EXHIBIT 2


           APPROVAL OF AUTHORIZATION OF RENEWAL OF JOINT FIDELITY BOND

Resolutions Adopted at Meetings of the Board of Trustees of each Registrant:

VOTED:   That, having considered all relevant factors including, but not limited
         to, the value of the aggregate assets of the Funds to which any covered
         person may have access, the type and terms of the arrangements made for
         the custody and safekeeping of such assets, and the nature of the
         securities in the Funds' portfolios, and in light of the minimum amount
         of coverage (based on the assets of each Fund) specified in Rule 17g-1
         under Investment Company Act of 1940, the $75 million of coverage for
         the Funds and their affiliates under proposed joint fidelity bond, is
         determined to be a reasonable amount of coverage for each Fund; and
         that, after considering all relevant factors including, but not limited
         to, the number of the other parties named as insured, the nature of the
         business activities of such other parties, the amount of the joint
         insured bond, and the amount of the premium for the bond, the ratable
         allocation of the premium among all parties named as insureds, and the
         extent to which the share of the premium allocated to each Fund is less
         than the premium such company would have had to pay if it had provided
         and maintained a single insured bond, the form, term and conditions of
         the proposed joint fidelity bond to be issued by ICI Mutual Insurance
         Company, and the portion of the premium to be paid by the Funds
         thereunder, are approved.

VOTED:   That the Assistant Secretary of each Trust is designated as the person
         to make the filings and to give the notices required by Rule 17g-1(g)
         under the Investment Company Act.

VOTED:   That the form of Joint Fidelity Bond Agreement discussed at this
         meeting is approved.