 7-04 Page 1 of 2
 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have
the same inception date.
ATTACHED TO AND FORMING
PART OF BOND OR POLICY NO. 490PB1266
DATE ENDORSEMENT OR
RIDER EXECUTED 03/29/07
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY 09/01/06
* ISSUED TO
AIG SunAmerica Family of Funds
Voice Initiated Transactions
It is agreed that:
1. The attached bond is amended by inserting an additional Insuring
Agreement as follows:
INSURING AGREEMENT M - VOICE-INITIATED TRANSACTIONS
Loss caused by a Voice-initiated Transaction, where the request for such
Voice-initiated Transaction is unauthorized or fraudulent and is made
with the manifest intent to deceive; provided, that the entity which
receives such request generally maintains and follows during the Bond
Period all Designated Procedures with respect to Voice-initiated
Redemptions and the Designated Procedures described in paragraph 2f (1)
and (3) of this Rider with respect to all other Voice-initiated
Transactions. The isolated failure of such entity to maintain
and follow a particular Designated Procedure in a particular instance
will not preclude coverage under this Insuring Agreement, subject to the
specific exclusions herein and in the Bond.
2. Definitions. The following terms used in this Insuring Agreement shall
have the following meanings:
a. "Voice-initiated Transaction" means any Voice-initiated Redemption,
Voice-initiated Election, Voice-initiated Exchange, or Voice-initiated
Purchase.
b. "Voice-initiated Redemption" means any redemption of shares issued by




an Investment Company which is requested by voice over the telephone.
c. "Voice-initiated Election" means any election concerning dividend
options available to Fund shareholders which is requested by voice over
the telephone.
d. "Voice-initiated Exchange" means any exchange of shares in a
registered account of one Fund into shares in an identically registered
account of another Fund in the same complex pursuant to exchange
privileges of the two Funds, which exchange is requested by voice over
the telephone.
e. "Voice-initiated Purchase" means any purchase of shares issued by an
Investment Company which is requested by voice over the telephone.
f. "Designated Procedures" means the following procedures:
(1) Recordings: All Voice-initiated Transaction requests shall be
recorded, and the recordings shall be retained for at least six (6)
months. Information contained on the recordings shall be capable of being
retrieved and produced within a reasonable time after retrieval of
specific information is requested, at a success rate of no less than 85%.
(2) Identity Test: The identity of the caller in any request for a Voice-
initiated Redemption shall be tested before executing that Voice-
initiated Redemption, either by requesting the caller to state a unique
identification number or to furnish key specific account information.
(3) Written Confirmation: A written confirmation of each Voice-initiated
Transaction and of each change of the record address of a Fund
shareholder requested by voice over the telephone shall be mailed to the
shareholder(s) to whose account such Voice-initiated Transaction or
change of address relates, at the original record address (and, in the
case of such change of address, at the changed record address) by
the end of the Insured's next regular processing cycle, but no later than
five (5) business days following such Voice-initiated Transaction or
change of address.
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

ICB014 Ed. 7-04 Page 2 of 2
 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
g. "Investment Company" or "Fund" means an investment company registered
under the Investment
Company Act of 1940.
h. "Officially Designated" means or refers to a written designation
signed by a shareholder of record of a
Fund, either in such shareholder's initial application for the purchase
of Fund shares, with or without a
Signature Guarantee, or in another document with a Signature Guarantee.
i. "Signature Guarantee" means a written guarantee of a signature, which
guarantee is made by a financial or
banking institution whose deposits are insured by the Federal Deposit
Insurance Corporation or by a
broker which is a member of any national securities exchange registered
under the Securities Exchange Act
of 1934.
3. Exclusions. It is further understood and agreed that this Insuring
Agreement shall not cover:
a. Any loss covered under Insuring Agreement A, "Fidelity, " of this
Bond; and
b. Any loss resulting from:
(1) Any Voice-initiated Redemption, where the proceeds of such redemption
were requested to be paid or made payable to other than (a) the
shareholder of record, or (b) a person Officially Designated to
receive redemption proceeds, or (c) a bank account Officially Designated
to receive redemption proceeds; or
(2) Any Voice-initiated Redemption of Fund shares which had been
improperly credited to a shareholder's account, where such shareholder
(a) did not cause, directly or indirectly, such shares to be credited to




such account, and (b) directly or indirectly received any proceeds or
other benefit from such redemption; or
(3) Any Voice-initiated Redemption from any account, where the proceeds
of such redemption were requested to be sent (a) to any address other
than the record address for such account, or (b) to a
record address for such account which was either (i) designated over the
telephone fewer than thirty (30) days prior to such redemption, or (ii)
designated in writing less than on (1) day prior to such
redemption; or
(4) The intentional failure to adhere to one or more Designated
Procedures; or
(5) The failure to pay for shares attempted to be purchased; or
(6) Any Voice-initiated Transaction requested by voice over the telephone
and received by an automated system which receives and converts such
request to executable instructions.
4. The total liability of the Underwriter under Insuring Agreement M
is limited to the sum of Twenty One Million Nine Hundred Fifty Thousand
Dollars ($21,950,000 ), it being understood, however, that such liability
shall be part of and not in addition to the Limit of Liability
stated in Item 3 of the Declarations of the attached bond or amendment
thereof.
5. With respect to coverage afforded under this Rider the applicable
Deductible Amount is Fifty Thousand Dollars ($50,000  ).
Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or limitations of
the above mentioned Bond or Policy, other than as above stated.
By
Authorized Representative
INSURED
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

ICB015 Ed. 7-04
 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have
the same inception date.
ATTACHED TO AND FORMING
PART OF BOND OR POLICY NO. 490PB1266
DATE ENDORSEMENT OR
RIDER EXECUTED 03/29/07
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY 09/01/06
* ISSUED TO
AIG SunAmerica Family of Funds
Amend Definition of Employee (Exclude EDP Coverage for Computer Software
or Programs)
It is agreed that:
1. Sub-section 7 of Section 1(a) in the Definition of Employee, is
deleted and replaced by the following:
(7) "each natural person, partnership or corporation authorized by
written agreement with the Insured to perform services as electronic data
processor of checks or other accounting records of the Insured (does not
include the creating, preparing, modifying or maintaining the Insured's
computer software or programs), but excluding any such processor who acts
as transfer agent or in any other agency capacity in issuing checks,
drafts or securities for the Insured, unless included under sub-
section (9) hereof, and"
Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or limitations of




the above mentioned Bond or Policy, other than as above stated.
By
Authorized Representative
INSURED
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

ICB016 Ed. 7-04
 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have
the same inception date.
ATTACHED TO AND FORMING
PART OF BOND OR POLICY NO. 490PB1266
DATE ENDORSEMENT OR
RIDER EXECUTED 03/29/07
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY 09/01/06
* ISSUED TO
AIG SunAmerica Family of Funds
Definition of Investment Company
It is agreed that:
1. Section 1, Definitions, under General Agreements is amended to include
the following paragraph:
(f) Investment Company means an investment company registered under the
Investment Company Act of 1940 and as listed under the names of Insureds
on the Declarations.
Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or limitations of
the above mentioned Bond or Policy, other than as above stated.
By
Authorized Representative
INSURED
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

ICB020 Ed. 7-04
 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have
the same inception date.
ATTACHED TO AND FORMING
PART OF BOND OR POLICY NO. 490PB1266
DATE ENDORSEMENT OR
RIDER EXECUTED 03/29/07
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY 09/01/06
* ISSUED TO
AIG SunAmerica Family of Funds
Amend Insuring Agreement F (Stamp / Medallion)
It is agreed that:
1. Paragraph (2) of Insuring Agreement F - SECURITIES, is deleted in its
entirety, and the following is substituted in lieu thereof:
(2) through the Insured's having, in good faith and in the course of
business, guaranteed in writing or witnessed any signatures, whether for
valuable consideration or not and whether or not such guaranteeing
or witnessing is ultra vires the Insured, upon any transfers,




assignments, bills of sale, powers of attorney, guarantees, endorsements
or other obligations upon or in connection with any securities, documents
or other written instruments and which pass or purport to pass title to
such securities, documents or other written instruments; or purportedly
guaranteed in writing or witnessed any signatures on any transfers,
assignments, bills of sale, powers of attorney, guarantees, endorsements
or other obligations upon or in connection with any securities, documents
or other written instruments and which pass or purport to pass
title to such securities, documents or other written instruments, which
purported guarantee was effected by the unauthorized use of a stamp or
medallion of or belonging to the Insured, which was lost, stolen or
counterfeited and for which loss the Insured is legally liable; excluding
losses caused by Forgery or alteration of, on or in those instruments
covered under Insuring Agreement (E) of the attached Bond.
Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or limitations of
the above mentioned Bond or Policy, other than as above stated.
By
Authorized Representative
INSURED
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

ICB026 Ed. 7-04
 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have
the same inception date.
ATTACHED TO AND FORMING
PART OF BOND OR POLICY NO. 490PB1266
DATE ENDORSEMENT OR
RIDER EXECUTED 03/29/07
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY 09/01/06
* ISSUED TO
AIG SunAmerica Family of Funds
Add Exclusions (n) & (o)
It is agreed that:
1. Section 2, Exclusions, under General Agreements, is amended to include
the following sub-sections:
(n) loss from the use of credit, debit, charge, access, convenience,
identification, cash management or other cards, whether such cards were
issued or purport to have been issued by the Insured or by anyone else,
unless such loss is otherwise covered under Insuring Agreement A.
(o) the underwriter shall not be liable under the attached bond for loss
due to liability imposed upon the Insured as a result of the unlawful
disclosure of non-public material information by the Insured or any
Employee, or as a result of any Employee acting upon such information,
whether authorized or unauthorized.
Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or limitations of
the above mentioned Bond or Policy, other than as above stated.
By
Authorized Representative
INSURED
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
The following spaces preceded by an (*) need not be completed if this




endorsement or rider and the Bond or Policy have the same inception date.
ATTACHED TO AND FORMING
PART OF BOND OR POLICY NO. 490PB1266
DATE ENDORSEMENT OR
RIDER EXECUTED 03/29/07
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. LOCAL TIME AS
SPECIFIED IN THE BOND OR POLICY 09/01/06
* ISSUED TO
AIG SunAmerica Family of Funds
AMEND INSURING AGREEMENT A - FIDELITY
MEL1881 Ed. 10-04 - For use with ICB005 Ed. 7-04
It is agreed that:
1. Sub sections (a) and (b) of the Insuring Agreement A (Fidelity) is
amended to read:
(a) to cause the Insured to sustain such loss; or
(b) to obtain financial benefit for the Employee, or for any other person
or organization intended by the Employee to receive such benefits, other
than salaries, commissions, bonuses, promotions, awards, profit sharing,
pension or other employed benefits earned in the normal cause of
employment.
Notwithstanding the foregoing, benefit for the Employee, or for any other
person or organization intended by the Employee to receive such benefits,
other than salaries, commissions, bonuses, promotions, awards, profit
sharing, pension or other employed benefits earned in the normal
cause of employment.
However, where the proceeds of a fraud perpetrated by an Employee arising
from Loans and/or Trading are actually received by persons with whom the
Employee was acting in collusion, but said Employee fails to derive a
financial benefit therefrom, such a loss will nevertheless be covered
hereunder as if the Employee had obtained such benefit provided the
Insured establishes that the Employee intended to participate therein.
As used throughout this Insuring Agreement, financial benefit does not
include any employee benefits earned in the normal course of employment,
including: salaries, commissions, fees, bonuses, promotions, awards,
profit sharing or pensions.
Notwithstanding the foregoing, it is agreed that in determining the
amount of any loss payable under this Bond, the Insured may include
payments to include payments to individual Employees which are bonuses,
commission, or profit sharing as part of such loss provided that such
payments have been solely as the result of the Employee committing a
dishonest or fraudulent act.
The term "Loan" as used in this Insuring Agreement shall be deemed to
mean all extensions of credit by the Insured and all transactions
creating a creditor relationship in favor of the Insured and all
transactions by which the Insured assumes an existing creditor
relationship.
The term "Trading" as used in this Insuring Agreement shall be deemed to
mean trading or other dealings in securities, commodities, futures,
options, foreign funds, currencies, foreign exchange and the like.
Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or limitations of
the above mentioned Bond or Policy, other than as above stated.
By
Authorized Representative
INSURED
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

2005 The St. Paul Travelers Companies, Inc. All Rights Reserved
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
ATTACHED TO AND FORMING




PART OF BOND OR POLICY NO. 490PB1266
DATE ENDORSEMENT OR
RIDER EXECUTED 03/29/07
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. LOCAL TIME AS
SPECIFIED IN THE BOND OR POLICY 09/01/06
* ISSUED TO
AIG SunAmerica Family of Funds
AMEND SECTION 4. - LOSS - NOTICE - PROOF - LEGAL PROCEEDINGS -
DESIGNATE PERSONS FOR DISCOVERY OF LOSS
MEL2555 Ed. 3-05 - For use with ICB005 Ed. 7-04
It is agreed that:
Section 4. - Loss - Notice - Proof - Legal Proceedings of the attached
bond is amended by deleting the second subparagraph
and replacing it with the following:
Discovery occurs when the Risk Management Department of the Insured:
(a) first becomes aware of facts, or
(b) receives written notice of an actual or potential claim by a third
party which alleges that the Insured is liable under circumstances,
which would cause a reasonable person to assume that a loss of a type
covered under this bond has been or will be incurred regardless of when
the act or acts causing or contributing to such loss occurred, even
though the exact amount or details of loss may not be then known.
Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or limitations of
the above mentioned Bond or Policy, other than as above stated.
By
Authorized Representative
INSURED
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss

The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
ATTACHED TO AND FORMING
PART OF BOND OR POLICY NO. 490PB1266
DATE ENDORSEMENT OR
RIDER EXECUTED 03/29/07
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. LOCAL TIME AS
SPECIFIED IN THE BOND OR POLICY 09/01/06
* ISSUED TO
AIG SunAmerica Family of Funds
2005 The St. Paul Travelers Companies, Inc. All Rights Reserved
AMEND SECTION 13. - TERMINATION AS TO ANY EMPLOYEE
MEL3274 Ed. 7-05
For use with ICB005 Ed. 7-04
It is agreed that:
1. Sub-sections (a), (b) & (c) of Section 13. TERMINATION under
CONDITIONS AND LIMITATIONS, are
deleted in their entirety, and the following is substituted in lieu
thereof:
Upon the detection by any Insured that such Employee has committed any
dishonest or fraudulent act(s) or theft, the Insured shall immediately
remove such Employee from a position that may enable such
Employee to cause the Insured to suffer a loss by any subsequent
dishonest or fraudulent act(s) or theft.
The Insured, within forty-eight (48) hours of such detection, shall
notify the Underwriter with full and complete particulars of the detected
dishonest or fraudulent act(s) or theft, or
For purposes of this section, detection occurs when any partner, officer,
or supervisory Employee of any Insured, who is not in collusion with such
(detected) Employee, becomes aware that the (detected)




Employee has committed any dishonest or fraudulent act(s) or theft.
This Bond shall terminate as to any Employee by written notice to each
Insured and to the Securities and Exchange Commission from the
Underwriter of not less than sixty (60) days prior to the effective date
of termination specified in such notice.
Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or limitations of
the above mentioned Bond or Policy, other than as above stated.
By
Authorized Representative
INSURED
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss




ICB019 Ed. 7/04 Page 1 of 2
ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY.  PLEASE READ IT CAREFULLY.
The following spaces proceeded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
Attached to and Forming Part
of Bond Or Policy No. 490PB1266
Date Endorsement or Rider
Executed 03/29/07
* Effective Date of Endorsement or Rider
        09/01/06
     12:01 A.M. Standard Time as
Specified in the Bond or Policy
*ISSUED TO
     AIG SunAmerica Family of Funds
       Automated Phone Systems
1.      The attached Bond is amended by adding an additional Insuring
Agreement as follows:
         INSURING AGREEMENT N -  AUTOMATED PHONE SYSTEMS ("APS")
Loss caused by an APS Transaction, where the request for such APS
Transaction is unauthorized or fraudulent and is made with the manifest
intent to deceive; provided, that the entity which receives such request
generally maintains and follows during the Bond Period all APS Designated
Procedures with respect to APS Transactions.  The isolated failure of
such entity to maintain and follow a particular APS Designated Procedure
in a particular instance will not preclude coverage under this Insuring
Agreement, subject to the exclusions herein and in the Bond.
2.      Definitions.  The following terms used in this Insuring Agreement
shall have the following meanings:
        a.      "Automated Phone Systems" or "APS" means an automated system
which receives and converts to executable instructions (1) transmissions
by voice over the telephone , or (2)  transmissions over the telephone
through use of a touch-tone keypad or other tone system; and always
excluding transmissions from a Computer System or part thereof.
        b.      "APS Transaction" means any APS Redemption, APS Election, APS
Exchange, or PAS Purchase.
        c.      "APS Redemption" means any redemption of shares issued by an
Investment Company which is requested through an Automated Phone System.
        d.      "APS Election" means any election concerning dividend options
available to Fund shareholders which is requested through an Automated
Phone System.
        e.      "APS Exchange" means any exchange of shares in a registered
account of one Fund into shares in an identically registered account of
another Fund in the same complex pursuant to exchange privileges of the
two Funds, which exchange is requested through an Automated Phone System.
        f.      "APS Purchase" means any purchase of shares issued by an
Investment Company which is requested through an Automated Phone System.
        g.      "APS Designated Procedures" means the following procedures:
                (1)     Logging:  All APS Transaction requests shall be logged
or otherwise recorded, so as to preserve all of the information necessary
to effect the requested APS Transaction transmitted in the course of such
a request, and the records shall be retained for at least  six months.
Information contained in the records shall be capable of being retrieved
and produced within a reasonable time after retrieval of specific
information is requested, at a success rate of no less than 85 percent.
                (2)     Identity Test:  The identity of the caller in any
request for an APS Transaction shall be tested before executing that APS
Transaction, by requiring the entry by the caller of an identification
number consisting of at least four characters.
                (3)     Contemporaneous Confirmation:  All information in each
request for an APS Transaction which is necessary to effect such APS
Transaction shall be contemporaneously repeated to the caller, and no
such APS Transaction shall be executed unless the caller has confirmed




the accuracy of such information.
                (4)     Written Confirmation:  A written confirmation of each
APS Transaction shall be sent to the shareholder(s) to whose account such
APS Transaction relates, at the record address, by the end of the
Insured's next regular processing cycle, but not later than five (5)
business days following such APS Transaction.
                (5)     Access to APS Equipment:  Physical access to APS
equipment shall be limited to duly authorized personnel.
        h.      "Investment Company" or "Fund" means a investment company
registered under the Investment Company Act of 1940.
        i.      "Officially Designated" means or refers to a written
designation signed by a shareholder of record of a Fund, either
in such shareholder's initial application for the purchase of Fund
shares, with or without a Signature Guarantee, or in another document
with a Signature Guarantee.
        j.      "Signature Guarantee" means a written guarantee of a
signature, which guarantee is made by a financial or banking
institution whose deposits are insured by the Federal Deposit Insurance
Corporation or by a broker which is a member of any national securities
exchange registered under the Securities Exchange Act of 1934.
3.      Exclusion:  It is further understood and agreed that this Insuring
Agreement shall not cover:
        a.      Any loss covered under Insuring Agreement A, "Fidelity", of
this Bond: and
        b.      Any loss resulting from:
                (1)     Any APS Redemption, where the proceeds of such
redemption were requested to be paid or made payable to other than (a)
the shareholder of record, or (b) a person officially Designated to
receive redemption proceeds, or (c) a bank account Officially Designated
to receive redemption proceeds; or
                (2)     Any APS Redemption of Fund shares which had been
improperly credited to a shareholder's account, where such shareholder
(a) did not cause, directly or indirectly, such shares to be credited to
such account, and (b) directly or indirectly received any proceeds or
other benefit from such redemption; or
                (3)     Any APS Redemption from any account, where the proceeds
of such redemption were requested to be sent (a) to any address other
than the record address for such account, or (b) to a record address for
such account which was either (i) designated over the telephone fewer
than thirty (30) days prior to such redemption, or (ii) designated in
writing less than one (1) day prior to such redemption; or
                (4)     The failure to pay for shares attempted to be
purchased, or
                (5)     The intentional failure to adhere to one or more APS
Designated Procedures.
4.      The total liability of the Underwriter under Insuring Agreement  N
is limited to the sum of Twenty One Million Nine Hundred Fifty Thousand
Dollars ($21,950,00 ), it being understood, however, that such liability
shall be part of and not in addition to the Limit of Liability stated in
Item 3 of the Declarations of the attached bond or amendments thereof.

5.      With respect to coverage afforded under this Rider, the applicable
Deductible Amount is Fifty Thousand Dollars ($50,000 ).
Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or
limitations of the above mentioned Bond or Policy, other than as above
stated.
By
        Authorized Representative




ICB023 Ed. 7/04 Page 1 of 1
ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY.  PLEASE READ IT CAREFULLY.
The following spaces proceeded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
Attached to and Forming Part
of Bond Or Policy No. 490PB1266
Date Endorsement or Rider
Executed 03/29/07
* Effective Date of Endorsement or Rider
        09/01/06
     12:01 A.M. Standard Time as
Specified in the Bond or Policy
*ISSUED TO
AIG SunAmerica Family of Funds
Include Trading Loss Coverage
It is agreed that:
1.      The total liability of the Underwriter under Insuring Agreement (A)
of the attached bond, with respect to losses resulting from trading,
whether in the name of the Insured or otherwise, is limited to the sum of
Twenty One Million Nine Hundred and Fifty thousand ($21,950,000), it
being understood, however, that such liability shall be a part of and not
in addition to the Limit of Liability stated in Item 3 of the
Declarations of the attached bond or amendment thereof.
Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or
limitations of the above mentioned Bond or Policy, other than as above
stated.
By
Authorized Representative




ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY.  PLEASE READ IT CAREFULLY.
The following spaces proceeded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
Attached to and Forming Part
of Bond Or Policy No. 490PB1266
Date Endorsement or Rider
Executed 03/29/07
* Effective Date of Endorsement or Rider
09/01/06
12:01 A.M. Standard Time as
Specified in the Bond or Policy
*ISSUED TO
AIG SunAmerica Family of Funds
Telefacsimile Transactions  Include entries via the Internet
MEL1883  Ed. 7/04  For use with ICB005  Ed. 7/04
It is agreed that:
1.      The attached Bond is amended by adding an additional Insuring
Agreement as follows:
INSURING AGREEMENT L TELEFACSIMILE TRANSACTIONS
Loss caused by a Telefacsimile Transaction, where the request for such
Telefacsimile Transaction is unauthorized or fraudulent and is made with
the manifest intent to deceive; provided, that the entity which receives
such request generally maintains and follows during the Bond Period all
Designated Fax Procedures with respect to Telefacsimile Transactions.
The isolated failure of such entity to maintain and follow a particular
Designated Fax Procedure in a particular instance will not preclude
coverage under this Insuring Agreement, subject to the exclusions herein
and in the Bond.
2.      Definitions. The following terms used in this Insuring Agreement
shall have the following meanings:
        a.      "Telefacsimile System" means a system of transmitting and
reproducing fixed graphic material (as, for example, printing) by means
of signals transmitted over telephone lines, or over the internet.
        b.      "Telefacsimile Transaction" means any Fax Redemption, Fax
Election, Fax Exchange, or Fax Purchase.
        c.      "Fax Redemption" means any redemption of shares issued by an
Investment Company which is requested through a Telefacsimile System.
        d.      "Fax Election" means any election concerning dividend options
available to Fund shareholders which is requested through a Telefacsimile
System.
        e.      "Fax Exchange" means any exchange of shares in a registered
account of one Fund into shares in an identically registered account of
another Fund in the same complex pursuant to exchange privileges of the
two Funds, which exchange is requested through a Telefacsimile System.
        f.      "Fax Purchase" means any purchase of shares issued by an
Investment Company which is requested through a Telefacsimile System.
        g.      "Designated Fax Procedures" means the following procedures:
                (1)     Retention:  All Telefacsimile Transaction requests
shall be retained for at least six (6) months.  Requests shall be capable
of being retrieved and produced in legible form within a reasonable time
after retrieval is requested.
                (2)     Identity Test:  The identity of the sender in any
request for a Telefacsimile Transaction shall be tested before executing
that Telefacsimile Transaction, either by requiring the sender to include
on the face of the request a unique identification number or to include
key specific account information.  Requests of Dealers must be on company
letterhead and be signed by an authorized representative.  Transactions
by occasional users are to be verified by telephone confirmation.
                (3)     Contents:  A Telefacsimile Transaction shall not be
executed unless the request for such Telefacsimile Transaction is dated
and purports to have been signed by (a) any shareholder or subscriber to
shares issued by a Fund, or (b) any financial or banking institution or




stockbroker.
(4)     Written Confirmation:  A written confirmation of each Telefacsimile
Transaction shall be sent to the shareholder(s) to whose account such
Telefacsimile Transaction relates, at the record address, by the end
of the Insureds next regular processing cycle, but no later than five (5)
business days following such Telefacsimile Transaction.
         i.          Designated means or refers to a written designation
signed by a shareholder of record of a Fund, either in such shareholders
initial application for the purchase of Fund shares, with or without a
Signature Guarantee, or in another document with a Signature Guarantee.
        j.    Signature Guarantee means a written guarantee of a signature,
which guarantee is made by an Eligible Guarantor Institution as defined
in Rule 17Ad-15(a)(2) under the Securities Exchange Act of 1934.
3.      Exclusions.     It is further understood and agreed that this Insuring
Agreement shall not cover:
        a.          Any loss covered under Insuring Agreement A, Fidelity,
of this Bond; and
b.            Any loss resulting from:
(1)         Any Fax Redemption, where the proceeds of such redemption were
requested to be paid or made payable to other than (a) the shareholder of
record, or (b) a person Designated in the initial application or in
writing at least one (1) day prior to such redemption to receive
redemption proceeds, or (c) a bank account Designated in the initial
application or in writing at least one (1) day prior to such redemption
to receive redemption proceeds; or
                (2)    Any Fax Redemption of Fund shares which had been
improperly credited to a shareholders account, where such shareholder (a)
did not cause, directly or indirectly, such shares to be
credited to such account, and (b) directly or indirectly  received any
proceeds or other benefit from such redemption; or
                (3)          Any Fax Redemption from any account, where the
proceeds of such redemption were requested to be sent to any address
other than the record address or another address for such account which
was designated (a) over the telephone or by telefacsimile at least
fifteen (15) days prior to such redemption, or (b) in the initial
application or in writing at least one (1)  day prior to such redemption;
or
                (4)      The intentional failure to adhere to one or more
Designated Fax Procedures; or
                (5)      The failure to pay for shares attempted to be
purchased.
4.      The Single Loss Limit of Liability under Insuring Agreement L is
limited to the sum of Twenty One Million Nine Hundred and Fifty Thousand
Dollars ($21,950,00) it being understood, however, that such liability
shall be part of and not in addition to the Limit of Liability stated in
Item 3 of the Declarations of the attached Bond or amendments thereof.
5.      With respect to coverage afforded under this Rider the applicable
Single loss Deductible Amount is Fifty Thousand Dollars  ($50,000).
Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or limitations of
the above mentioned Bond or Policy, other than as above stated.
By
        Authorized Representative
        Page 1 of 2




ICB010 Ed. 7/04 Page 1 of 4
ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY.  PLEASE READ IT CAREFULLY.

The following spaces proceeded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.

Attached to and Forming Part of
Bond Or Policy No. 490PB1266
Date Endorsement or Rider
Executed
03/29/07
* Effective Date of Endorsement or Rider
        09/01/06
     12:01 A.M. Standard Time as
Specified in the Bond or Policy
*ISSUED TO
AIG SunAmerica Family of Funds

Named Insured Endorsement
It is agreed that:
1.      From and after the time this rider becomes effective the Insured
under the attached bond are:
                Anchor Series Trust
                        Money Market Portfolio
                        Growth Portfolio
                        Government & Quality Bond Portfolio
                        Strategic Multi-Asset Portfolio
                        Multi-Asset Portfolio
                        Capital Appreciation Portfolio
                        Growth and Income Portfolio
                        Natural Resources Portfolio
                        Asset Allocation Portfolio

                Seasons Series Trust
                        Allocation Balanced Portfolio
                        Allocation Moderate Portfolio
                        Allocation Moderate Growth Portfolio
                        Allocation Growth Portfolio
                        Focus TechNet Portfolio
                        Focus Value Portfolio
                        Cash Management Portfolio
                        Multi-Managed Growth Portfolio
                        Strategic Fixed Income Portfolio
                        Multi-Managed Moderate Growth Portfolio
                        Multi-Managed Income/Equity Portfolio
                        Multi-Managed Income Portfolio
                        Asset Allocation: Diversified Growth Portfolio
                        Large Cap Growth Portfolio
                        Stock Portfolio
                        Large Cap Composite Portfolio
                        Large Cap Value Portfolio
                        Mid Cap Growth Portfolio
                        Mid Cap Value Portfolio
                        Small Cap Portfolio
                        International Equity Portfolio
                        Multi-Managed Moderate Growth Strategy Portfolio
                        Diversified Fixed Income Portfolio
                        Focus Growth Portfolio
                        Focus Growth and Income Portfolio

                SunAmerica Series Trust
                        Equity Income Portfolio




                        Equity Index Portfolio
                        Small Company Value Portfolio
                        MFS Mid-Cap Growth Portfolio
                        Goldman Sachs Research Portfolio
                        Blue Chip Growth Portfolio
                        Growth Opportunities Portfolio
                        Growth Income Portfolio
                        Global Equities Portfolio
                        Technology Portfolio
                        Marsico Growth Portfolio
                        Small & Mid Cap Value Portfolio
                        Foreign Value Portfolio
                        Cash Management Portfolio
                        Corporate Bond Portfolio
                        Global Bond Portfolio
                        Alliance Growth Portfolio
                        MFS  Massachusetts Investors Trust Portfolio
                        Putnam Growth: Voyager Portfolio
                        International Diversified Equities Portfolio
                        Davis Venture Value Portfolio
                        MFS Total Return Portfolio
                        Worldwide High Income Portfolio
                        Telecom Utility Portfolio
                        SunAmerica Balanced Portfolio
                        Federated American Leaders Portfolio
                        Aggressive Growth Portfolio
                        International Growth and Income Portfolio
                        Emerging Markets Portfolio
                        Real Estate Portfolio
                        Dogs of Wall Street Portfolio
                        American Fund Growth Portfolio
                        American Fund Global Growth Portfolio
                        American Fund Growth and Income Portfolio
                        American Fund Asset Allocation Portfolio
                        High Yield Bond Portfolio

                SunAmerica Focused Alpha Growth Fund, Inc.

                SunAmerica Focused Alpha Large-Cap Fund, Inc.

                SunAmerica Focused Series, Inc.
                        Focused Small-Cap Growth Portfolio
                        Focused Equity Strategy Portfolio
                        Focused Fixed Income Strategy Portfolio
                        Focused Fixed Income and Equity Strategy Portfolio
                        Focused Balanced Strategy Portfolio
                        Focused Multi-Asset Strategy Portfolio
                        Focused Dividend Strategy Portfolio
                        Focused International Equity Portfolio
                        Focused Growth Portfolio
                        Focused Large-Cap Value Portfolio
                        Focused Mid-Cap Value Portfolio
                        Focused Growth and Income Portfolio
                        Focused Mid-Cap Growth Portfolio
                        Focused Small-Cap Value Portfolio
                        Focused Large-Cap Growth Portfolio
                        Focused Value Portfolio
                        Focused Technology Portfolio

                AIG Series Trust
                        2010 High Watermark Fund
                        2015 High Watermark Fund
                        2020 High Watermark Fund




                        Long Horizon Fund
                        Short Horizon Income Fund

                SunAmerica Equity Series
                        Blue Chip Growth Fund
                        Growth Opportunities Fund
                        New Century Fund
                        Growth and Income Fund
                        Tax Managed Equity Fund
                        Biotech/Health Fund
                        International Small Cap Fund
                        Value Fund
                        Balanced Assets Fund
                        International Equity Fund

                SunAmerica Income Series
                        SunAmerica Strategic Bond Fund
                        SunAmerica GNMA Fund
                        SunAmerica Tax Exempt Insured Fund
                        SunAmerica U.S. Government Securities Fund
                        SunAmerica High Yield Bond Fund

                SunAmerica Money Market Funds, Inc.
                        Money Market Fund
                        Municipal Money Market Fund

                SunAmerica Senior Floating Rate Fund, Inc.

                VALIC Company I Series
                        Money Market I Fund
                        Government Securities Fund
                        Capital Conservation Fund
                        Stock I index Fund
                        Social Awareness Fund
                        Mid Cap Index Fund
                        Asset Allocation Fund
                        Small Cap Index Fund
                        Growth & Income Fund
                        Nasdaq-100 Index Fund
                        Core Equity Fund
                        Core Value Fund
                        Health Sciences Fund
                        Blue Chip Growth Fund
                        Value Fund
                        Small Cap Fund
                        Small Cap Strategic Growth Fund
                        International Government Bond Fund
                        Treasury Inflation Protected Fund
                        Large Capital Growth Fund
                        Broad Cap Value Fund
                        Foreign Value Fund
                        Global Equity Fund
                        Large Cap Core Fund
                        Mid Capital Strategic Growth Fund
                        Small Cap Aggressive Growth Fund
                        VALIC Ultra Fund
                        International Equities Fund
                        International Growth I Fund
                        Science & Technology Fund
                        Global Strategy Fund
                        Small Cap Special Values Fund

                VALIC COMPANY II SERIES




                        International Small Cap Equity Fund
                        Small Cap Growth Fund
                        Mid Cap Growth Fund
                        Capital Appreciation Fund
                        Large Cap Value Fund
                        Socially Responsible Fund
                        Mid Cap Value Fund
                        Money Market II Fund
                        Aggressive Growth Lifestyle Fund
                        Moderate Growth Lifestyle Fund
                        Conservative Growth Lifestyle Fund
                        Core Bond Fund
                        Strategic Bond Fund
                        High Yield Bond Fund
                        Small Cap Value Fund

2.      The first named Insured shall act for itself and for each and all
of the Insured for all the purposes of the attached bond.

3.      Knowledge possessed or discovery made by any Insured or by any
partner or officer thereof shall for all the purposes of the attached
bond constitute knowledge or discovery by all the Insured.

4.      If, prior to the termination of the attached bond in its entirety,
the attached bond is terminated as to any Insured, there shall be no
liability for any loss sustained by such Insured unless discovered before
the time such termination as to such Insured becomes effective.

5.      The liability of the Underwriter for loss or losses sustained by
any or all of the Insured shall not exceed the amount for which the
Underwriter would be liable had all such loss or losses been sustained by
any one of the Insured.  Payment by the Underwriter to the first
named Insured of loss sustained by any Insured shall fully release the
Underwriter on account of such loss.

6.      If the first named Insured ceases for any reason to be covered
under the attached bond, then the Insured next named shall thereafter be
considered as the first named Insured for all the purposes of the
attached bond.


Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or limitations of
the above mentioned Bond or Policy, other than as above stated.

By
        Authorized Representative



                                    [LOGO OF FRANK CRYSTAL & COMPANY]
 INSURANCE BINDER 58063    FINANCIAL SQUARE . 32 OLD SLIP . NEW YORK, NY 10005
                                      (212)344-2444 .(800)221-5830
                                   TELEX: 222792 . CABLE: CRYSTINSCOS
                                        TELECOPIER: (212)425-7017


                                                                                         
Insured's AIG SunAmerica Family of Funds             Date Typed 8/30/06
Mailing   Harborside Financial Center                By:    mag58063
Address   3200 Plaza 5                               A/E:   WJL
          Jersey City, NJ 07311                      Insured's No.
                                                     Telephone Confirmation                       [ ]
Company   St. Paul Fire and Marine Insurance Company Date
or        c/o St. Paul Travelers                     With Whom
Agency    485 Lexington Avenue, Ste 400
          New York, NY 10017-2630

New Order [ ]   Endorsement [ ]  Renewal [X]
Rewrite   [ ]   Information Only [ ]                 Inception or Effective Date 09/01/06
Name (if different from mailing address)             Expiration   09/01/07
                                                     Policy No.   TBD
                                                     Company      St. Paul Fire & Marine Ins. Co.

Location(s) (if different from mailing address)      Prepaid                                      [X]
                                                     Installment                                  [ ]
                                                     Premium      $55,534*


Type of Coverage - Registered Management Investment Company

Specifications - It is hereby understood and agreed that renewal coverage
                 is bound effective September 1, 2006 to September 1, 2007
                 as follows:

                 Limit of Liability    Deductible            Annual Premium

                 $21,950,000           $0 as respects        $55,534*
                                       Fidelity for the
                                       Funds; $50,000 all
                                       other

                 * Premium not inclusive of the 1.75% New Jersey admitted
                   surcharge.
                   Please see attached Addendum.

Mortgagee [ ]  Loss Payee [ ]  Additional Insured [ ]  Other [ ]

Enclosure  [ ]                     The undersigned company agrees, for its
                                   respective interests only and to the extent
                                   respectively indicated to effect insurance
                                   or changes as set forth. This agreement is
                                   binding for account of the Assured until
                                   acceptance of satisfactory policy and/or
                                   endorsement and/or term agreed to by Frank
                                   Crystal & Co., Inc. This Binder is issued
                                   for a period of 60 days and automatically
                                   will be extended for additional consecutive
                                   periods of 60 days until acceptance of the
                                   Policy, Bond, and/or Endorsement by the
Remarks [ ]                        Assured.

For Frank Crystal & Co., Inc.      Name of Underwriter:
Refer to: William J. Lambiase, Jr. (Print or Type) Evelyn Becker
                                   Signature Original Signature on file with
                                   Frank Crystal and Co., Inc.

Admitted [X]  Non-Admitted [ ]     For (Insurance Company) St. Paul Fire &
                                   Marine Insurance Company Date Signed