ARCH SPECIALTY INSURANCE COMPANY INVESTMENT ADVISER AND MUTUAL

							                               ARCH SPECIALTY INSURANCE COMPANY
                                            (A Nebraska Corporation)

Home Office Address:                                                                  Administrative Address:
10306 Regency Parkway Drive                                                      One Liberty Plaza, 53rd Floor
Omaha, NE 68113                                                                         New York, NY 10006
                                                                                          Tel: (800) 817-3252

 INVESTMENT ADVISER AND MUTUAL FUND PROFESSIONAL AND DIRECTORS
   AND OFFICERS LIABILITY INSURANCE POLICY (SPECIFIED COVERAGES)
NOTICE: THIS IS A CLAIMS MADE AND REPORTED POLICY. EXCEPT AS MAY BE OTHERWISE
PROVIDED HEREIN, THE COVERAGE OF THIS POLICY IS LIMITED TO LIABILITY FOR
WRONGFUL ACTS FOR WHICH CLAIMS ARE FIRST MADE WHILE THE POLICY IS IN FORCE AND
WHICH ARE REPORTED TO THE INSURER NO LATER THAN THIRTY (30) DAYS AFTER THE
TERMINATION OF THE POLICY. PLEASE READ AND REVIEW THE POLICY CAREFULLY.

THE LIMIT OF LIABILITY AVAILABLE TO PAY LOSS, INCLUDING JUDGMENT OR SETTLEMENT
AMOUNTS, IS REDUCED BY AMOUNTS INCURRED FOR DEFENSE COSTS. AMOUNTS INCURRED
FOR DEFENSE COSTS ARE SUBJECT TO THE APPLICABLE RETENTION AMOUNT.

THE POLICY DOES NOT PROVIDE FOR ANY DUTY OR OBLIGATION ON THE PART OF THE
INSURER TO DEFEND THE INSURED PERSONS AND THE INSURED COMPANY(IES). THE
INSURER IS NOT REQUIRED TO ADVANCE DEFENSE COSTS PRIOR TO THE FINAL DISPOSITION
OF A CLAIM, EXCEPT AS NOTED IN SECTION IX OF THE POLICY.

                                                DECLARATIONS

Terms appearing in bold are defined in the Policy.

Policy No.:

Item 1.       Named Entity:
              Principal Address:




Item 2.       Policy Period:
              From:             at 12:01 a.m. (local time at the address stated in Item 1)
              To:               at 12:01 a.m. (local time at the address stated in Item 1)




06 IAPD001 00 03 08                                                                               Page 1 of 3
Item 3.    Coverages Included:                                                          (Yes or No)
           Coverage A: Investment Adviser Professional Liability Coverage
           Coverage B: Mutual Fund Professional Liability Coverage
           Coverage C: Service Provider Professional Liability Coverage
           Coverage D: Directors and Officers Liability Coverage
                          1. Investment Adviser
                          2. Mutual Fund
                          3. Service Provider

Item 4.    Limit of Liability:
           A.     Maximum aggregate Limit of Liability for all Claims under all                $
                  coverages combined and including Defense Costs:
           B.     Maximum aggregate Limit of Liability for Each Claim alleging the             $
                  same Wrongful Act or Interrelated Wrongful Acts under each
                  Coverage and including Defense Costs:

Item 5.    Retention: for Loss arising from Claims alleging the same Wrongful Act or Interrelated
                      Wrongful Acts under each Coverage:
                      (a) Each Claim against the Insured Entity(ies)                      $
                      (b) Each Claim against each Insured Executive                       $
                           (as provided in Section VI of the Policy)

Item 6.    Pending and Prior Proceeding Date:

Item 7.    Continuity Date:

Item 8.    Policy Premium:                                                                     $
           Premium Attributable to Terrorism Risk Insurance:                                   $

           (Included in Policy Premium          )
           (In addition to Policy Premium       )

Item 9.    Discovery Period:      (a) Additional Premium            % of Premium
                                  (b) Additional Period

Item 10.   Endorsements (effective at inception): See attached Schedule of Forms and Endorsements

Item 11.   Notices to Insurer:
                Notice Of Claim(s) To Be Sent To:               All Other Notices To Be Sent To:
                Arch Specialty Insurance Company               Arch Specialty Insurance Company
                   Executive Assurance Claims                  Executive Assurance Underwriting
                 10909 Mill Valley Road, Suite 210                One Liberty Plaza, 53rd Floor
                         P.O. Box 542033                             New York, NY 10006
                       Omaha, NE 68154                               Fax: (212) 651-6499
                   Phone: 877 688-ARCH (2724)
                        Fax: 866 266-3630
               E-mail: Claims@ArchInsurance.com




06 IAPD001 00 03 08                                                                        Page 2 of 3
The Insurer has caused this Policy to be signed and attested to by its authorized officers, but it shall not
be valid unless also signed by another duly authorized representative of the Insurer.




 Authorized Representative                                   Date




                 Martin J. Nilsen                                            Mark D. Lyons
                   Secretary                                                   President

Arch Specialty Insurance Company is licensed in the state of Nebraska only.
Arch Specialty Insurance Company is not licensed in the state of New York and is not subject to its
supervision.




06 IAPD001 00 03 08                                                                             Page 3 of 3