Edgar Filing: AIG SERIES TRUST

October 19, 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. 811-03836)
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. 811-04801)
SunAmerica Income Funds (File No. 811-04708)
SunAmerica Money Market Funds, Inc. (File No. 811-03807)
SunAmerica Focused Series, Inc. (File No. 811-07797)
SunAmerica Senior Floating Rate Fund, Inc. (File No. 811-08727)
Seasons Series Trust (File No. 811-07725)
SunAmerica Series Trust (File No. 811-07238)
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, 2008.

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: XP3310D5 Print Date and Time: 09/24/07 21:01
File Number: O617O
Business Center/
Original Business Unit: FINANCIAL AND PROFESSIONAL SERVICES
Policy Number: 490PB1663
Name of insured: SunAmerica/VALIC Family of Funds
Agency Number: 3180284
Department or Expense Center: 001
Underwriter: 1312032
Underwriting Team:
Data Entry Person: ROBERT BARNETT
Date and Time: 09/24/07 15:56 001

Special Instructions

Policy Commencement Date: 09/01/07

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 2007-09-01*
* MEL2555 03.05 1 NY 2007-09-01*
* MEL3274 07.05 1 NY 2007-09-01*
* MLABL 09.85 1 NY 2007-09-01*
* ND059 11.06 1 NY 2007-09-01*

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
SUNAMERICA/VALIC FAMILY OF FUNDS
HARBORSIDE FINANCIAL CENTER
3200 PLAZA 5, 33/RD/ FLOOR
JERSEY CITY NJ 07311

AGENT
FRANK CRYSTAL & COMPANY, INC
FINANCIAL SQUARE
32 OLD SLIP
NEW YORK, NY 10005

Policy Inception/Effective Date: 09/01/07
Agency Number: 3180284
Transaction Type:
RENEWAL OF 490PB1266
Transaction number:
Processing date: 09/24/2007
Policy Number: 490PB1663

Policy
Number Description Amount Surtax/ Surcharge
490PB1663 INVESTMENT COMPANY BLANKET BOND $28,779

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

IMPORTANT NOTICE REGARDING INDEPENDENT AGENT AND BROKER COMPENSATION

For information about how Travelers compensates independent agents and brokers,
please visit www.travelers.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

ND059 Ed. 11-06 -1-

HOW TO REPORT LOSSES, CLAIMS, OR POTENTIAL CLAIMS TO TRAVELERS

Reporting new losses, claims, or potential claims promptly can be critical. It
helps to resolve covered losses or claims as quickly as possible and often
reduces the overall cost.

Prompt reporting:

better protects the interests of all parties;

helps Travelers to try to resolve losses or claims more quickly; and

often reduces the overall cost of a loss or claim--losses or claims

reported more than five days after they happen cost on average 35% more than
those reported earlier.

Report losses, claims, or potential claims to Travelers easily and quickly by
fax, U S mail, or email.

FAX

Use this number to report a loss, claim, or potential claim by fax toll free.

1-888-460-6622

US MAIL

Use this address to report a loss, claim, or potential claim by U S Mail.

Bond-FPS Claims Department

Travelers
Mail Code NB08F
385 Washington Street
Saint Paul, Minnesota 55102

Use this address to report a loss, claim, or potential claim by email.
Pro.E&O.Claim.Reporting@SPT.com

This is a general description of how to report a loss, claim, or
potential claim under this policy or bond. This description does not replace or
add to the terms of this policy or bond. The policy or bond alone determines
the scope of coverage. Please read it carefully for complete information on
coverage. Contact your agent or broker if you have any questions about coverage.

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 Travelers Companies, Inc. 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. 490PB1663

Item 1. Name of Insured (herein called Insured):
SunAmerica/VALIC Family of Funds

Principal Address:
Harborside Financial Center
3200 Plaza 5
33/rd/ Floor
Jersey CIty, NJ 07311

Item 2. Bond Period from 12:01 a.m. on 09/01/07 to 12:01 a.m. on 09/01/08
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 $22,750,000 $50,000
Insuring Agreement B - AUDIT EXPENSE $ 50,000 $ NIL
Insuring Agreement C - PREMISES $22,750,000 $50,000
Insuring Agreement D - TRANSIT $22,750,000 $50,000
Insuring Agreement E - FORGERY OR ALTERATION $22,750,000 $50,000
Insuring Agreement F - SECURITIES $22,750,000 $50,000
Insuring Agreement G - COUNTERFEIT CURRENCY $22,750,000 $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 $22,750,000 $50,000
Insuring Agreement K - Unauthorized Signature $ 50,000 $ 2,500
Insuring Agreement L - Telefacsimile Coverage $22,750,000 $50,000
Insuring Agreement M - Voice Initiated Transaction $22,750,000 $50,000
Insuring Agreement N - Automated Phone Systems $22,750,000 $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: N/A

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 Travelers Companies, Inc. Page 2 of 2

Item 5. The liability of the Underwriter is subject to the terms of the
following endorsements or riders attached hereto: Endorsements or Riders No. 1
through

ICB001 - Rev. 7/04, ICB010 - Ed. 07-04, ICB011 - Ed. 07-04
ICB012 - Ed. 07-04, ICB014 - Ed. 07-04
ICB015 - Ed. 07-04, ICB016 - Ed. 07-04
ICB019 - Ed. 07-04, ICB020 - Ed. 07-04
ICB023 - Ed. 07-04, ICB025 - Ed. 07-04
ICB026 - Ed. 07-04, ICB042 - Ed. 07-04
MEL1881 - Ed. 10-04, MEL1883 - Ed. 07-04
MEL2555 - Ed. 03-05, MEL3274 - Ed. 07-05

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)
490PB1266 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

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.

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

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

(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

(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),

(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.

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

ICB005 Ed. 7-04 7 of 12

(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

ICB005 Ed. 7-04 8 of 12

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

ICB005 Ed. 7-04 9 of 12

(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

ICB005 Ed. 7-04 10 of 12

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

ICB005 Ed. 7-04 11 of 12

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

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

ICB005 Ed. 7-04 12 of 12

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

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. 490PB1663

DATE ENDORSEMENT OR RIDER EXECUTED 09/24/07

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD TIME AS SPECIFIED IN THE BOND OR POLICY 09/01/07

* ISSUED TO SunAmerica/VALIC 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,

(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

(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

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 Two Million Seven Hundred Fifty Thousand Dollars ($22,750,000), 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

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. 490PB1663

DATE ENDORSEMENT OR RIDER EXECUTED 09/24/07

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER

12:01 A.M. STANDARD TIME AS SPECIFIED IN THE BOND OR POLICY 09/01/07

* ISSUED TO SunAmerica/VALIC 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).

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

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. 490PB1663

DATE ENDORSEMENT OR RIDER EXECUTED 09/24/07

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER

12:01 A.M. STANDARD TIME AS SPECIFIED IN THE BOND OR POLICY 09/01/07

* ISSUED TO SunAmerica/VALIC 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

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 Two Million Seven Hundred Fifty Thousand Dollars
($22,750,000 ), 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).

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

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. 490PB1663

DATE ENDORSEMENT OR RIDER EXECUTED 09/24/07

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER

12:01 A.M. STANDARD TIME AS SPECIFIED IN THE BOND OR POLICY 09/01/07

* ISSUED TO SunAmerica/VALIC 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

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. 490PB1663

DATE ENDORSEMENT OR RIDER EXECUTED 09/24/07

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER

12:01 A.M. STANDARD TIME AS SPECIFIED IN THE BOND OR POLICY 09/01/07

* ISSUED TO SunAmerica/VALIC 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.

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

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. 490PB1663

DATE ENDORSEMENT OR RIDER EXECUTED 09/24/07

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER

12:01 A.M. STANDARD TIME AS SPECIFIED IN THE BOND OR POLICY 09/01/07

* ISSUED TO SunAmerica/VALIC 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.

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

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. 490PB1663

DATE ENDORSEMENT OR RIDER EXECUTED 09/24/07

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER

12:01 A.M. STANDARD TIME AS SPECIFIED IN THE BOND OR POLICY 09/01/07

* ISSUED TO SunAmerica/VALIC 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.

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. 490PB1663

DATE ENDORSEMENT OR RIDER EXECUTED 09/24/07

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER

12:01 A.M. LOCAL TIME AS SPECIFIED IN THE BOND OR POLICY 09/01/07

* ISSUED TO SunAmerica/VALIC 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.

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. 490PB1663

DATE ENDORSEMENT OR RIDER EXECUTED 09/24/07

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER

12:01 A.M. LOCAL TIME AS SPECIFIED IN THE BOND OR POLICY 09/01/07

* ISSUED TO SunAmerica/VALIC 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.

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. 490PB1663

DATE ENDORSEMENT OR RIDER EXECUTED 09/24/07

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER

12:01 A.M. LOCAL TIME AS SPECIFIED IN THE BOND OR POLICY 09/01/07

* ISSUED TO SunAmerica/VALIC Family of Funds 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.

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.

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. 490PB1663

Date Endorsement or Rider Executed

* Effective Date of Endorsement or Rider 09/01/2007 12:01 A.M. Standard Time as
Specified in the Bond or Policy

* ISSUED TO SunAmerica/VALIC 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.

ICB019 Ed. 7/04 Page 2 of 2

(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 Two Million Seven Hundred Fifty Thousand Dollars
($22,750,000 ), 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 amendments thereof.

5. With respect to coverage afforded under this Rider, the applicable
Deductible Amount is Fifty Thousand Dollars ($50,000 ) .

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. 490PB1663

Date Endorsement or Rider Executed

* Effective Date of Endorsement or Rider 09/01/2007 12:01 A.M. Standard Time as
Specified in the Bond or Policy

* ISSUED TO SunAmerica/VALIC 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 Two Million
Seven Hundred Fifty Thousand ($22,750,000), 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.

By
Authorized Representative

ICB025 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. 490PB1663

Date Endorsement or Rider Executed

* Effective Date of Endorsement or Rider 09/01/2007 12:01 A.M. Standard Time as
Specified in the Bond or Policy

* ISSUED TO SunAmerica/VALIC Family of Funds

Amend General Agreement A Newly Created Investment Companies It is agreed that:

1. General Agreement A. (Additional Offices or Employees - Consolidation or
Merger - Notice) is amended by inserting the following:

(3) Item 1. of the Declarations shall include any Newly Created Investment
Company or portfolio provided that the Insured shall submit to the Underwriter
following the end of the Bond Period, a list of all Newly Created Investment
Companies or portfolios, the estimated assets of each Newly Created portfolio
and copies of any prospectuses and statements of additional information
relating to such Newly Created Investment Companies or portfolios unless said
prospectuses and statements of additional information have been previously
submitted.

Following the end of the Bond Period, any Newly Created Investment Company or
portfolio created during the period, will continue to be an Insured only if the
Underwriter is notified as set forth in this paragraph and the information
required herein is provided to the Underwriter, and the Underwriter
acknowledges the addition of such Newly Created Investment Company or portfolio
to the Bond by a Rider to this Bond.

2. It is further agreed that the following definition is added to Section 1.
DEFINITIONS.

( g ) Newly Created Investment Company or portfolio shall mean any Investment
Company or portfolio for which registration with the SEC has been declared.

By
Authorized Representative

ICB042 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. 490PB1663

Date Endorsement or Rider Executed

* Effective Date of Endorsement or Rider 09/01/2007 12:01 A.M. Standard Time as
Specified in the Bond or Policy

* ISSUED TO SunAmerica/VALIC Family of Funds Co-Surety Rider It is agreed that:

1. The term "Underwriter" as used in the attached Bond shall be construed to
mean, unless otherwise specified in this Rider, all the Companies executing the
attached Bond.

2. Each of said Companies shall be liable only for such proportion of any
Single Loss under the attached Bond as the amount underwritten by such Company
as specified in the Schedule forming a part hereof, bears to the Limit of
Liability of the attached Bond, but in no event shall any of said Companies be
liable for an amount greater than that underwritten by it.

3. In the absence of a request from any of said Companies to pay premiums
directly to it, premiums for the attached Bond may be paid to the Controlling
Company for the account of all of said Companies.

4. In the absence of a request from any of said Companies that notice of claim
and proof of loss be given to or filed directly with it, the giving of such
notice to and the filing of such proof with the Controlling Company shall be
deemed to be in compliance with the conditions of the attached Bond for the
giving of notice of loss and the filing of proof of loss, if given and filed in
accordance with said conditions.

5. The Controlling Company may give notice in accordance with the terms of the
attached Bond, terminating or canceling the attached Bond as an entirety or as
to any Employee, and any notice so given shall terminate or cancel the
liability of all said Companies as an entirety or as to such Employee, as the
case may be.

6. Any Company other than the Controlling Company may give notice in accordance
with the terms of the attached Bond, terminating or canceling the entire
liability of such other Company under the attached Bond or as to any Employee.

7. In the absence of a request from any of said Companies that notice of
termination or cancellation by the Insured of the attached Bond in its entirety
be given to or filed directly with it, the giving of such notice in accordance
with the terms of the attached Bond to the Controlling Company shall terminate
or cancel the liability of all of said Companies as an entirety. The Insured
may terminate or cancel the entire liability of any Company, other than the
Controlling Company under the attached Bond by giving notice of such
termination or cancellation to such other Company, and shall send copy of such
notice to the Controlling Company.

8. In the event of the termination or cancellation of the attached Bond as an
entirety, no Company shall be liable to the Insured for a greater proportion of
any return premium due the Insured than the amount underwritten by such Company
bears to the Limit of Liability of the attached Bond.

9. In the event of the termination or cancellation of the attached Bond as to
any Company, such Company alone shall be liable to the Insured for any return
premium due the Insured on account of such termination or cancellation. The
termination or cancellation of the attached Bond as to any Company other than
the Controlling Company shall not terminate, cancel or otherwise affect the
liability of the other Companies under the attached Bond.

ICB042 Ed. 7/04 Page 2 of 2

Underwritten for the Controlling Company: St Paul Fire & Marine Insurance
Company Sum of $11,375,000 part of $22,750,000
By:____________________________

Sub-Limits:
Audit Expense:................. $25,000 P/O $50,000
Stop Payment:.................. $25,000 P/O $50,000
Uncollectible Items of Deposit: $25,000 P/O $50,000
Unauthorized Signature:........ $25,000 P/O $50,000

Underwritten for the Sum of $11,375,000 part of $22,750,000 Carriers Name:
Hartford Fire Insurance Company
By:_____________________________

By
Authorized Representative

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. 490PB1663

Date Endorsement or Rider Executed

* Effective Date of Endorsement or Rider 09/01/2007 12:01 A.M. Standard Time as
Specified in the Bond or Policy

* ISSUED TO SunAmerica/VALIC 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.

Page 2 of 2

(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 Two Million Seven Hundred Fifty Thousand Dollars
($22,750,000) 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 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

ICB010 Ed. 7/04 Page 1 of 5

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. 490PB1663

Date Endorsement or Rider Executed

* Effective Date of Endorsement or Rider 09/01/2007 12:01 A.M. Standard Time as
Specified in the Bond or Policy

* ISSUED TO SunAmerica/VALIC 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:

SunAmerica Equity Funds
SunAmerica Balanced Assets Fund
SunAmerica Blue Chip Growth Fund
SunAmerica Growth Opportunities Fund
SunAmerica New Century Fund
SunAmerica Growth and Income Fund
SunAmerica International Equity Fund
SunAmerica Value Fund
SunAmerica Disciplined Growth Fund (formerly Tax Managed Equity Fund)
SunAmerica International Small-Cap Fund
SunAmerica Income Funds
SunAmerica U.S. Government Securities Fund
SunAmerica GNMA Fund
SunAmerica Strategic Bond Fund
SunAmerica High Yield Bond Fund
SunAmerica Tax Exempt Insured Fund
SunAmerica Money Market Funds, Inc.
SunAmerica Money Market Fund
SunAmerica Municipal Money Market Fund
Anchor Series Trust
Capital Appreciation Portfolio
Growth Portfolio
Natural Resources Portfolio
Strategic Multi-Asset Portfolio
Multi-Asset Portfolio
Government and Quality Bond Portfolio
Money Market Portfolio
Growth and Income Portfolio
Asset Allocation Portfolio

ICB010 Ed. 7/04 Page 2 of 5

SunAmerica Focused Series, Inc. (f/k/a SunAmerica Style Select Series, Inc.)
Focused Large-Cap Growth Portfolio
Focused Large-Cap Value Portfolio
Focused Small-Cap Value Portfolio
Focused Small-Cap Growth Portfolio
Focused Growth Portfolio
Focused Value Portfolio
Focused Growth and Income Portfolio
Focused Technology Portfolio
Focused International Equity Portfolio
Focused Equity Strategy
Focused Multi-Asset Strategy
Focused Balanced Strategy
Focused Fixed Income and Equity Strategy
Focused Fixed Income Strategy
Focused Dividend Strategy Portfolio
Focused Mid-Cap Growth Portfolio
Focused Mid-Cap Value Portfolio
Focused StarALPHA Portfolio
SunAmerica Senior Floating Rate Fund, Inc.
SunAmerica Focused Alpha Large-Cap Fund, Inc.
SunAmerica Focused Alpha Growth Fund, Inc.
SunAmerica Series Trust
Cash Management Portfolio
Corporate Bond Portfolio
Global Bond Portfolio
High-Yield Bond Portfolio
Worldwide High Income Portfolio
MFS Total Return Portfolio
Balanced Portfolio (formerly SunAmerica Balanced Portfolio)
Telecom Utility Portfolio
Growth-Income Portfolio
Equity Opportunities Portfolio (formerly Federated American Leaders
Portfolio)
Davis Venture Value Portfolio
Alliance Growth Portfolio
MFS Massachusetts Investors Trust Portfolio

ICB010 Ed. 7/04 Page 3 of 5

Fundamental Growth Portfolio (formerly Putnam Growth: Voyager Portfolio)
Real Estate Portfolio
Aggressive Growth Portfolio
International Growth and Income Portfolio
Global Equities Portfolio
International Diversified Equities Portfolio
Emerging Markets Portfolio
"Dogs" of Wall Street Portfolio
Equity Index Portfolio
Small Company Value Portfolio
Mid Cap Growth Portfolio (formerly MFS Mid-Cap Growth Portfolio)
Capital Growth Portfolio (formerly Goldman Sachs Research Portfolio)
Blue Chip Growth Portfolio
Growth Opportunities Portfolio
Marsico Focused Growth Portfolio (formerly Marsico Growth Portfolio)
Technology Portfolio
SunAmerica Series Trust (contd)
Foreign Value Portfolio
Small & Mid Cap Value Portfolio
American Funds Growth SAST Portfolio
American Funds Global Growth SAST Portfolio
American Funds Growth-Income SAST Portfolio
American Funds Asset Allocation SAST Portfolio
Seasons Series Trust
Multi-Managed Growth Portfolio
Multi-Managed Moderate Growth Portfolio
Multi-Managed Income/Equity Portfolio
Multi-Managed Income Portfolio
Asset Allocation: Diversified Growth Portfolio
Stock Portfolio
Large Cap Growth Portfolio
Large Cap Composite Portfolio
Large Cap Value Portfolio
Mid Cap Growth Portfolio
Mid Cap Value Portfolio
Small Cap Portfolio
International Equity Portfolio
Diversified Fixed Income Portfolio
Strategic Fixed Income Portfolio
Cash Management Portfolio
Focus Growth Portfolio

ICB010 Ed. 7/04 Page 4 of 5

Focus TechNet Portfolio
Focus Growth and Income Portfolio
Focus Value Portfolio
Allocation Growth Portfolio
Allocation Moderate Growth Portfolio
Allocation Moderate Portfolio
Allocation Balanced Portfolio
AIG Series Trust
2010 High Watermark Fund
2015 High Watermark Fund
2020 High Watermark Fund
2025 High Watermark Fund
Short Horizon Income Fund
VALIC Company I
Asset Allocation Fund
Blue Chip Growth Fund
Broad Cap Value Income Fund
Capital Conservation Fund
Core Equity Fund
Core Value Fund
Foreign Value Fund
Global Equity Fund
Global Strategy Fund
Government Securities Fund
Growth & Income Fund
Health Sciences Fund
Inflation Protected Fund
International Equities Fund
International Government Bond Fund
International Growth I Fund
Large Cap Core Fund
Large Capital Growth Fund
Mid Cap Index Fund
Mid Cap Strategic Growth Fund
Money Market I Fund
Nasdaq-100 Index Fund
Science & Technology Fund
Small Cap Aggressive Growth Fund
Small Cap Fund
Small Cap Index Fund
Small Cap Special Values Fund
Small Cap Strategic Growth Fund

ICB010 Ed. 7/04 Page 5 of 5

Social Awareness Fund
Stock Index Fund
VALIC Ultra Fund
Value Fund
VALIC Company II
Aggressive Growth Lifestyle Fund
Capital Appreciation Fund
Conservative Growth Lifestyle Fund
Core Bond Fund
High Yield Bond Fund
International Small Cap Equity Fund
Large Cap Value Fund
Mid Cap Growth Fund
Mid Cap Value Fund
Moderate Growth Lifestyle Fund
Money Market II Fund
Small Cap Growth Fund
Small Cap Value Fund
Socially Responsible Fund
Strategic Bond 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

INSURANCE BINDER 72590 [LOGO] FRANKCRYSTAL&COMPANY

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 SunAmerica/VALIC Family of Funds Date Typed 8/30/07
Mailing Harborside Financial Center By: wjl
Address 3200 Plaza 5 A/E: WJL
Jersey City, NJ 07311 Insured's No.
Telephone Confirmation [_]
Company St. Paul Fire and Marine Insurance Date
or Company With Whom
Agency c/o St. Paul Travelers
485 Lexington Avenue, Ste 400
New York, NY 10017-2630

New Order [_] Endorsement [_] Renewal [X] Inception or
Rewrite [_] Information Only [_] Effective Date
09/01/07
Expiration 09/01/08
Policy No. TBD
Company St. Paul
Fire & Marine Ins.
Name (if different from mailing address) Co.
Prepaid [X]
Location(s) (if different from mailing Installment [_]
address) Premium $28,779

Type of Coverage - Registered Management Investment Company Bond

SPECIFICATIONS - IT IS HEREBY UNDERSTOOD AND AGREED THAT RENEWAL COVERAGE IS
BOUND EFFECTIVE SEPTEMBER 1, 2007 TO SEPTEMBER 1, 2008 AS FOLLOWS:

CARRIER CO-SURETY LIMIT OF LIABILITY DEDUCTIBLE ANNUAL PREMIUM
ST. PAUL FIRE & MARINE INS. CO. $0 AS RESPECTS
50% $11,375,000 FIDELITY FOR $28,779
(LEAD) FUNDS: $50,000 ALL
OTHER
HARTFORD 50% $11,375,000 AS ABOVE $28,779

COVERAGE WILL BE PURSUANT TO THE TERMS AND CONDITIONS OF THE EXPIRING ST. PAUL
FIRE AND MARINE INSURANCE CO. INVESTMENT COMPANY BLANKET BOND FORM AS LEAD
CO-SURETY IN ADDITION TO THE FOLLOWING:

CO-SURETY RIDER - ATTACHED

NEWLY CREATED INVESTMENT COMPANIES ENDORSEMENT - ATTACHED

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
Remarks [_] Endorsement by the Assured.

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

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

INSURANCE BINDER 72594 [LOGO] FRANKCRYSTAL&COMPANY

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 SunAmerica/VALIC Family of Funds Date Typed 8/30/07
Mailing Harborside Financial Center By: wjl
Address 3200 Plaza 5 A/E: WJL
Jersey City, NJ 07311 Insured's No.
Telephone Confirmation [_]
Company Hartford Fire Insurance Company Date
or c/o the Hartford With Whom
Agency 2 Park Avenue, 5th Floor
New York, NY 10016

New Order [_] Endorsement [_] Renewal [X] Inception or
Rewrite [_] Information Only [_] Effective Date
09/01/07
Expiration 09/01/08
Policy No. TBD
Company Harford
Fire Insurance
Name (if different from mailing address) Company
Prepaid [X]
Location(s) (if different from mailing Installment [_]
address) Premium $28,779

Type of Coverage - Registered Management Investment Company Bond

SPECIFICATIONS - IT IS HEREBY UNDERSTOOD AND AGREED THAT RENEWAL COVERAGE IS
BOUND EFFECTIVE SEPTEMBER 1, 2007 TO SEPTEMBER 1, 2008 AS FOLLOWS:

CARRIER CO-SURETY LIMIT OF LIABILITY DEDUCTIBLE ANNUAL PREMIUM
ST. PAUL FIRE & MARINE INS. CO. $0 AS RESPECTS
50% $11,375,000 FIDELITY FOR $28,779
( LEAD) FUNDS: $50,000 ALL
OTHER
HARTFORD 50% $11,375,000 AS ABOVE $28,779

COVERAGE WILL BE PURSUANT TO THE TERMS AND CONDITIONS OF THE EXPIRING ST. PAUL
FIRE AND MARINE INSURANCE CO. INVESTMENT COMPANY BLANKET BOND FORM AS LEAD
CO-SURETY IN ADDITION TO THE FOLLOWING:

CO-SURETY RIDER - ATTACHED

NEWLY CREATED INVESTMENT COMPANIES ENDORSEMENT - ATTACHED

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

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

Admitted [X] Non-Admitted For (Insurance Company) Hartford Fire Insurance
[_] Co.
Date Signed

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 DATE ENDORSEMENT OR * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR RIDER EXECUTED 12:01 A.M. STANDARD TIME
POLICY NO. AS SPECIFIED IN THE BOND OR POLICY

* ISSUED TO

CO-SURETY RIDER

It is agreed that:

1. The term "Underwriter", as used in the attached Bond shall be construed to
mean, unless otherwise specified in this Rider, all the Companies executing
the attached Bond.

2. Each of said Companies shall be liable only for such proportion of any
Single LOSS under the attached Bond as the amount underwritten by such
Company as specified in the Schedule forming a part hereof, bears to the
Limit of Liability of the attached Bond, but in no event shall any of said
Companies be liable for an amount greater than that underwritten by it,

3. In the absence of a request from any of said Companies to pay premiums
directly to it, premiums for the attached Bond may be paid to the
Controlling Company for the account of all of said Companies.

5. The Controlling Company may give notice in accordance with the terms of the
attached Bond, terminating or canceling the attached Bond as an entirety or
as to any Employee, and any notice so given shall terminate or cancel the
liability of all said Companies as an entirety or as to such Employee, as
the case may be.

6. Any Company other than the Controlling Company may give notice in accordance
with the terms of the -attached Bond, terminating or canceling the entire
liability of such other Company under the attached Bond or as to any
Employee.

7. In the absence of a request from any of said Companies that notice of
termination or cancellation by the Insured of the attached Bond in its
entirety be given to or filed directly with it, the giving of such notice in
accordance with the terms of the attached Bond to the Controlling Company
shall terminate or cancel the liability of all of said Companies as an
entirety. The Insured may terminate or cancel the entire liability of any
Company, other than the Controlling Company under the attached Bond by
giving notice of such termination or cancellation to such other Company, and
shall send copy of such notice to the Controlling Company.

8. In the event of the termination or cancellation of the attached Bond as an
entirety, no Company shall be liable to the Insured for a greater proportion
of any return premium due the Insured than the amount underwritten by such
Company bears to the Limit of Liability of the attached Bond.

9. In the event of the termination or cancellation of the attached Bond as to
any Company, such Company alone shall be liable to the Insured for any
return premium due the Insured on account of such termination or
cancellation. The termination or cancellation of the attached Bond as to any
Company other than the Controlling Company shall not terminate, cancel or
otherwise affect the liability of the other Companies under the attached
Bond.

DO NOT ATTACH THIS FORM TO A POLICY. IT IS FOR INFORMATIONAL USE ONLY.

Underwritten for the Controlling Company
Sum of $ part of By:

Underwritten for the part of
Sum of $ Carriers Name
By:

Underwritten for the
Sum of $ part of Carriers Name
By:

By
------------------------------
Authorized Representative

DO NOT ATTACH THIS FORM TO A POLICY. IT IS FOR INFORMATIONAL USE ONLY.

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 DATE ENDORSEMENT OR * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR RIDER EXECUTED 12:01 A.M. STANDARD TIME
POLICY NO. AS SPECIFIED IN THE BOND OR POLICY

* ISSUED TO

AMEND GENERAL AGREEMENT A - NEWLY CREATED INVESTMENT COMPANIES

It is agreed that:

1. General Agreement A. (Additional Offices or Employees - Consolidation or
Merger - Notice) is amended by inserting the following:

(3) Item 1. of the Declarations shall include any Newly Created Investment
Company or portfolio provided that the Insured shall submit to the
Underwriter following the end of the Bond Period, a list of all Newly
Created Investment Companies or portfolios, the estimated assets of each
Newly Created portfolio and copies of any prospectuses and statements of
additional information relating to such Newly Created Investment Companies
or portfolios unless said prospectuses and statements of additional
information have been previously submitted.

Following the end of the Bond Period, any Newly Created Investment Company
or portfolio created during the period, will continue to be an Insured only
if the Underwriter is notified as set forth in this paragraph and the
information required herein is provided to the Underwriter, and the
Underwriter acknowledges the addition of such Newly Created Investment
Company or portfolio to the Bond by a Rider to this Bond.

2. It is further agreed that the following definition is added to Section 1.
DEFINITIONS.

( )Newly Created Investment Company or portfolio shall mean any Investment
Company or portfolio for which registration with the SEC has been
declared.

By
------------------------------
Authorized Representative

DO NOT ATTACH THIS FORM TO A POLICY. IT IS FOR INFORMATION USE ONLY