<SEC-DOCUMENT>0000891092-16-014267.txt : 20160420
<SEC-HEADER>0000891092-16-014267.hdr.sgml : 20160420
<ACCEPTANCE-DATETIME>20160420141143
ACCESSION NUMBER:		0000891092-16-014267
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160420
DATE AS OF CHANGE:		20160420
EFFECTIVENESS DATE:		20160420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL SECURITIES CORP
		CENTRAL INDEX KEY:			0000018748
		IRS NUMBER:				131875970
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-00179
		FILM NUMBER:		161581044

	BUSINESS ADDRESS:	
		STREET 1:		630 FIFTH AVENUE
		STREET 2:		SUITE 820
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10111
		BUSINESS PHONE:		212-698-2020

	MAIL ADDRESS:	
		STREET 1:		630 FIFTH AVENUE
		STREET 2:		SUITE 820
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10111

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRANS CENTRAL SECURITIES CORP
		DATE OF NAME CHANGE:	19700722

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BUERGER LADET & RADINSKY INC
		DATE OF NAME CHANGE:	19671026
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>e00077_40-17g.htm
<DESCRIPTION>FORM 40-17G
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#9;April 20, 2016</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Re: <U>File No. 811-179</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">100 F Street N.E.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Attention: <U>Division of Investment Management</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Dear Sirs:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">We are filing herewith under Section 17(g) of
the Investment Company Act of 1940, the following items with respect to the Investment Company bond covering Central Securities
Corporation (the &quot;Corporation&quot;) for the period April 1, 2016 through April 1, 2017:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 18pt; text-align: left">1.</TD><TD>A certified copy of resolutions adopted by a majority of
the members of &#9;&#9;the Board of Directors of the Corporation who are not interested persons at &#9;a meeting of the Board
held on March 23, 2016 approving the form and amount of the bond; and</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="padding-right: 0.5in">A copy of Bond No. 12043116B in the amount of $900,000 effective April 1, 2016, which was received
by the Corporation on or about April 1, 2016; and</TD></TR></TABLE>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">The premium for this bond was paid on or about
March 30, 2016.<BR>
<BR>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 50%; text-indent: 0">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 50%; text-indent: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 50%; text-indent: 0">CENTRAL SECURITIES CORPORATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 50%; text-indent: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 50%; text-indent: 0">/s/ Marlene A. Krumholz</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif">Enc.</TD>
    <TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif">Secretary</TD></TR>
</TABLE>



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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0 12pt; text-indent: 1in">I, Marlene A. Krumholz, hereby certify that
I am the Secretary of Central Securities Corporation, and that the following is a true and correct copy of resolutions duly adopted
by a majority of the directors who are not &quot;interested persons,&quot; at a meeting of the Board of Directors of said Corporation
duly called and held on the 23rd day of March 2016, at which a quorum was present and acting throughout. I further certify that
said resolutions continue in full force and effect:&#9;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.5in 0 1in; text-indent: 1in">RESOLVED, that the Registered Management
Investment Company Bond No. 12043113B of ICI Mutual Insurance Company, being a single insured bond in the amount of $900,000, effective
April 1, 2016, the expiration date of the prior bond, is, in our judgment, adequate coverage for the protection of the Corporation
and its stockholders. In approving such coverage, Messrs. Blackford, Browning, Calder, Colander, Inglis and Walker have considered
all relevant factors including (1) the value of the Corporation's assets to which any covered person may have access; (2) the custody
arrangements for such assets; (3) the nature of the Corporation's portfolio securities; and (4) the amount of premium for such
bond; and</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.5in 0 1in">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0.5in 0 1in; text-indent: 0.75in">FURTHER RESOLVED, that the
Secretary shall make any filings and give any notices required by the Securities and Exchange Commission Rule 17g-1 under the Investment
Company Act.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-indent: 2.8in">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-indent: 2.8in">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-indent: 2.8in">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0 0 50%; text-indent: 0"><U>/s/Marlene A. Krumholz</U></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0 0 50%; text-indent: 0">Marlene A. Krumholz</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0 0 0 50%; text-indent: 0">Secretary</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">New York, New York</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">April 20, 2016</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">1401 H St. NW</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, DC 20005</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">INVESTMENT COMPANY BLANKET BOND</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">ICI MUTUAL INSURANCE COMPANY,</P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0; text-align: center">a Risk Retention Group</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">1401 H St. NW</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, DC 20005</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">DECLARATIONS</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTICE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This policy is issued by your risk retention
group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance
insolvency guaranty funds are not available for your risk retention group.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border-top: Black 1pt solid; padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Item 1.</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 11pt">Name of Insured (the &quot;Insured&quot;)</FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Bond Number</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Central Securities Corporation</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>12043116B</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 11pt">Principal Office:</FONT></TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">630 Fifth Avenue, Suite 820</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Mailing Address: 630 Fifth Avenue, Suite 820</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">New York, NY 10111</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 92.5pt; text-align: justify"><FONT STYLE="font-size: 11pt">New York, NY 10111</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Item 2. </B></FONT></TD>
    <TD STYLE="width: 90%; padding-right: 0; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 11pt">Bond Period: from 12:01 a.m. on <U>&nbsp;&nbsp;&nbsp;April 1, 2016&nbsp;&nbsp;&nbsp;</U> , to 12:01 a.m. on <U>&nbsp;&nbsp;&nbsp;April 1, 2017&nbsp;&nbsp;&nbsp;</U> or </FONT>the earlier effective date of the termination of this Bond, standard time at the Principal Office as to each of said dates.</TD></TR>
</TABLE>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font-size: 11pt">
    <TD STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 11pt">
    <TD STYLE="font-size: 11pt; text-align: justify"><B>Item 3.</B></TD>
    <TD COLSPAN="4" STYLE="font-size: 11pt; text-align: justify">Limit of Liability&#8212;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 11pt">
    <TD STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-size: 11pt; text-align: justify">Subject to Sections
    9, 10 and 12 hereof:</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 11pt">
    <TD STYLE="width: 10%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 21%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; padding-left: 12pt">&nbsp;</TD>
    <TD STYLE="width: 13%; font-size: 11pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">LIMIT OF</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">LIABILITY</P></TD>
    <TD STYLE="width: 13%; font-size: 11pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">DEDUCTIBLE</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">AMOUNT</P></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 11pt">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">Insuring Agreement A-</TD>
    <TD STYLE="font-size: 11pt; padding-left: 12pt">FIDELITY</TD>
    <TD STYLE="text-align: right; font-size: 11pt">$900,000</TD>
    <TD STYLE="text-align: right; font-size: 11pt; padding-right: 12pt">N/A</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 11pt">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">Insuring Agreement B-</TD>
    <TD STYLE="font-size: 11pt; padding-left: 12pt">AUDIT EXPENSE</TD>
    <TD STYLE="text-align: right; font-size: 11pt">$50,000</TD>
    <TD STYLE="text-align: right; font-size: 11pt; padding-right: 12pt">$10,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 11pt">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">Insuring Agreement C-</TD>
    <TD STYLE="font-size: 11pt; padding-left: 12pt">ON PREMISES</TD>
    <TD STYLE="text-align: right; font-size: 11pt">$900,000</TD>
    <TD STYLE="text-align: right; font-size: 11pt; padding-right: 12pt">$10,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 11pt">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">Insuring Agreement D-</TD>
    <TD STYLE="font-size: 11pt; padding-left: 12pt">IN TRANSIT</TD>
    <TD STYLE="text-align: right; font-size: 11pt">$900,000</TD>
    <TD STYLE="text-align: right; font-size: 11pt; padding-right: 12pt">$10,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 11pt">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">Insuring Agreement E-</TD>
    <TD STYLE="font-size: 11pt; padding-left: 12pt">FORGERY OR ALTERATION</TD>
    <TD STYLE="text-align: right; font-size: 11pt">$900,000</TD>
    <TD STYLE="text-align: right; font-size: 11pt; padding-right: 12pt">$10,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 11pt">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">Insuring Agreement F-</TD>
    <TD STYLE="font-size: 11pt; padding-left: 12pt">SECURITIES</TD>
    <TD STYLE="text-align: right; font-size: 11pt">$900,000</TD>
    <TD STYLE="text-align: right; font-size: 11pt; padding-right: 12pt">$10,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 11pt">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">Insuring Agreement G-</TD>
    <TD STYLE="font-size: 11pt; padding-left: 12pt">COUNTERFEIT CURRENCY</TD>
    <TD STYLE="text-align: right; font-size: 11pt">$900,000</TD>
    <TD STYLE="text-align: right; font-size: 11pt; padding-right: 12pt">$10,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 11pt">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">Insuring Agreement H-</TD>
    <TD STYLE="font-size: 11pt; padding-left: 12pt">UNCOLLECTIBLE ITEMS OF DEPOSIT</TD>
    <TD STYLE="text-align: right; font-size: 11pt">$25,000</TD>
    <TD STYLE="text-align: right; font-size: 11pt; padding-right: 12pt">$5,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 11pt">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 4pt; padding-bottom: 4pt; font-size: 11pt">If &#8220;Not Covered&#8221; is inserted opposite
    any Insuring Agreement above, such Insuring Agreement and any reference thereto shall be deemed to be deleted from this Bond.</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 11pt">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 11pt">OPTIONAL INSURING AGREEMENTS ADDED BY RIDER:</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 11pt">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; font-size: 11pt">Insuring Agreement J-</TD>
    <TD STYLE="padding-bottom: 3pt; font-size: 11pt; padding-left: 12pt">COMPUTER SECURITY</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right; font-size: 11pt">$900,000</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right; font-size: 11pt">$10,000</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 0; padding-left: 0; font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Item</B> <B>4.</B></FONT></TD>
    <TD STYLE="width: 90%; padding-right: 0; padding-left: 0; font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">Offices or Premises Covered--All the Insured&#8217;s offices or other premises in existence at the time this Bond becomes effective are covered under this Bond, except the offices or other premises excluded by Rider. Offices or other premises acquired or established after the effective date of this Bond are covered subject to the terms of General Agreement A.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -40.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border-top: Black 1pt solid; padding-right: 0; padding-left: 0; font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Item 5.</B></FONT></TD>
    <TD STYLE="width: 90%; border-top: Black 1pt solid; padding-right: 0; padding-left: 0; font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 11pt">The liability of ICI Mutual Insurance Company, a Risk Retention Group (the &#8220;Underwriter&#8221;) is subject to the terms of the following Riders attached hereto:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; font: 11pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="width: 90%; font: 11pt Times New Roman, Times, Serif; padding-left: 0; padding-right: 0">Riders: 1-2-3-4</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; padding-left: 0; padding-right: 0">and of all Riders applicable to this Bond issued during the Bond Period.</TD></TR>
</TABLE>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; text-align: justify">By:___<U>/S/ Swenitha
    Nalli</U>__________________</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 11pt; text-align: justify">&nbsp;By:___<U>/S/
    Maggie Sullivan</U>_________________</TD></TR>
<TR STYLE="vertical-align: top; font-size: 11pt">
    <TD STYLE="padding-right: 5.4pt; padding-left: 37pt; text-align: justify; font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 37pt; text-align: justify; font-size: 11pt">&nbsp;Authorized Representative</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">Bond (10/15)</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">NOTICE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This policy is issued by your risk retention
group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance
insolvency guaranty funds are not available for your risk retention group.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">ICI Mutual Insurance Company, a Risk
Retention Group (the &#8220;Underwriter&#8221;), in consideration of an agreed premium, and in reliance upon the Application and
all other information furnished to the Underwriter by the Insured, and subject to and in accordance with the Declarations, General
Agreements, Provisions, Conditions and Limitations and other terms of this bond (including all riders hereto) (&#8220;Bond&#8221;),
to the extent of the Limit of Liability and subject to the Deductible Amount, agrees to indemnify the Insured for the loss, as
described in the Insuring Agreements, sustained by the Insured at any time but discovered during the Bond Period.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INSURING AGREEMENTS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left">A.</TD><TD>FIDELITY</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Loss caused by any Dishonest or
Fraudulent Act or Theft committed by an Employee anywhere, alone or in collusion with other persons (whether or not Employees),
during the time such Employee has the status of an Employee as defined herein, and even if such loss is not discovered until after
he or she ceases to be an Employee, EXCLUDING loss covered under Insuring Agreement B.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left">B.</TD><TD>AUDIT EXPENSE</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Expense incurred by the Insured
for that part of audits or examinations required by any governmental regulatory authority or Self Regulatory Organization to be
conducted by such authority or Organization or by an independent accountant or other person, by reason of the discovery of loss
sustained by the Insured and covered by this Bond.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left">C.</TD><TD>ON PREMISES</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Loss resulting from Property that
is (1) located or reasonably believed by the Insured to be located within the Insured&#8217;s offices or premises, and (2) the
object of Theft, Dishonest or Fraudulent Act, or Mysterious Disappearance, EXCLUDING loss covered under Insuring Agreement A.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left">D.</TD><TD>IN TRANSIT</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Loss resulting from Property that
is (1) in transit in the custody of any person authorized by an Insured to act as a messenger, except while in the mail or with
a carrier for hire (other than a Security Company), and (2) the object of Theft, Dishonest or Fraudulent Act, or Mysterious Disappearance,
EXCLUDING loss covered under Insuring Agreement A. Property is &#8220;in transit&#8221; beginning immediately upon receipt of such
Property by the transporting person and ending immediately upon delivery at the specified destination.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left">E.</TD><TD>FORGERY OR ALTERATION</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Loss caused by the Forgery or Alteration
of or on (1) any bills of exchange, checks, drafts, or other written orders or directions to pay certain sums in money, acceptances,
certificates of deposit, due bills, money orders, or letters of credit; or (2) other written instructions, requests or applications
to the Insured, authorizing or acknowledging the transfer, payment, redemption, delivery or receipt of Property, or giving notice
of any bank account, which instructions or requests or applications purport</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">to have been signed or endorsed
by (a) any customer of the Insured, or (b) any shareholder of or subscriber to shares issued by any Investment Company, or (c)
any financial or banking institution or stockbroker; or (3) withdrawal orders or receipts for the withdrawal of 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. This Insuring Agreement E does not cover loss caused by Forgery or Alteration of Securities or loss
covered under Insuring Agreement A.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left">F.</TD><TD>SECURITIES</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Loss resulting from the Insured,
in good faith, in the ordinary course of business, and in any capacity whatsoever, whether for its own account or for the account
of others, having acquired, accepted or received, or sold or delivered, or given any value, extended any credit or assumed any
liability on the faith of any Securities, where such loss results from the fact that such Securities (1) were Counterfeit, or (2)
were lost or stolen, or (3) contain a Forgery or Alteration, and notwithstanding whether or not the act of the Insured causing
such loss violated the constitution, by-laws, rules or regulations of any Self Regulatory Organization, whether or not the Insured
was a member thereof, EXCLUDING loss covered under Insuring Agreement A.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left"><B>G.</B></TD><TD><B>COUNTERFEIT CURRENCY</B></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Loss caused by the Insured in good
faith having received or accepted (1) any money orders which prove to be Counterfeit or to contain an Alteration or (2) paper currencies
or coin of the United States of America or Canada which prove to be Counterfeit. This Insuring Agreement G does not cover loss
covered under Insuring Agreement A.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left">H.</TD><TD>UNCOLLECTIBLE ITEMS OF DEPOSIT</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Loss resulting from the payment
of dividends, issuance of Fund shares or redemptions or exchanges permitted from an account with the Fund as a consequence of&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">uncollectible Items of Deposit of a Fund&#8217;s customer, shareholder or subscriber credited by
the Insured or its agent to such person&#8217;s Fund account, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">any Item of Deposit processed through an automated clearing house which is reversed by a Fund&#8217;s
customer, shareholder or subscriber and is deemed uncollectible by the Insured;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">PROVIDED, that (a) Items of Deposit
shall not be deemed uncollectible until the Insured&#8217;s collection procedures have failed, (b) exchanges of shares between
Funds with exchange privileges shall be covered hereunder only if all such Funds are insured by the Underwriter for uncollectible
Items of Deposit, and (c) the Insured Fund shall have implemented and maintained a policy to hold Items of Deposit for the minimum
number of days stated in its Application (as amended from time to time) before paying any dividend or permitting any withdrawal
with respect to such Items of Deposit (other than exchanges between Funds). Regardless of the number of transactions between Funds
in an exchange program, the minimum number of days an Item of Deposit must be held shall begin from the date the Item of Deposit
was first credited to any Insured Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">This Insuring Agreement H does
not cover loss covered under Insuring Agreement A.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left">I.</TD><TD>PHONE/ELECTRONIC TRANSACTIONS</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Loss caused by a Phone/Electronic
Transaction, where the request for such Phone/Electronic Transaction:</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">is transmitted to the Insured or its agents by voice over the telephone or by Electronic Transmission;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">is made by an individual purporting to be a Fund shareholder or subscriber or an authorized agent
of a Fund shareholder or subscriber; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD STYLE="text-align: justify">is unauthorized or fraudulent and is made with the manifest intent to deceive;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">PROVIDED, that the entity receiving
such request generally maintains and follows during the Bond Period all Phone/Electronic Transaction Security Procedures with respect
to all Phone/Electronic Transactions; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 27pt">EXCLUDING loss resulting
from:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">the failure to pay for shares attempted to be purchased; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">any redemption of Investment Company shares which had been improperly credited to a shareholder&#8217;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</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD STYLE="text-align: justify">any redemption of shares issued by an Investment Company where the proceeds of such redemption
were requested to be paid or made payable to other than (a) the Shareholder of Record, or (b) any other person or bank account
designated to receive redemption proceeds (i) in the initial account application, or (ii) in writing (not to include Electronic
Transmission) accompanied by a signature guarantee; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(4)</TD><TD STYLE="text-align: justify">any redemption of shares issued by an Investment Company where the proceeds of such redemption
were requested to be sent to other than any address for such account which was designated (a) in the initial account application,
or (b) in writing (not to include Electronic Transmission), where such writing is received at least one (1) day prior to such redemption
request, or (c) by voice over the telephone or by Electronic Transmission at least fifteen (15) days prior to such redemption;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(5)</TD><TD STYLE="text-align: justify">the intentional failure to adhere to one or more Phone/Electronic Transaction Security Procedures;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(6)</TD><TD STYLE="text-align: justify">a Phone/Electronic Transaction request transmitted by electronic mail or transmitted by any method
not subject to the Phone/Electronic Transaction Security Procedures; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(7)</TD><TD STYLE="text-align: justify">the failure or circumvention of any physical or electronic protection device, including any firewall,
that imposes restrictions on the flow of electronic traffic in or out of any Computer System.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 24pt 27pt; text-align: justify">This Insuring Agreement I does
not cover loss covered under Insuring Agreement A, &#8220;Fidelity&#8221; or Insuring Agreement J, &#8220;Computer Security&#8221;.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">GENERAL AGREEMENTS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left">A.</TD><TD>ADDITIONAL OFFICES OR EMPLOYEES&#8212;CONSOLIDATION OR MERGER--NOTICE</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">Except as provided in paragraph 2 below, this Bond shall apply to any additional office(s) established
by the Insured during the Bond Period and to all Employees during the Bond Period,</TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 45pt; text-align: justify">without the need to give notice
thereof or pay additional premiums to the Underwriter for the Bond Period.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">If during the Bond Period an Insured Investment Company shall merge or consolidate with an institution
in which such Insured is the surviving entity, or purchase substantially all the assets or capital stock of another institution,
or acquire or create a separate investment portfolio, and shall within sixty (60) days notify the Underwriter thereof, then this
Bond shall automatically apply to the Property and Employees resulting from such merger, consolidation, acquisition or creation
from the date thereof; provided, that the Underwriter may make such coverage contingent upon the payment of an additional premium.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left">B.</TD><TD>WARRANTY</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">No statement made by or on behalf
of the Insured, whether contained in the Application or otherwise, shall be deemed to be an absolute warranty, but only a warranty
that such statement is true to the best of the knowledge of the person responsible for such statement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left">C.</TD><TD>COURT COSTS AND ATTORNEYS&#8217; FEES</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">The Underwriter will indemnify
the Insured against court costs and reasonable attorneys&#8217; fees incurred and paid by the Insured in defense of any legal proceeding
brought against the Insured seeking recovery for any loss which, if established against the Insured, would constitute a loss 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</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">an Employee admits to having committed or is adjudicated to have committed a Dishonest or Fraudulent
Act or Theft which caused the loss; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">in the absence of such an admission or adjudication, an arbitrator or arbitrators acceptable to
the Insured and the Underwriter concludes, after a review of an agreed statement of facts, that an Employee has committed a Dishonest
or Fraudulent Act or Theft which caused the loss.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">The Insured shall promptly give
notice to the Underwriter of any such legal proceeding and upon request shall furnish the Underwriter 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
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 legal proceeding.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">If the amount of the Insured&#8217;s
liability or alleged liability in any such legal proceeding is greater than the amount which the Insured would be entitled to recover
under this Bond (other than pursuant to this General Agreement C), or if a Deductible Amount is applicable, or both, the indemnity
liability of the Underwriter under this General Agreement C is limited to the proportion of court costs and attorneys&#8217; fees
incurred and paid by the Insured or by the Underwriter that the amount which the Insured would be entitled to recover under this
Bond (other than pursuant to this General Agreement C) bears to the sum of such amount plus the amount which the Insured is not
entitled to recover. Such indemnity shall be in addition to the Limit of Liability for the applicable Insuring Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt; text-align: left"><B>D.</B></TD><TD><B>INTERPRETATION</B></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 24pt 27pt; text-align: justify">This Bond shall be interpreted
with due regard to the purpose of fidelity bonding under Rule 17g-1 of the Investment Company Act of 1940 (i.e., to protect innocent
third parties from harm) and to the structure of the investment management industry (in which a loss of Property resulting from
a cause described in any Insuring Agreement ordinarily gives rise to a potential legal liability on the</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 24pt 27pt; text-align: justify">part of the Insured), such that
the term &#8220;loss&#8221; as used herein shall include an Insured&#8217;s legal liability for direct compensatory damages resulting
directly from a misappropriation, or measurable diminution in value, of Property.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THIS BOND, INCLUDING THE FOREGOING INSURING
AGREEMENTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AND GENERAL AGREEMENTS, IS SUBJECT TO THE
FOLLOWING</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>PROVISIONS, CONDITIONS AND LIMITATIONS:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 1. DEFINITIONS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: -0.25in">The following
terms used in this Bond shall have the meanings stated in this Section:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>A.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&#8220;Alteration&#8221;</B> means the marking, changing or altering
in a material way of the terms, meaning or legal effect of a document with the intent to deceive.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>B.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Application&#8221;</B> means the Insured&#8217;s application (and any attachments and
materials submitted in connection therewith) furnished to the Underwriter for this Bond.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>C.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Computer System&#8221;</B> means (1) computers with related peripheral components, including
storage components, (2) systems and applications software, (3) terminal devices, (4) related communications networks or customer
communication systems, and (5) related electronic funds transfer systems; by which data or monies are electronically collected,
transmitted, processed, stored or retrieved.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>D.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Counterfeit&#8221;</B> means, with respect to any item, one which is false but is intended
to deceive and to be taken for the original authentic item.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>E.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Deductible Amount&#8221;</B> means, with respect to any Insuring Agreement, the amount
set forth under the heading &#8220;Deductible Amount&#8221; in Item 3 of the Declarations or in any Rider for such Insuring Agreement,
applicable to each Single Loss covered by such Insuring Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>F.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Depository&#8221;</B> means any &#8220;securities depository&#8221; (other than any foreign
securities depository) in which an Investment Company may deposit its Securities in accordance with Rule 17f-4 under the Investment
Company Act of 1940.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>G.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Dishonest or Fraudulent Act&#8221;</B> means any dishonest or fraudulent act, including
&#8220;larceny and embezzlement&#8221; as defined in Section 37 of the Investment Company Act of 1940, committed with the conscious
manifest intent (1) to cause the Insured to sustain a loss and (2) to obtain financial benefit for the perpetrator or any other
person (other than salaries, commissions, fees, bonuses, awards, profit sharing, pensions or other employee benefits). A Dishonest
or Fraudulent Act does not mean or include a reckless act, a negligent act, or a grossly negligent act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>H.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Electronic Transmission&#8221;</B> means any transmission effected by electronic means,
including but not limited to a transmission effected by telephone tones, Telefacsimile, wireless device, or over the Internet.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>I.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Employee&#8221;</B> means:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">each officer, director, trustee, partner or employee of the Insured, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">each officer, director, trustee, partner or employee 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</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD STYLE="text-align: justify">each attorney performing legal services for the Insured and each employee of such attorney or of
the law firm of such attorney while performing services for the Insured, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(4)</TD><TD STYLE="text-align: justify">each student who is an authorized intern of the Insured, while in any of the Insured&#8217;s offices,
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(5)</TD><TD STYLE="text-align: justify">each officer, director, trustee, partner or employee of</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">an investment adviser,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">an underwriter (distributor),</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify">a transfer agent or shareholder accounting recordkeeper, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD STYLE="text-align: justify">an administrator authorized by written agreement to keep financial and/or other required records,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 45pt; text-align: justify">for an Investment Company named
as an Insured, BUT ONLY while (i) such officer, partner or employee is performing acts coming within the scope of the usual duties
of an officer or employee of an Insured, or (ii) such officer, director, trustee, partner or employee is 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, or (iii)
such director or trustee (or anyone acting in a similar capacity) is acting outside the scope of the usual duties of a director
or trustee;PROVIDED, that the term &#8220;Employee&#8221; shall not include any officer, director, trustee, partner or employee
of a transfer agent, shareholder accounting recordkeeper or administrator (x) which is not an &#8220;affiliated person&#8221; (as
defined in Section 2(a) of the Investment Company Act of 1940) of an Investment Company named as Insured or of the adviser or underwriter
of such Investment Company, or (y) which is a &#8220;Bank&#8221; (as defined in Section 2(a) of the Investment Company Act of 1940),
and</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(6)</TD><TD STYLE="text-align: justify">each individual assigned, by contract or by any agency furnishing temporary personnel, in either
case on a contingent or part-time basis, to perform the usual duties of an employee in any office of the Insured, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(7)</TD><TD STYLE="text-align: justify">each individual assigned to perform the usual duties of an employee or officer of any entity 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 a processor which acts as transfer agent or in any other agency capacity for the Insured in issuing
checks, drafts or securities, unless included under subsection (5) hereof, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(8)</TD><TD>each officer, partner or employee of</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>any Depository or Exchange,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>any nominee in whose name is registered any Security included in the systems for the central handling of securities established
and maintained by any Depository, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>any recognized service company which provides clerks or other personnel to any Depository or Exchange on a contract basis,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 45pt">while such officer, partner or employee is performing
services for any Depository in the operation of systems for the central handling of securities, and</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(9)</TD><TD STYLE="text-align: justify">in the case of an Insured which is an &#8220;employee benefit plan&#8221; (as defined in Section
3 of the Employee Retirement Income Security Act of 1974 (&#8220;ERISA&#8221;)) for officers, directors or employees of another
Insured (&#8220;In-House Plan&#8221;), any &#8220;fiduciary&#8221; or other &#8220;plan official&#8221; (within the meaning of
Section 412 of ERISA) of such In-House Plan, provided that such fiduciary or other plan official is a director, partner, officer,
trustee or employee of an Insured (other than an In-House Plan).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 27pt; text-align: justify">Each employer of temporary personnel
and each entity referred to in subsections (6) and (7) and their respective partners, officers and employees shall collectively
be deemed to be one person for all the purposes of this Bond.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Brokers, agents, independent contractors,
or representatives of the same general character shall not be considered Employees, except as provided in subsections (3), (6),
and (7).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>J.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Exchange&#8221;</B> means any national securities exchange registered under the Securities
Exchange Act of 1934.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>K.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Forgery&#8221;</B> means the physical signing on a document of the name of another person
(whether real or fictitious) with the intent to deceive. A Forgery may be by means of mechanically reproduced facsimile signatures
as well as handwritten signatures. Forgery does not include the signing of an individual&#8217;s own name, regardless of such individual&#8217;s
authority, capacity or purpose.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>L.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Items of Deposit&#8221;</B> means one or more checks or drafts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>M.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Investment Company&#8221;</B> or <B>&#8220;Fund&#8221;</B> means an investment company
registered under the Investment Company Act of 1940.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>N.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Limit of Liability&#8221;</B> means, with respect to any Insuring Agreement, the limit
of liability of the Underwriter for any Single Loss covered by such Insuring Agreement as set forth under the heading &#8220;Limit
of Liability&#8221; in Item 3 of the Declarations or in any Rider for such Insuring Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>O.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Mysterious Disappearance&#8221;</B> means any disappearance of Property which, after
a reasonable investigation has been conducted, cannot be explained.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>P.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Non-Fund&#8221;</B> means any corporation, business trust, partnership, trust or other
entity which is not an Investment Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>Q.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Phone/Electronic Transaction Security Procedures&#8221;</B> means security procedures
for Phone/Electronic Transactions as provided in writing to the Underwriter.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>R.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Phone/Electronic Transaction&#8221;</B> means any (1) redemption of shares issued by
an Investment Company, (2) election concerning dividend options available to Fund shareholders, (3) 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, or (4) purchase of shares issued by an Investment Company, which redemption, election, exchange or purchase is
requested by voice over the telephone or through an Electronic Transmission.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>S.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Property&#8221;</B> means the following tangible items: money, postage and revenue stamps,
precious metals, Securities, bills of exchange, acceptances, checks, drafts, or other written orders or directions to pay sums
certain in money, certificates of deposit, due bills, money orders, letters of credit, financial futures contracts, conditional
sales contracts, abstracts of title, insurance policies, deeds, mortgages, and assignments of any of the foregoing, 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 (but excluding all data processing records), (1) in which the Insured has a legally
cognizable interest, (2) in which the Insured acquired or should have acquired such an interest by reason of a predecessor&#8217;s
declared financial condition at the time of the Insured&#8217;s consolidation or merger with, or purchase of the principal assets
of, such predecessor or (3) which are held by the Insured for any purpose or in any capacity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>T.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Securities&#8221;</B> means original negotiable or non-negotiable agreements or instruments
which represent an equitable or legal interest, ownership or debt (including stock certificates, bonds, promissory notes, and assignments
thereof), which are in the ordinary course of business and transferable by physical delivery with appropriate endorsement or assignment.
&#8220;Securities&#8221; does not include bills of exchange, acceptances, certificates of deposit, checks, drafts, or other written
orders or directions to pay sums certain in money, due bills, money orders, or letters of credit.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>U.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Security Company&#8221;</B> means an entity which provides or purports to provide the
transport of Property by secure means, including, without limitation, by use of armored vehicles or guards.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>V.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Self Regulatory Organization&#8221;</B> means any association of investment advisers
or securities dealers registered under the federal securities laws, or any Exchange.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>W.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Shareholder of Record&#8221;</B> means the record owner of shares issued by an Investment
Company or, in the case of joint ownership of such shares, all record owners, as designated (1) in the initial account application,
or (2) in writing accompanied by a signature guarantee, or (3) pursuant to procedures as set forth in the Application.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>X.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Single Loss&#8221;</B> means:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">all loss resulting from any one actual or attempted Theft committed by one person, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">all loss caused by any one act (other than a Theft or a Dishonest or Fraudulent Act) committed
by one person, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD STYLE="text-align: justify">all loss caused by Dishonest or Fraudulent Acts committed by one person, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(4)</TD><TD STYLE="text-align: justify">all expenses incurred with respect to any one audit or examination, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(5)</TD><TD STYLE="text-align: justify">all loss caused by any one occurrence or event other than those specified in subsections (1) through
(4) above.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-align: justify">All acts or omissions of one or
more persons which directly or indirectly aid or, by failure to report or otherwise, permit the continuation of an act referred
to in subsections (1) through (3) above of any other person shall be deemed to be the acts of such other person for purposes of
this subsection.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify">All acts or occurrences or events
which have as a common nexus any fact, circumstance, situation, transaction or series of facts, circumstances, situations, or transactions
shall be deemed to be one act, one occurrence, or one event.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>Y.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Telefacsimile&#8221;</B> 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>Z.</B></TD><TD STYLE="text-align: justify"><B>&#8220;Theft&#8221;</B> means robbery, burglary or hold-up, occurring with or without violence
or the threat of violence.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 2. EXCLUSIONS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">THIS BOND DOES NOT COVER:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">A.</TD><TD STYLE="text-align: justify">Loss resulting from (1) riot or civil commotion outside the United States of America and Canada,
or (2) war, revolution, insurrection, action by armed forces, or usurped power, wherever occurring; except if such loss occurs
while the Property is in transit, is otherwise covered under Insuring Agreement D, and when such transit was initiated, the Insured
or any person initiating such transit on the Insured&#8217;s behalf had no knowledge of such riot, civil commotion, war, revolution,
insurrection, action by armed forces, or usurped power.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">B.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss in time of peace or war resulting from nuclear fission or fusion
or radioactivity, or biological or chemical agents or hazards, or fire, smoke, or explosion, or the effects of any of the foregoing.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">C.</TD><TD STYLE="text-align: justify">Loss resulting from any Dishonest or Fraudulent Act committed by any person while acting in the
capacity of a member of the Board of Directors or any equivalent body of the Insured or of any other entity.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">D.</TD><TD STYLE="text-align: justify">Loss resulting from any nonpayment or other default of any loan or similar transaction made by
the Insured or any of its partners, directors, officers or employees, whether or not authorized and whether procured in good faith
or through a Dishonest or Fraudulent Act, unless such loss is otherwise covered under Insuring Agreement A, E or F.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">E.</TD><TD STYLE="text-align: justify">Loss resulting from any violation by the Insured or by any Employee of any law, or any rule or
regulation pursuant thereto or adopted by a Self Regulatory Organization, regulating the issuance, purchase or sale of securities,
securities transactions upon security exchanges or over the counter markets, Investment Companies, or investment advisers, unless
such loss, in the absence of such law, rule or regulation, would be covered under Insuring Agreement A, E or F.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">F.</TD><TD STYLE="text-align: justify">Loss resulting from Property that is the object of Theft, Dishonest or Fraudulent Act, or Mysterious
Disappearance while in the custody of any Security Company, unless such loss is covered under this Bond and is in excess of the
amount recovered or received by the Insured under (1) the Insured&#8217;s contract with such Security Company, and (2) insurance
or indemnity of any kind carried by such Security Company for the benefit of, or otherwise available to, users of its service,
in which case this Bond shall cover only such excess, subject to the applicable Limit of Liability and Deductible Amount.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">G.</TD><TD STYLE="text-align: justify">Potential income, including but not limited to interest and dividends, not realized by the Insured
because of a loss covered under this Bond, except when covered under Insuring Agreement H.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">H.</TD><TD STYLE="text-align: justify">Loss in the form of (1) damages of any type for which the Insured is legally liable, except direct
compensatory damages, or (2) taxes, fines, or penalties, including without limitation two-thirds of treble damage awards pursuant
to judgments under any statute or regulation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">I.</TD><TD STYLE="text-align: justify">Loss resulting from the surrender of Property away from an office of the Insured as a result of
a threat</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">to do bodily harm to any person, except where the Property is in transit in the custody of any
person acting as messenger as a result of a threat to do bodily harm to such person, if the Insured had no knowledge of such threat
at the time such transit was initiated, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">to do damage to the premises or Property of the Insured,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -9pt">unless such
loss is otherwise covered under Insuring Agreement A.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">J.</TD><TD STYLE="text-align: justify">All costs, fees and other expenses incurred by the Insured in establishing the existence of or
amount of loss covered under this Bond, except to the extent certain audit expenses are covered under Insuring Agreement B.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">K.</TD><TD STYLE="text-align: justify">Loss resulting from payments made to or withdrawals from any account, involving funds erroneously
credited to such account, unless such loss is otherwise covered under Insuring Agreement A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">L.</TD><TD STYLE="text-align: justify">Loss resulting from uncollectible Items of Deposit which are drawn upon a financial institution
outside the United States of America, its territories and possessions, or Canada.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">M.</TD><TD STYLE="text-align: justify">Loss resulting from the Dishonest or Fraudulent Acts, Theft, or other acts or omissions of an Employee
primarily engaged in the sale of shares issued by an Investment Company to persons other than (1) a person registered as a broker
under the Securities Exchange Act of 1934 or (2) an &#8220;accredited investor&#8221; as defined in Rule 501(a) of Regulation D
under the Securities Act of 1933, which is not an individual.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">N.</TD><TD STYLE="text-align: justify">Loss resulting 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.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">O.</TD><TD STYLE="text-align: justify">Loss resulting from any purchase, redemption or exchange of securities issued by an Investment
Company or other Insured, or any other instruction, request, acknowledgement, notice or transaction involving securities issued
by an Investment Company or other Insured or the dividends in respect thereof, when any of the foregoing is requested, authorized
or directed or purported to be requested, authorized or directed by voice over the telephone or by Electronic Transmission, unless
such loss is otherwise covered under Insuring Agreement A or Insuring Agreement I.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">P.</TD><TD STYLE="text-align: justify">Loss resulting from any Dishonest or Fraudulent Act or Theft committed by an Employee as defined
in Section 1.I(2), unless such loss (1) could not have been reasonably discovered by the due diligence of the Insured at or prior
to the time of acquisition by the Insured of the assets acquired from a predecessor, and (2) arose out of a lawsuit or valid claim
brought against the Insured by a person unaffiliated with the Insured or with any person affiliated with the Insured.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">Q.</TD><TD STYLE="text-align: justify">Loss resulting from the unauthorized entry of data into, or the deletion or destruction of data
in, or the change of data elements or programs within, any Computer System, unless such loss is otherwise covered under Insuring
Agreement A.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 3. ASSIGNMENT OF RIGHTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Upon payment to the Insured hereunder
for any loss, the Underwriter shall be subrogated to the extent of such payment to all of the Insured&#8217;s rights and claims
in connection with such loss; provided, however, that the Underwriter shall not be subrogated to any such rights or claims one
named Insured under this Bond may have against another named Insured under this Bond. At the request of the Underwriter, the Insured
shall execute all assignments or other documents and take such action as the Underwriter may deem necessary or desirable to secure
and perfect such rights and claims, including the execution of documents necessary to enable the Underwriter to bring suit in the
name of the Insured.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Assignment of any rights or claims
under this Bond shall not bind the Underwriter without the Underwriter&#8217;s written consent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>SECTION
4. LOSS</B></FONT>&#8212;<FONT STYLE="font-size: 11pt"><B>NOTICE</B></FONT>&#8212;<FONT STYLE="font-size: 11pt"><B>PROOF</B></FONT>&#8212;<FONT STYLE="font-size: 11pt"><B>LEGAL
PROCEEDINGS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">This Bond is for the use and benefit
only of the Insured and the Underwriter shall not be liable hereunder to anyone other than the Insured. As soon as practicable
and not more than sixty (60) days after discovery, the Insured shall give the Underwriter written notice thereof and, as soon as
practicable and within one year after such discovery, shall also furnish to the Underwriter affirmative proof of loss with full
particulars. The Underwriter may extend the sixty day notice period or the one year proof of loss period if the Insured requests
an extension and shows good cause therefor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">See also General Agreement C (Court
Costs and Attorneys' Fees).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">The Underwriter shall not be liable
hereunder for loss of Securities unless each of the Securities is identified in such proof of loss by a certificate or bond number
or by such identification means as the Underwriter may require. The Underwriter shall have a reasonable period after receipt of
a proper affirmative proof of loss within which to investigate the claim, but where the Property is Securities and the loss is
clear and undisputed, settlement shall be made within forty-eight (48) hours even if the loss involves Securities of which duplicates
may be obtained.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">The Insured shall not bring legal
proceedings against the Underwriter to recover any loss hereunder prior to sixty (60) days after filing such proof of loss or subsequent
to twenty-four (24) months after the discovery of such loss or, in the case of a legal proceeding to recover hereunder on account
of any judgment against the Insured in or settlement of any suit mentioned in General Agreement C or to recover court costs or
attorneys&#8217; fees paid in any such suit, twenty-four (24) months after the date of</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">the final judgment in or settlement
of such suit. If any limitation in this Bond is prohibited by any applicable law, such limitation shall be deemed to be amended
to be equal to the minimum period of limitation permitted by such law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Notice hereunder shall be given
to Manager, Professional Liability Claims, ICI Mutual Insurance Company, 1401 H St. NW, Washington, DC 20005.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 5. DISCOVERY</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 27pt; text-align: justify">For all purposes under this Bond,
a loss is discovered, and discovery of a loss occurs, when the Insured</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">becomes aware of facts, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">receives notice of an actual or potential claim by a third party which alleges that the Insured
is liable under circumstances,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">which would cause a reasonable
person to assume that loss covered by this Bond has been or is likely to be incurred even though the exact amount or details of
loss may not be known.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 6. VALUATION OF PROPERTY</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 27pt; text-align: justify">For the purpose of determining the
amount of any loss hereunder, the value of any Property shall be the market value of such Property at the close of business on
the first business day before the discovery of such loss; except that</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">the value of any Property replaced by the Insured prior to the payment of a claim therefor shall
be the actual market value of such Property at the time of replacement, but not in excess of the market value of such Property
on the first business day before the discovery of the loss of such Property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">the value of Securities which must be produced to exercise subscription, conversion, redemption
or deposit privileges shall be the market value of such privileges immediately preceding the expiration thereof if the loss of
such Securities is not discovered until after such expiration, but if there is no quoted or other ascertainable market price for
such Property or privileges referred to in clauses (1) and (2), their value shall be fixed by agreement between the parties or
by arbitration before an arbitrator or arbitrators acceptable to the parties; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD STYLE="text-align: justify">the value of books of accounts or other records used by the Insured in the conduct of its business
shall be limited to the actual cost of blank books, blank pages or other materials if the books or records are reproduced plus
the cost of labor for the transcription or copying of data furnished by the Insured for reproduction.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in"><B>SECTION
7. LOST SECURITIES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">The maximum liability of the Underwriter
hereunder for lost Securities shall be the payment for, or replacement of, such Securities having an aggregate value not to exceed
the applicable Limit of Liability. If the Underwriter shall make payment to the Insured for any loss of Securities, the Insured
shall assign to the Underwriter all of the Insured&#8217;s right, title and interest in and to such Securities. In lieu of such
payment, the Underwriter may, at its option, replace such lost Securities, and in such case the Insured shall cooperate to effect
such replacement. To effect the replacement of lost Securities, the Underwriter may issue or arrange for the issuance of a lost
instrument bond. If the value of such Securities does not exceed the applicable Deductible Amount (at the time of the discovery
of the loss), the Insured will pay the usual premium charged for the lost instrument bond and will indemnify the issuer of such
bond against all loss and expense that it may sustain because of the issuance of such bond.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">If the value of such Securities
exceeds the applicable Deductible Amount (at the time of discovery of the loss), the Insured will pay a proportion of the usual
premium charged for the lost instrument bond, equal to the percentage that the applicable Deductible Amount bears to the value
of such Securities upon discovery of the loss, and will indemnify the issuer of such bond against all loss and expense that is
not recovered from the Underwriter under the terms and conditions of this Bond, subject to the applicable Limit of Liability.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 8. SALVAGE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">If any recovery is made, whether
by the Insured or the Underwriter, on account of any loss within the applicable Limit of Liability hereunder, the Underwriter shall
be entitled to the full amount of such recovery to reimburse the Underwriter for all amounts paid hereunder with respect to such
loss. If any recovery is made, whether by the Insured or the Underwriter, on account of any loss in excess of the applicable 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 amount of such recovery, net of the actual costs and
expenses of recovery, shall be applied to reimburse the Insured in full for the portion of such loss in excess of such Limit of
Liability, and the remainder, if any, shall be paid first to reimburse the Underwriter for all amounts paid hereunder with respect
to such loss and then to the Insured to the extent of the portion of such loss within the Deductible Amount. The Insured shall
execute all documents which the Underwriter deems necessary or desirable to secure to the Underwriter the rights provided for herein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 67.5pt; text-indent: -67.5pt"><B>SECTION 9.&#9;NON-REDUCTION
AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Prior to its termination, this
Bond shall continue in force up to the Limit of Liability for each Insuring Agreement for each Single Loss, notwithstanding any
previous loss (other than such Single 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 of premiums which shall be payable or paid,
the liability of the Underwriter under this Bond with respect to any Single Loss shall be limited to the applicable Limit of Liability
irrespective of the total amount of such Single Loss and shall not be cumulative in amounts from year to year or from period to
period.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 81pt; text-align: justify; text-indent: -81pt">SECTION
10. MAXIMUM LIABILITY OF UNDERWRITER; OTHER BONDS OR POLICIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">The maximum liability of the Underwriter
for any Single Loss covered by any Insuring Agreement under this Bond shall be the Limit of Liability applicable to such Insuring
Agreement, subject to the applicable Deductible Amount and the other provisions of this Bond. Recovery for any Single Loss may
not be made under more than one Insuring Agreement. If any Single Loss covered under this Bond is recoverable or recovered in whole
or in part because of an unexpired discovery period under any other bonds or policies issued by the Underwriter to the Insured
or to any predecessor in interest of the Insured, the maximum liability of the Underwriter shall be the greater of either (1) the
applicable Limit of Liability under this Bond, or (2) the maximum liability of the Underwriter under such other bonds or policies.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>SECTION
11. </B></FONT> <FONT STYLE="font-size: 11pt"><B>OTHER INSURANCE</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Notwithstanding anything to the
contrary herein, if any loss covered by this Bond shall also be covered by other insurance or suretyship for the benefit of the
Insured, the Underwriter shall be liable hereunder only for the portion of such loss in excess of the amount recoverable under
such other insurance or suretyship, but not exceeding the applicable Limit of Liability of this Bond.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 12. DEDUCTIBLE AMOUNT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">The Underwriter shall not be liable
under any Insuring Agreement unless the amount of the loss covered thereunder, after deducting the net amount of all reimbursement
and/or recovery received by the Insured with respect to such loss (other than from any other bond, suretyship or insurance policy
or as an advance by the Underwriter hereunder) shall exceed the applicable Deductible Amount; in such case the Underwriter shall
be liable only for such excess, subject to the applicable Limit of Liability and the other terms of this Bond.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">No Deductible Amount shall apply
to any loss covered under Insuring Agreement A sustained by any Investment Company named as an Insured.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 13. TERMINATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">The Underwriter may terminate this
Bond as to any Insured or all Insureds only by written notice to such Insured or Insureds and, if this Bond is terminated as to
any Investment Company, to each such Investment Company terminated thereby and to the Securities and Exchange Commission, Washington,
D.C., in all cases not less than sixty (60) days prior to the effective date of termination specified in such notice.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">The Insured may terminate this
Bond only by written notice to the Underwriter not less than sixty (60) days prior to the effective date of the termination specified
in such notice. Notwithstanding the foregoing, when the Insured terminates this Bond as to any Investment Company, the effective
date of termination shall be not less than sixty (60) days from the date the Underwriter provides written notice of the termination
to each such Investment Company terminated thereby and to the Securities and Exchange Commission, Washington, D.C.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">This Bond will terminate as to
any Insured that is a Non-Fund immediately and without notice upon (1) the takeover of such Insured&#8217;s business by any State
or Federal official or agency, or by any receiver or liquidator, or (2) 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Premiums are earned until the effective
date of termination. The Underwriter shall refund the unearned premium computed at short rates in accordance with the Underwriter&#8217;s
standard short rate cancellation tables if this Bond is terminated by the Insured or pro rata if this Bond is terminated by the
Underwriter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Upon the detection by any Insured
that an 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 two (2) business days of such detection, shall notify the Underwriter with full and complete particulars
of the detected Dishonest or Fraudulent Act(s) or Theft.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">For purposes of this section, detection
occurs when any partner, officer, or supervisory employee of any Insured, who is not in collusion with such Employee, becomes aware
that the Employee has committed any Dishonest or Fraudulent Act(s) or Theft.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">This Bond shall terminate as to
any Employee by written notice from the Underwriter to each Insured and, if such Employee is an Employee of an Insured Investment
Company, to the Securities and Exchange Commission, in all cases not less than sixty (60) days prior to the effective date of termination
specified in such notice.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 14. RIGHTS AFTER TERMINATION</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">At any time prior to the effective
date of termination of this Bond as to any Insured, such Insured may, by written notice to the Underwriter, elect to purchase the
right under this Bond to an additional period of twelve (12) months within which to discover loss sustained by such Insured prior
to the effective date of such termination and shall pay an additional premium therefor as the Underwriter may require.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Such additional discovery period
shall terminate immediately and without notice upon the takeover of such Insured&#8217;s business by any State or Federal official
or agency, or by any receiver or liquidator. Promptly after such termination the Underwriter shall refund to the Insured any unearned
premium.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">The right to purchase such additional
discovery period may not be exercised by any State or Federal official or agency, or by any receiver or liquidator, acting or appointed
to take over the Insured&#8217;s business.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 15. CENTRAL HANDLING OF SECURITIES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">The Underwriter shall not be liable
for loss in connection with the central handling of securities within the systems established and maintained by any Depository
(&#8220;Systems&#8221;), unless the amount of such loss exceeds the amount recoverable or recovered under any bond or policy or
participants&#8217; fund insuring the Depository against such loss (the &#8220;Depository&#8217;s Recovery&#8221;); in such case
the Underwriter shall be liable hereunder only for the Insured&#8217;s share of such excess loss, subject to the applicable Limit
of Liability, the Deductible Amount and the other terms of this Bond.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">For determining the Insured&#8217;s
share of such excess loss, (1) the Insured shall be deemed to have an interest in any certificate representing any security included
within the Systems equivalent to the interest the Insured then has in all certificates representing the same security included
within the Systems; (2) the Depository shall have reasonably and fairly apportioned the Depository&#8217;s Recovery among all those
having an interest as recorded by appropriate entries in the books and records of the Depository in Property involved in such loss,
so that each such interest shall share in the Depository&#8217;s Recovery in the ratio that the value of each such interest bears
to the total value of all such interests; and (3) the Insured&#8217;s share of such excess loss shall be the amount of the Insured&#8217;s
interest in such Property in excess of the amount(s) so apportioned to the Insured by the Depository.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">This Bond does not afford coverage
in favor of any Depository or Exchange or any nominee in whose name is registered any security included within the Systems.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 16. ADDITIONAL COMPANIES
INCLUDED AS INSURED</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">If more than one entity is named
as the Insured:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">A.</TD><TD STYLE="text-align: justify">the total liability of the Underwriter hereunder for each Single Loss shall not exceed the Limit
of Liability which would be applicable if there were only one named Insured, regardless of the number of Insured entities which
sustain loss as a result of such Single Loss,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">B.</TD><TD STYLE="text-align: justify">the Insured first named in Item 1 of the Declarations shall be deemed authorized to make, adjust,
and settle, and receive and enforce payment of, all claims hereunder as the agent of each other Insured for such purposes and for
the giving or receiving of any notice required or permitted to be given hereunder; provided, that the Underwriter shall promptly
furnish each named Insured Investment Company with (1) a copy of this Bond and any amendments thereto, (2) a copy of each formal
filing of a claim hereunder by any other Insured, and (3) notification of the terms of the settlement of each such claim prior
to the execution of such settlement,</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">C.</TD><TD STYLE="text-align: justify">the Underwriter shall not be responsible or have any liability for the proper application by the
Insured first named in Item 1 of the Declarations of any payment made hereunder to the first named Insured,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">D.</TD><TD STYLE="text-align: justify">for the purposes of Sections 4 and 13, knowledge possessed or discovery made by any partner, officer
or supervisory Employee of any Insured shall constitute knowledge or discovery by every named Insured,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">E.</TD><TD STYLE="text-align: justify">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, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">F.</TD><TD STYLE="text-align: justify">each named Insured shall constitute &#8220;the Insured&#8221; for all purposes of this Bond.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 17. NOTICE AND CHANGE OF
CONTROL</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">Within thirty (30) days after learning
that there has been a change in control of an Insured by transfer of its outstanding voting securities the Insured shall give written
notice to the Underwriter of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">A.</TD><TD STYLE="text-align: justify">the names of the transferors and transferees (or the names of the beneficial owners if the voting
securities are registered in another name), and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">B.</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">C.</TD><TD STYLE="text-align: justify">the total number of outstanding voting securities.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 27pt; text-align: justify">As used in this Section, &#8220;control&#8221;
means the power to exercise a controlling influence over the management or policies of the Insured.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 18. CHANGE OR MODIFICATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 24pt 27pt; text-align: justify">This Bond may only be modified
by written Rider forming a part hereof over the signature of the Underwriter&#8217;s authorized representative. Any Rider which
modifies the coverage provided by Insuring Agreement A, Fidelity, in a manner which adversely affects the rights of an Insured
Investment Company shall not become effective until at least sixty (60) days after the Underwriter has given written notice thereof
to the Securities and Exchange Commission, Washington, D.C., and to each Insured Investment Company affected thereby.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SECTION 19. COMPLIANCE WITH APPLICABLE
TRADE AND ECONOMIC SANCTIONS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 24pt 27pt; text-align: justify">This Bond shall not be deemed to
provide any coverage, and the Underwriter shall not be required to pay any loss or provide any benefit hereunder, to the extent
that the provision of such coverage, payment of such loss or provision of such benefit would cause the Underwriter to be in violation
of any applicable trade or economic sanctions, laws or regulations, including, but not limited to, any sanctions, laws or regulations
administered and enforced by the U.S. Department of Treasury Office of Foreign Assets Control (OFAC).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">IN WITNESS WHEREOF, the Underwriter
has caused this Bond to be executed on the Declarations Page.</P>


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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RIDER NO. 1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>BOND NUMBER</B></FONT><B><FONT STYLE="font-size: 8.5pt"> </FONT></B></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><B>Central Securities Corporation</B></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><B>12043116B</B></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><B>April 1, 2016</B></TD>
    <TD STYLE="width: 39%; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><B>April 1, 2016 to April 1, 2017</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center"><B>/S/ Swenitha Nalli</B></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In consideration of the premium charged for this Bond, it is hereby
understood and agreed that notwithstanding Section 2.Q of this Bond, this Bond is amended by adding an additional Insuring Agreement
J as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">J.&#9;COMPUTER SECURITY</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Loss (including loss of Property) resulting
directly from Computer Fraud; <U>provided</U>, that the Insured has adopted in writing and generally maintains and follows during
the Bond Period all Computer Security Procedures. The isolated failure of the Insured to maintain and follow a particular Computer
Security Procedure in a particular instance will not preclude coverage under this Insuring Agreement, subject to the specific exclusions
herein and in the Bond.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><U>Definitions</U>. The following terms used in this Insuring Agreement shall have the following
meanings:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify; text-indent: 0.25in">&quot;Authorized User&quot; means any person or entity designated by the Insured (through contract,
assignment of User Identification, or otherwise) as authorized to use a Covered Computer System, or any part thereof. An individual
who invests in an Insured Fund shall not be considered to be an Authorized User solely by virtue of being an investor.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify; text-indent: 0.25in">&quot;Computer Fraud&quot; means the unauthorized entry of data into, or the deletion or destruction
of data in, or change of data elements or programs within, a Covered Computer System which:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">is committed by any Unauthorized Third Party anywhere, alone or in collusion with other Unauthorized
Third Parties; <U>and</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">is committed with the conscious manifest intent (a) to cause the Insured to sustain a loss, <U>and</U>
(b) to obtain financial benefit for the perpetrator or any other person; <U>and</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">causes (x) Property to be transferred, paid or delivered; <U>or</U> (y) an account of the Insured,
or of its customer, to be added, deleted, debited or credited; <U>or</U> (z) an unauthorized or fictitious account to be debited
or credited.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">&quot;Computer Security Procedures&quot; means procedures for prevention of unauthorized computer
access and use and administration of computer access and use as provided in writing to the Underwriter.<STRIKE> </STRIKE></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify">&quot;Covered Computer System&quot; means any Computer System as to which the Insured has possession,
custody and control.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">e.</TD><TD STYLE="text-align: justify">&quot;Unauthorized Third Party&quot; means any person or entity that, at the time of the Computer
Fraud, is not an Authorized User.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">f.</TD><TD STYLE="text-align: justify">&quot;User Identification&quot; means any unique user name (<I>i.e.</I>, a series of characters)
that is assigned to a person or entity by the Insured.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><U>Exclusions</U>. It is further understood and agreed that this Insuring Agreement J shall not
cover:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">Any loss covered under Insuring Agreement A, &quot;Fidelity,&quot; of this Bond; <U>and</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">Any loss resulting directly or indirectly from Theft or misappropriation of confidential or proprietary
information, material or data (including but not limited to trade secrets, computer programs or customer information); <U>and</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">Any loss resulting from the intentional failure to adhere to one or more Computer Security Procedures;
<U>and</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify">Any loss resulting from a Computer Fraud committed by or in collusion with:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">any Authorized User (whether a natural person or an entity); <U>or</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 81pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">in the case of any Authorized User which is an entity, (a) any director,
officer, partner, employee or agent of such Authorized User, or (b) any entity which controls, is controlled by, or is under common
control with such Authorized User (&quot;Related Entity&quot;), or (c) any director, officer, partner, employee or agent of such
Related Entity; <U>or</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 81pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">in the case of any Authorized User who is a natural person, (a) any entity
for which such Authorized User is a director, officer, partner, employee or agent (&quot;Employer Entity&quot;), or (b) any director,
officer, partner, employee or agent of such Employer Entity, or (c) any entity which controls, is controlled by, or is under common
control with such Employer Entity (&quot;Employer-Related Entity&quot;), or (d) any director, officer, partner, employee or agent
of such Employer-Related Entity;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><U>and</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">e.</TD><TD STYLE="text-align: justify">Any loss resulting from physical damage to or destruction of any Covered Computer System, or any
part thereof, or any data, data elements or media associated therewith; <U>and</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">f.</TD><TD STYLE="text-align: justify">Any loss resulting from Computer Fraud committed by means of wireless access to any Covered Computer
System, or any part thereof, or any data, data elements or media associated therewith; <U>and</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">g.</TD><TD STYLE="text-align: justify">Any loss not directly and proximately caused by Computer Fraud (including, without limitation,
disruption of business and extra expense); <U>and</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">h.&#9;Payments
made to any person(s) who has threatened to deny or has denied authorized access to a Covered Computer System or otherwise has
threatened to disrupt the business of the Insured.&#9;&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of this Insuring Agreement, &quot;Single
Loss,&quot; as defined in Section 1.X of this Bond, shall also include all loss caused by Computer Fraud(s) committed by one person,
or in which one person is implicated, whether or not that person is specifically identified. 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 a Single Loss.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is further understood and agreed that nothing
in this Rider shall affect the exclusion set forth in Section 2.O of this Bond.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is further understood and agreed that notwithstanding
Section 9, Non-Reduction and Non-Accumulation of Liability and Total Liability, or any other provision of this Bond, the Aggregate
Limit of Liability of the Underwriter under this Bond with respect to any and all loss or losses under this Insuring Agreement
shall be an aggregate of $900,000 for the Bond Period, irrespective of the total amount of any such loss or losses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Coverage under this Insuring Agreement shall
terminate upon termination of this Bond. Coverage under this Insuring Agreement may also be terminated without terminating this
Bond as an entirety:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD STYLE="text-align: justify">by written notice from the Underwriter not less than sixty (60) days prior to the effective date
of termination specified in such notice; or</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: justify">immediately by written notice from the Insured to the Underwriter.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except as above stated, nothing herein shall
be held to alter, waive or extend any of the terms of this Bond.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">RN19.0-04 (12/03)</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RIDER NO. 2</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>BOND NUMBER</B></FONT><B><FONT STYLE="font-size: 8.5pt"> </FONT></B></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><B>Central Securities Corporation</B></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><B>12043116B</B></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><B>April 1, 2016</B></TD>
    <TD STYLE="width: 39%; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><B>April 1, 2016 to April 1, 2017</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center"><B>/S/ Swenitha Nalli</B></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In consideration of the premium charged for
this Bond, it is hereby understood and agreed that the Deductible Amount for Insuring Agreement E, Forgery or Alteration, and Insuring
Agreement F, Securities, shall not apply with respect to loss through Forgery of a signature on the following documents:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1in 0 63pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 0.25in; text-indent: 0.5in">letter requesting redemption of $10,000 or less payable by check to the
shareholder of record and addressed to the address of record; or</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.25in 0 58.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 0.25in; text-indent: 0.5in">letter requesting redemption of $10,000 or less by wire transfer to the
record shareholder's bank account of record; or</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.25in 0 58.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22.5pt; text-align: left">(3)</TD><TD STYLE="text-indent: 0.5in">written request to a trustee or custodian for a Designated
Retirement Account (&quot;DRA&quot;) which holds shares of an Insured Fund, where such request (a) purports to be from or at the
instruction of the Owner of such DRA, and (b) directs such trustee or custodian to transfer $10,000 or less from such DRA to a
trustee or custodian for another DRA established for the benefit of such Owner;</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1in 0 63pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>provided</U>, that the Limit of Liability
for a Single Loss as described above shall be $10,000 and that the Insured shall bear 20% of each such loss. This Rider shall not
apply in the case of any such Single Loss which exceeds $10,000; in such case the Deductible Amounts and Limits of Liability set
forth in Item 3 of the Declarations shall control.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of this Rider:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(A)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">&quot;Designated Retirement Account&quot; means any retirement plan or account
described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.25in 0 45pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(B)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">&quot;Owner&quot; means the individual for whose benefit the DRA, or a subaccount
thereof, is established.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except as above stated, nothing herein shall
be held to alter, waive or extend any of the terms of this Bond.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">RN27.0-02 (10/08)</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RIDER NO. 3</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>BOND NUMBER</B></FONT><B><FONT STYLE="font-size: 8.5pt"> </FONT></B></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><B>Central Securities Corporation</B></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><B>12043116B</B></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><B>April 1, 2016</B></TD>
    <TD STYLE="width: 39%; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><B>April 1, 2016 to April 1, 2017</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center"><B>/S/ Swenitha Nalli</B></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In consideration of the premium charged for this Bond, it is hereby
understood and agreed that this Bond does not cover any loss resulting from or in connection with the acceptance of any Third Party
Check, unless</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">such Third Party Check is used to open or increase an account which is registered
in the name of one or more of the payees on such Third Party Check, and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.25in 0 45pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">reasonable efforts are made by the Insured, or by the entity receiving Third
Party Checks on behalf of the Insured, to verify all endorsements on all Third Party Checks made payable in amounts greater than
$100,000 (provided, however, that the isolated failure to make such efforts in a particular instance will not preclude coverage,
subject to the exclusions herein and in the Bond),</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">and then only to
the extent such loss is otherwise covered under this Bond.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of this Rider, &quot;Third Party
Check&quot; means a check made payable to one or more parties and offered as payment to one or more other parties.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is further understood and agreed that notwithstanding
anything to the contrary above or elsewhere in the Bond, this Bond does not cover any loss resulting from or in connection with
the acceptance of a Third Party Check where:</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">any payee on such Third Party Check reasonably appears to be a corporation
or other entity; or</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.25in 0 45pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">such Third Party Check is made payable in an amount greater than $100,000
and does not include the purported endorsements of all payees on such Third Party Check.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is further understood and agreed that this
Rider shall not apply with respect to any coverage that may be available under Insuring Agreement A, &quot;Fidelity.&quot;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except as above stated, nothing herein shall
be held to alter, waive or extend any of the terms of this Bond.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">RN30.0-01 (1/02)</P>


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    <!-- Field: /Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RIDER NO. 4</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>BOND NUMBER</B></FONT><B><FONT STYLE="font-size: 8.5pt"> </FONT></B></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><B>Central Securities Corporation</B></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: right"><B>12043116B</B></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><B>April 1, 2016</B></TD>
    <TD STYLE="width: 39%; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: justify"><B>April 1, 2016 to April 1, 2017</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-align: center"><B>/S/ Swenitha Nalli</B></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Most property and casualty insurers, including
ICI Mutual Insurance Company, a Risk Retention Group (&#8220;ICI Mutual&#8221;), are subject to the requirements of the Terrorism
Risk Insurance Act of 2002, as amended (the &#8220;Act&#8221;). The Act establishes a federal insurance backstop under which ICI
Mutual and these other insurers will be partially reimbursed for future <B>&#8220;insured losses&#8221;</B> resulting from certified<B>
&#8220;acts of terrorism.&#8221;</B> (Each of these <B>bolded terms </B>is defined by the Act.) The Act also places certain disclosure
and other obligations on ICI Mutual and these other insurers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Act, any future losses to ICI
Mutual caused by certified <B>&#8220;acts of terrorism&#8221;</B> will be partially reimbursed by the United States government
under a formula established by the Act. Under this formula, the United States government will reimburse ICI Mutual for the Federal
Share of Compensation of ICI Mutual&#8217;s <B>&#8220;insured losses&#8221;</B> in excess of ICI Mutual&#8217;s <B>&#8220;insurer
deductible&#8221;</B> until total <B>&#8220;insured losses&#8221;</B> of all participating insurers in excess of a statutorily
established aggregate deductible reach the Cap on Annual Liability. If total <B>&#8220;insured losses&#8221; </B>of all property
and casualty insurers in excess of a statutorily established aggregate deductible reach the Cap on Annual Liability during any
applicable period, the Act provides that the insurers will not be liable under their bonds for their portions of such losses that
exceed such amount. Amounts otherwise payable under this bond may be reduced as a result.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This bond has no express exclusion for <B>&#8220;acts
of terrorism.&#8221;</B> However, coverage under this bond remains subject to all applicable terms, conditions and limitations
of the bond (including exclusions) that are permissible under the Act. The portion of the premium that is attributable to any coverage
potentially available under the bond for <B>&#8220;acts of terrorism&#8221;</B> is one percent (1%).</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">As used herein, &#8220;Federal Share of Compensation&#8221; shall
mean:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">85% in calendar year 2015;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">84% in calendar year 2016;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">83% in calendar year 2017;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">82% in calendar year 2018;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">81% in calendar year 2019; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">80% in calendar year 2020.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt">As used herein, &#8220;Cap on Annual Liability&#8221; shall
mean, with respect to total <B>&#8220;insured losses&#8221;</B> of all participating insurers:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">$100 billion in calendar year 2015;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">$120 billion in calendar year 2016;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">$140 billion in calendar year 2017;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">$160 billion in calendar year 2018;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">$180 billion in calendar year 2019; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">$200 billion in calendar year 2020.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">RN53.1-00(2/15)</P>

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