<SEC-DOCUMENT>0000891804-18-000271.txt : 20180611
<SEC-HEADER>0000891804-18-000271.hdr.sgml : 20180611
<ACCEPTANCE-DATETIME>20180611160936
ACCESSION NUMBER:		0000891804-18-000271
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20180611
DATE AS OF CHANGE:		20180611
EFFECTIVENESS DATE:		20180611

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADVENT CLAYMORE CONVERTIBLE SECURITIES & INCOME FUND
		CENTRAL INDEX KEY:			0001219120
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21309
		FILM NUMBER:		18892082

	BUSINESS ADDRESS:	
		STREET 1:		227 W. MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		227 W. MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADVENT/CLAYMORE ENHANCED GROWTH & INCOME FUND
		CENTRAL INDEX KEY:			0001278460
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21504
		FILM NUMBER:		18892081

	BUSINESS ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-357-0394

	MAIL ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADVENT CLAYMORE GLOBAL TOTAL RETURN FUND
		DATE OF NAME CHANGE:	20040416

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADVENT CLAYMORE GLOBAL CONVERTIBLE OPPORT  INCOME FD
		DATE OF NAME CHANGE:	20040203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Advent Claymore Convertible Securities & Income Fund II
		CENTRAL INDEX KEY:			0001391461
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22022
		FILM NUMBER:		18892080

	BUSINESS ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Advent/Claymore Global Convertible Securities & Income Fund
		DATE OF NAME CHANGE:	20070227
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>gug74238-4017g.htm
<DESCRIPTION>AVK AGC LCM
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-ALIGN: center">ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND

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ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND II<br>
<br>
 ADVENT/CLAYMORE ENHANCED GROWTH &amp; INCOME FUND</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">(each a &#8220;Fund,&#8221; collectively, the &#8220;Funds&#8221;)</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">888 Seventh Avenue, 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">st</sup> Floor</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">New York, New York, 10019</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">June 11, 2018</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">U.S. Securities and Exchange Commission</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">100 F Street, NE</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Washington, DC&#160; 20549</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Dear Sirs and Madams:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Enclosed for filing on behalf of Advent Claymore Convertible Securities and Income Fund,</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Advent Claymore Convertible Securities and Income Fund II, Advent/Claymore Enhanced Growth &amp; Income Fund (the &#8220;Funds&#8221;), pursuant to Rule 17g-1(g)(1)(ii) under the Investment Company Act of 1940, as amended (&#8220;1940 Act&#8221;), are the following:</div>

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<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(a)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 36pt; TEXT-INDENT: 0px">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a copy of the joint fidelity bond issued by Travelers Bond &amp; Specialty Insurance naming the Funds as insureds;</font></div>

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<div style="MARGIN-BOTTOM: 6pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(b)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 36pt; TEXT-INDENT: 0px">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a copy of the resolutions of a majority of the Board of Trustees who are not &#8220;interested persons&#8221; of each Fund approving the form and amount of the bond and the portion of the premium to be paid by each of the Funds;</font></div>

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<div style="MARGIN-BOTTOM: 6pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(c)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 36pt; TEXT-INDENT: 0px">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the amount of the single insured bond which each Fund would have provided and maintained had it not been named as an insured under a joint insured bond, listed on Attachment A to this letter; and</font></div>

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<div style="MARGIN-BOTTOM: 6pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(d)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 36pt; TEXT-INDENT: 0px">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a copy of the agreement between the Funds entered into pursuant to Rule 17g-1(f) under the 1940 Act.</font></div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The premium for the bond has been paid for the period from April 30, 2017 to April 30, 2018.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Please contact the undersigned at (212) 482-7390 with any questions or comments.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 252pt">Sincerely,</div>

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<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify; TEXT-INDENT: 252pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>/s/ Edward C. Delk</u></font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 108pt; TEXT-INDENT: 0px">&#160;</font></div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 252pt">Edward C. Delk</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 252pt">Secretary of the Funds</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">ATTACHMENT A</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">The amount of the single insured bond which each Fund would have provided and maintained had it not been named as an insured under a joint insured bond:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Advent Claymore Convertible Securities and Income Fund</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">$900,000</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Advent Claymore Convertible Securities and Income Fund II</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">$750,000</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Advent/Claymore Enhanced Growth &amp; Income Fund</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">$600,000</div>
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<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: center">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: center">NEW YORK FREE TRADE ZONE FILING EXEMPTION AND CLASS CODE DISCLOSURE</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">This document is deemed to be the front page of the accompanying policy forms.</div>

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NOTICE: THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK INSURANCE LAW AND REGULATIONS. HOWEVER, THE FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">2-14057 Large Deductible or Self-Insured Retention Insurance

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, exclusions or limitations of the above-mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein.

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Issuing Company: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Travelers Casualty and Surety Company of America</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Policy Number: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">106723989 </font>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left"><img src="exhibita-fidelitybond042x2x1.jpg"></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Advent Claymore Convertible Securities and Income Fund <br>
1271 Avenue of the Americas, 45th Floor <br>
 NEW YORK, NY 10020</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">RE: Risk Management PLUS+ Online</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; FONT-WEIGHT: bold; LINE-HEIGHT: 1">&#174; </sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">from Travelers Bond &amp; Specialty Insurance </font>(www.rmplusonline.com)</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Travelers Bond &amp; Specialty Insurance is pleased to provide you with Risk Management PLUS+ Online, the industry's most comprehensive program for mitigating your management liability and crime exposures related to:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Employment practices risks</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#183;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Employee Pension and Benefit Plan Fiduciary Liability</div>
</td>
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<div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">&#183;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Directors &amp; Officers Liability</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Employee dishonesty and other crime related risks</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Kidnap and Ransom</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Identity Fraud Expense Reimbursement</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Professional liability</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Property &amp; Casualty</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Risk Management PLUS+ Online is a flexible, comprehensive loss prevention program specifically designed for Travelers Bond &amp; Specialty Insurance customers and is available to you at no additional cost. Included in the site is a library of articles, checklists and training on relevant risk mitigation, employment and management topics.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Risk Management PLUS+ Online is a full-featured knowledge base developed to aid you in more than just protection against lawsuits, but as a great resource for HR administrators, managers and executives as well. Browse from the Quick Links or News &amp; Information sections. Share industry articles with managers and executive leaders to help develop ideas to increase workplace productivity, solutions for business issues and more!</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Highlights of Risk Management PLUS+ Online services include:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Web-based training for executives, managers and human resource personnel</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Practical solutions for problems faced in the workplace and managing your organization</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Topical webinars and weekly articles on current issues</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Model Employee Handbook, including policies and forms for downloading or printing that reduce risks in the</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">workplace</font></div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">The attached Risk Management PLUS+ Online Registration Instructions contain easy, step-by-step instructions to register for this valuable tool. For more information, call 1-888-712-7667 and ask for your Risk Management PLUS+ Online representative. It's that simple.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">We strongly encourage you to take full advantage of this program to improve your organization.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Thank you for choosing Travelers Bond &amp; Specialty Insurance for your insurance needs. Travelers is a market leader in providing management liability and crime coverages that are specifically customized for your organization. As your risks evolve, so do we, through our ability to provide you with responsive risk management services.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>Instructions for Registration &amp; Orientation to Risk Management PLUS+ Online</u></font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1"><u>&#174;</u></sup></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left">Registration for Site Administrators:</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">The Site Administrator is the person in your organization who will oversee Risk Management PLUS+ Online for the organization. The Site Administrator is typically a person who leads human resources and/or financial functions or is responsible for legal matters pertaining to personnel. The Site Administrator may add other Site Administrators later to assist with their responsibilities. To register:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><br>
 1. Go to www.rmplusonline.com.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">2. In the Sign-In box, click <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Register</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">.</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">3. Enter the password/passcode: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">TRVP300300</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">4. Fill in the Registration Information and click <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Submit</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">.</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">5. Your organization is registered, and you are registered as Site Administrator.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left"><br>
 Learning to Navigate the Site:</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">1. Go to www.rmplusonline.com. On each page, you will see a box outlined in blue that contains the instructions for use of that page.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">2. If you have any questions, just click on <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Contact Us </font>on the front page<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">. </font>Enter your question in the form provided, and the System Administrator will get back to you quickly with the answer.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">3. You can also schedule a live walk-through of the site by sending a request for a walk-through via the contact link on the front page.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">NOTICE OF LIBERALIZATION &#8211;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">DESCRIBED BROADENING OF COVERAGE BASED ON PROVISIONS OF</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">RENEWED OR REPLACED POLICIES

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">This notice is provided to you because your policy renews or replaces a policy that has been discontinued.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Travelers is pleased to introduce the new SelectOne+<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">&#174; </sup>for Investment Advisers and Funds policy. This new policy has some important new benefits and enhancements, and includes some innovative coverages that are unique within the market. At the same time, this new policy differs in many respects from your expiring policy. We are providing this notice to explain how we will address these differences.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Please review your new policy carefully. While the new policy results in many coverage enhancements, there may be questions about potential coverage differences between the expiring policy and the new SelectOne+<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">&#174; </sup>for Investment Advisers and Funds policy. In an effort to provide additional assurance to our customers and to make this coverage transition as easy as possible, claims will be adjusted under the new policy for the first year based upon the wording of the coverage provision of either the expiring policy or the new SelectOne+<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">&#174; </sup>for Investment Advisers and Funds policy, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">whichever is broader</font>, with the following exceptions:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Any differences in the identity of named insureds or insurance representative.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Any reductions in coverage that have been requested by you, your agent or broker, or to which you or your agent or broker have agreed during renewal negotiations, or any exposures you have elected to insure elsewhere.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Any reduction in the amount of the limits of liability or limits of insurance.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Any increase in the amount of the retention or deductible.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Any application of defense expenses within the limits of liability or to which a retention applies (if applicable).</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">We are confident that you and your agent or broker will appreciate the benefits of the new SelectOne+<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">&#174; </sup>for Investment Advisers and Funds policy.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">If you have any questions, please contact your Travelers agent or broker. We appreciate your business and thank you for choosing to insure with us.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">BOND NO. </font>106723989</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Travelers Casualty and Surety Company of America</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">One Tower Square</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Hartford, Connecticut 06183</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(A Stock Insurance Company, herein called the Company)</font></div>

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<div><strong>ITEM 1</strong></div>
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<div>&#160;</div>
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<div><strong>INSURED:</strong></div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div>&#160;</div>

<div>Advent Claymore Convertible Securities and Income Fund</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<td colspan="2">
<div>&#160;</div>

<div>Principal Address:</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<td colspan="2">
<div>1271 Avenue of the Americas, 45th Floor</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<td colspan="2">
<div>NEW YORK, NY 10020</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div>&#160;</div>

<div>(hereinafter, &#8220;Insured&#8221;)</div>

<div>&#160;</div>
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<td style="BORDER-TOP: #000000 2px solid; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 5%"><strong>ITEM 2</strong></td>
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<div>&#160;</div>
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<td style="BORDER-TOP: #000000 2px solid" colspan="2">
<div><strong>POLICY PERIOD:</strong></div>
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<div>&#160;</div>
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<div>&#160;</div>
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<td style="WIDTH: 52%">
<div>&#160;</div>

<div>Inception Date: April 30, 2017 </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">12:01 A.M. local time as to both dates at the Principal Address stated in ITEM 1.</div>
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<td style="WIDTH: 40%">Expiration Date: April 30, 2018</td>
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<td style="BORDER-TOP: #000000 2px solid; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 5%"><strong>ITEM 3</strong></td>
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<div>&#160;</div>
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<td style="BORDER-TOP: #000000 2px solid" colspan="2"><strong>ALL NOTICES OF CLAIM OR LOSS MUST BE SENT TO THE COMPANY BY EMAIL, FACSIMILE, OR</strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">MAIL AS SET FORTH BELOW:</font></td>
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<div>&#160;</div>
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<div>&#160;</div>
</td>
<td colspan="2">
<div>&#160;</div>

<div>Email: BSIclaims@travelers.com<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Fax: (888) 460-6622</font></div>

<div>&#160;</div>
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<div>&#160;</div>
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<td style="WIDTH: 3%">
<div>&#160;</div>
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<td colspan="2">Mail: Travelers Bond &amp; Specialty Insurance Claim<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;385 Washington St. &#8211; Mail Code 9275-NB03F</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; St Paul, MN 55102</font></td>
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<div>&#160;</div>
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<td style="WIDTH: 3%">
<div>&#160;</div>
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<td colspan="2">
<div>&#160;</div>

<div>Travelers Bond &amp; Specialty Insurance Claim telephone number: 800-842-8496</div>

<div>&#160;</div>
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<td style="BORDER-TOP: #000000 2px solid; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 5%"><strong>ITEM 4</strong></td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 3%">
<div>&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid" colspan="2">
<div>If &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Not Covered</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#8221; is inserted opposite any specified Insuring Agreement below, or if no amount is included </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in the Single Loss Limit of Insurance, such Insuring Agreement and any other reference thereto is </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">deemed to be deleted from this bond.</font></div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>

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<td style="VERTICAL-ALIGN: middle; WIDTH: 3%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 19%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 30%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 23.2%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 25.01%">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 19%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 30%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 23.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">SINGLE LOSS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 25.01%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">SINGLE LOSS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 10pt; TEXT-INDENT: 8.3pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">INSURING AGREEMENT</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 23.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">LIMIT OF</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 25.01%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">DEDUCTIBLE</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 19%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 30%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 23.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">INSURANCE</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 25.01%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">AMOUNT</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: middle" colspan="5">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

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<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">A.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 19%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">FIDELITY</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 23.2%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 25.01%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 19%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Coverage A.1.</div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Larceny or Embezzlement</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 23.2%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$3,000,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 25.01%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$25,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 1.45pt">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 19%; BACKGROUND-COLOR: #cceeff">Coverage A.2.</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Restoration Expenses</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 23.2%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Not Covered</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 25.01%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" colspan="5">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 1.45pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">B.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 19%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ON PREMISES</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 23.2%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$3,000,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 25.01%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$25,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

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<td style="VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff" colspan="5">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 1.45pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">C.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 19%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">IN TRANSIT</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 23.2%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$3,000,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 25.01%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$25,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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 &#160;</div>

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<tr>
<td style="VERTICAL-ALIGN: middle; WIDTH: 3%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 19%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 30%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; WIDTH: 23.2%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; WIDTH: 25.01%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">D.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">FORGERY OR ALTERATION</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$3,000,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$25,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">E.&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><strong>SECURITIES</strong></td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$3,000,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$25,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt">F. </div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" colspan="2"><strong>COUNTERFEIT MONEY</strong></td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">AND COUNTERFEIT MONEY ORDERS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$3,000,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$25,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">G.</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><strong>CLAIM EXPENSE</strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$25,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$0</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">H.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">STOP PAYMENT ORDERS OR</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">WRONGFUL DISHONOR OF CHECKS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$25,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$5,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">I.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">COMPUTER SYSTEMS</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 19%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Coverage I.1.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Computer Fraud</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$3,000,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$25,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 19%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Coverage I.2.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Fraudulent Instructions</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$3,000,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$25,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 19%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Coverage I.3.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Restoration Expense</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Not Covered</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 19%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 30%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 3%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">J.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">UNCOLLECTIBLE ITEMS OF DEPOSIT</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 23.2%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$25,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.01%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">$10,000</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">
<table id="z189835da278840739793046cd284eb74" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #000000 2px solid; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 5%">
<div><strong>ITEM 5</strong></div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 3%">
<div>&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid" colspan="2">
<div><strong>PREVIOUS BONDS OR POLICIES:</strong></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 5%">
<div>&#160;</div>
</td>
<td style="WIDTH: 3%">
<div>&#160;</div>
</td>
<td colspan="2">
<div>&#160;</div>

<div>The Insured, by acceptance of this bond, gives notice to the Company canceling or terminating prior bond<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">or policy numbers:</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 5%">
<div>&#160;</div>
</td>
<td style="WIDTH: 3%">
<div>&#160;</div>
</td>
<td colspan="2">
<div>&#160;</div>

<div>61M56104</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 5%">
<div>&#160;</div>
</td>
<td style="WIDTH: 3%">
<div>&#160;</div>
</td>
<td colspan="2"></td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 5%">
<div>&#160;</div>
</td>
<td style="WIDTH: 3%">
<div>&#160;</div>
</td>
<td colspan="2">such cancellation or termination to be effective as of the time this bond becomes effective.</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 5%">
<div>&#160;</div>
</td>
<td style="WIDTH: 3%">
<div>&#160;</div>
</td>
<td colspan="2">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 5%"><strong>ITEM 6</strong></td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 3%">
<div>&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid" colspan="2">
<div><strong>DISCOVERY PERIOD:</strong></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 5%">
<div>&#160;</div>
</td>
<td style="WIDTH: 3%">
<div>&#160;</div>
</td>
<td style="WIDTH: 52%">
<div>&#160;</div>

<div>Additional Premium Percentage:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; WIDTH: 40%">100% of the annualized premium</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 5%">&#160;</td>
<td style="WIDTH: 3%">&#160;</td>
<td style="WIDTH: 52%">
<div>&#160;</div>

<div>Additional Months:</div>
</td>
<td style="WIDTH: 40%">
<div>&#160;</div>

<div>12 months</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 5%">&#160;</td>
<td style="WIDTH: 3%">&#160;</td>
<td style="WIDTH: 52%" colspan="2">
<div>&#160;</div>

<div>(If exercised in accordance with section VI. CONDITIONS, S. DISCOVERY PERIOD)&#160;</div>

<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 5%"><strong>ITEM 7</strong></td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 3%">
<div>&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid" colspan="2"><strong>FORMS AND ENDORSEMENTS ATTACHED AT ISSUANCE:</strong></td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 5%">
<div>&#160;</div>
</td>
<td style="WIDTH: 3%">
<div>&#160;</div>
</td>
<td colspan="2">
<div>&#160;</div>

AFE-19002-0113; IVBB-16001-0116; IVBB-19005-0116; IVBB-19010-0116; IVBB-18023-0116</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 5%">
<div>&#160;</div>
</td>
<td style="WIDTH: 3%">
<div>&#160;</div>
</td>
<td colspan="2">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 5%" colspan="4">
<div><strong>PRODUCER INFORMATION:</strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">ARC EXCESS &amp; SURPLUS LLC</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">PO BOX 9012</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">JERICHO, NY 11753</font></div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><br>
 &#160;</div>

<table id="zf5e2e1b6eb3b455fa87ca65640bc3dfe" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; WIDTH: 20%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; WIDTH: 80%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Countersigned By</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><br>
 IN WITNESS WHEREOF, the Company has caused this bond to be signed by its authorized officers.</div>

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<div>President, Bond &amp; Specialty Insurance</div>
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<div>Corporate Secretary</div>
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</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Table of Contents </font>

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<td style="VERTICAL-ALIGN: middle; WIDTH: 7%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 6%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 15%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 64%">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">I.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">CONSIDERATION CLAUSE</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">3</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">II.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">INSURING AGREEMENTS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">3</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">A.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">FIDELITY</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">3</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Coverage A.1.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 4.45pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Larceny or Embezzlement</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">3</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Coverage A.2.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 4.45pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Restoration Expenses</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">3</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">B.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ON PREMISES</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">3</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">C.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">IN TRANSIT</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">4</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">D.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">FORGERY OR ALTERATION</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">4</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">E.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">SECURITIES</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">4</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">F.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">5</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">G.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">CLAIM EXPENSE</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">5</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">H.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF CHECKS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">5</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">I.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">COMPUTER SYSTEMS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">6</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Coverage I.1.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer Fraud</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">6</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Coverage I.2.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Fraudulent Instructions</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">6</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Coverage I.3.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Restoration Expenses</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">6</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">J.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">UNCOLLECTIBLE ITEMS OF DEPOSIT</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">6</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">III.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">GENERAL AGREEMENTS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">6</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">A.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ORGANIC GROWTH</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">6</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">B.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">CONSOLIDATION - MERGER - PURCHASE OR ACQUISITION OF ASSETS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">7</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">C.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">REPRESENTATION OF INSURED</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">7</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">D.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">JOINT INSURED</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">7</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">E.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">COURT COSTS AND ATTORNEY&#8217;S FEES - LEGAL PROCEEDINGS - ELECTION TO DEFEND</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">8</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">IV.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">DEFINITIONS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">8</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">V.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">EXCLUSIONS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">16</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">VI.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">CONDITIONS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">19</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">A.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ADDITIONAL COMPANIES INCLUDED AS INSURED</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">19</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">B.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">DISCOVERY</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">19</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">C.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">BOND PERIOD</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">20</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">D.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">SINGLE LOSS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">20</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">E.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">SINGLE LOSS LIMIT OF INSURANCE</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">20</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">F.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">DEDUCTIBLE</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 64%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">20</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">G.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">NON-ACCUMULATION OF LIMITS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">20</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">H.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">NOTICE - PROOF OF LOSS - LEGAL PROCEEDINGS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 8.2%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">20</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left"><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<table id="z429742b61b0c4edfba8cd2c319450002" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: middle; WIDTH: 7%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 6%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; WIDTH: 79%">&#160;</td>
<td style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; WIDTH: 8%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">I.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 79%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">VALUATION</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.15pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">21</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">J.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 79%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ASSIGNMENT</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">22</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">K.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 79%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">SUBROGATION</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">22</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">L.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 79%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">RECOVERIES</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.15pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">22</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">M.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 79%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">COOPERATION</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.15pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">23</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">N.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 79%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ANTI-BUNDLING</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">23</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">O.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 79%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">LIMIT OF INSURANCE UNDER THIS BOND AND PRIOR INSURANCE</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.15pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">23</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">P.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 79%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">OTHER INSURANCE OR INDEMNITY</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">23</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Q.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 79%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">COVERED PROPERTY</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">24</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">R.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 79%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">CANCELATION, TERMINATION, CHANGE OR MODIFICATION</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">24</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">S.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 79%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">DISCOVERY PERIOD</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">25</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 6%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">T.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 79%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">HEADINGS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 8%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-INDENT: 0.15pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">25</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font></div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left">&#160;</div>

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</div>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left">
<table id="z5883560ad403428bad3fc459fd350274" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
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<div><img src="exhibita-fidelitybond042x8x1.jpg"></div>
</td>
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<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold; FONT-STYLE: italic">Investment Company Bond</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">with Extended Coverages</font></div>
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<hr style="BORDER-TOP: black 1px solid; HEIGHT: 10px; BORDER-RIGHT: medium none; BORDER-BOTTOM: black 4px solid; COLOR: #ffffff; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff; MARGIN-RIGHT: auto" align="center">
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<div style="MARGIN-BOTTOM: 6pt">
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 48pt; MARGIN-RIGHT: 11.85pt">&#160;</div>

<div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 12pt">I.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left">CONSIDERATION CLAUSE</div>
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<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">
<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 48pt; MARGIN-RIGHT: 11.85pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">IN CONSIDERATION </font>of the payment of an agreed premium and subject to the Declarations and pursuant to all the terms, conditions, exclusions and limitations of this bond, the Company agrees to indemnify the Insured as set forth in ITEM 1 of the Declarations (herein called Insured) for:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 48pt">A.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">FIDELITY</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 84pt">Coverage A.1. Larceny or Embezzlement</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 120pt; MARGIN-RIGHT: 11.85pt">Loss resulting directly from <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Larceny or Embezzlement </font>committed by an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>acting alone or in collusion with others.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 84pt">Coverage A.2. Restoration Expenses</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 120pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Restoration Expenses </font>incurred by the Insured and resulting directly from a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer Violation </font>by an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">ON PREMISES</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 84pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Loss of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>resulting directly from:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">robbery, burglary, mysterious unexplainable disappearance or misplacement and damage or destruction; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 120pt">b.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">theft, false pretenses, or common law or statutory larceny, committed by a person physically present in an office of, or on the premises of, the Insured at the time the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>was surrendered,</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 120pt; MARGIN-RIGHT: 11.85pt">while the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>is lodged or deposited within offices or premises located anywhere. The premises of a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Depository </font>will be deemed premises of the Insured, but solely as respects loss of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Certificated Securities</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font> Coverage for <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Certificated Securities&#160; </font>held by such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Depository </font>is limited to the extent of the Insured&#8217;s interest therein as effected by the making of appropriate entries on the books and records of such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Depository</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font> The Company will not be liable under Insuring Agreement B for loss in connection with the central handling of securities within the systems established and maintained by any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Depository </font>unless the amount of such loss exceeds the amount recoverable or recovered under any bond or policy or participants&#8217; fund insuring the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Depository </font>against such loss.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 119.85pt; MARGIN-RIGHT: 12.05pt; TEXT-INDENT: 0.1pt">This bond does not afford any coverage in favor of any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Depository </font>or exchange or any nominee in whose name is registered any security included within the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Depository&#8217;s </font>systems.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 83.85pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Direct loss, through any hazard specified in Insuring Agreement B.1. of any </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">while such </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>is within any of the Insured's or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser&#8217;s </font>offices and in the possession of any customer of the Insured, any representative of such customer or any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>whether or not the Insured is liable for the loss thereof, and provided such loss, at the option of the Insured, is included in the Insured's proof of loss, but excluding, in any event, loss caused by such customer, any representative of such customer, or any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">IN TRANSIT</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">Loss of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>(occurring with or without negligence or violence) resulting directly from robbery, larceny, theft, holdup, mysterious unexplainable disappearance, misplacement, being lost or otherwise made away with, damage thereto or destruction thereof, and loss of subscription, conversion, redemption or deposit privileges through the misplacement or loss of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> while the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>is in transit anywhere in the custody of any person or persons acting as <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Messenger</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> except while in the mail or with a carrier for hire other than an armored motor vehicle company, for the purpose of transportation, such transit to begin immediately upon receipt of such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>by the transporting person or persons, and to end immediately upon delivery thereof at destination, but only while the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>is being conveyed.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">FORGERY OR ALTERATION</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 9.5pt">Loss resulting directly from the Insured having, in good faith, paid or transferred any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>in reliance on any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written, Original</font>:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Negotiable Instrument </font>(except an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Evidence of Debt</font>);</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Certificate of Deposit</font>;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">4.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Withdrawal Order</font>;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">5.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Acceptance</font>;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">6.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">receipt for the withdrawal of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property</font>; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">7.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">instruction or advice directed to the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>and purportedly signed by a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer </font>of the Insured or by a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial Institution</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font></div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80.1pt">which (a) bears a handwritten signature which is a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Forgery</font>; or (b) is altered, but only to the extent the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Forgery </font>or alteration causes the loss.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 9.5pt">Actual physical possession of the items listed in 1. through 7. above by the Insured is a condition precedent to the Insured&#8217;s having relied on the items.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">E.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">SECURITIES</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 9.5pt">Loss resulting directly from the Insured having, in good faith, for its own account or for the account of others:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">acquired, sold, delivered, or given value, extended credit or assumed liability, on the faith of any <strong>Original Written </strong>document that is a (an):</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">a.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Certificated Security</font>;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">b.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Document of Title</font>;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">c.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">deed, mortgage, or other instrument conveying title to, or creating or discharging a lien on, real property;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">d.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Certificate of Origin or Title</font>;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">e.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Certificate of Deposit</font>;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">f.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Evidence of Debt</font>;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">g.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">corporate, partnership, or personal <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Guarantee</font>;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">h.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Security Agreement</font>;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">i.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Instruction</font>;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">j.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Statement of Uncertificated Security</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> that</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 152pt">(1)</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">bears a handwritten signature material to the validity or enforceability of the </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Original Written </font>document that is a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Forgery</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> but only to the extent the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Forgery </font>causes the loss;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">is altered, but only to the extent the alteration causes the loss; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">is lost or stolen;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">guaranteed in writing or witnessed any handwritten signature upon any transfer, assignment, bill </font>of sale, power of attorney, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Guarantee</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> endorsement, or any items listed in items 1.a. through 1.i. above; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">acquired, sold or delivered, given value, extended credit or assumed liability, on the faith of any </font>item listed in 1.a. through 1.d. above, that is a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Counterfeit, </font>but only to the extent the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Counterfeit </font>causes the loss.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">Actual physical possession, and continued actual physical possession if taken as collateral, of the items listed in 1.a. through 1.j. above by the Insured, an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Custodian</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> or a Federal or State chartered deposit institution of the Insured is a condition precedent to the Insured's having relied on the faith of such items. Release or return of such collateral is an acknowledgment by the Insured that it no longer relies on such collateral.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">F.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">Loss resulting directly from the receipt by the Insured, in good faith, of any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Counterfeit Money </font>of the United States of America and its territories and possessions, Canada or any other country, or of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Counterfeit </font>money orders denominated in United States or Canadian currency.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">G.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">CLAIM EXPENSE</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.8pt">Reasonable expenses necessarily incurred and paid by the Insured in preparing any covered claim for loss under any Insuring Agreement covered under this bond, which loss exceeds the Single Loss Deductible Amount applicable to such Insuring Agreement. Such expenses include costs incurred (including necessary wages of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employees</font>) for that part of audits or examinations performed, whether or not required by State or Federal supervisory authorities and conducted either by such authorities or by independent accountants, by reason of the discovery of loss sustained by the Insured.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">H.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF CHECKS</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">Damages that the Insured becomes legally liable to pay its customers resulting directly from the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>having:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">failed to comply with any notice of any customer of the Insured or any authorized representative of such customer to stop payment on any check or draft made or drawn by such customer; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">wrongfully dishonored or wrongfully failed to certify any check or draft made or drawn by the customer of the Insured or any authorized representative of such customer.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">Notwithstanding any other provision of this bond, damages under paragraph 2. above do not include the amount of any check or draft in question, or any amounts paid to the payee, endorser, or accommodation party of such check or draft.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">I.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">COMPUTER SYSTEMS</div>
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<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left; MARGIN-LEFT: 80pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Coverage I.1.&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Computer Fraud</font></div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 116pt">Loss resulting directly from <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer Fraud</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>

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<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left; MARGIN-LEFT: 80pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Coverage I.2.&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Fraudulent Instructions</font></div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 116pt; MARGIN-RIGHT: 7.85pt">Loss resulting directly from the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>having, in good faith, caused a transfer of funds as a result of a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Fraudulent Instruction </font>when the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font>, prior to causing the transfer of the funds, used its best efforts to verify the identity of the person transmitting the instruction; provided that if the instruction is purported to be from a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> the Insured, or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font>:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 151.85pt">a.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">performed a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Callback Verification </font>with respect to such instruction; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">followed commercially reasonable <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Security Procedures </font>applicable to the transaction and instruction.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt; MARGIN-RIGHT: 9.5pt">Such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Fraudulent Instruction </font>received and, if applicable, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Callback Verification </font>performed, must be either recorded, logged, or documented by the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt">Coverage I.3.&#160; Restoration Expenses</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Restoration Expenses </font>incurred by the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>and resulting from a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer Violation </font>by someone other than an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">UNCOLLECTIBLE ITEMS OF DEPOSIT</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 79.85pt; MARGIN-RIGHT: 7.9pt; TEXT-INDENT: 0.1pt">Loss, including dividends and interest accrued not to exceed 15% of the value of each <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Item of Deposit </font>that is deposited, resulting directly from the Insured or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>having credited an account of a customer, shareholder or subscriber on the faith of any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Items of Deposit </font>that prove to be uncollectible, provided that the crediting of such account causes:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">redemptions or withdrawals to be permitted;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">shares to be issued; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">dividends to be paid.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.9pt">It is a condition precedent to coverage under this Insuring Agreement that the Insured or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>hold funds represented in <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Items of Deposit </font>for the maximum number of days allowable under Regulation CC before permitting any redemptions or withdrawals, or issuing any shares or paying any dividends with respect to such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Items of Deposit</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Items of Deposit </font>will not be deemed to be uncollectible until the Insured&#8217;s or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser&#8217;s </font>standard collection procedures have failed.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">This Insuring Agreement applies to Insureds with exchange privileges if all funds in the exchange program are insured by the Company for <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Uncollectible Items of Deposit</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font> Regardless of the number of transactions between funds, the maximum number of days allowable under Regulation CC begins from the date a deposit was first credited to any fund in the exchange program.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 9.5pt">If an Insured or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> while this bond is in force, adds additional <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employees </font>other than by consolidation or merger with, or purchase or acquisition of the assets, assets under management or </div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 9.5pt">liabilities of, another institution, such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employees </font>will automatically be covered hereunder from the date of such addition without the requirement of notice to the Company or the payment of additional premium for the remainder of the Policy Period as set forth in ITEM 2 of the Declarations.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">CONSOLIDATION <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">-</font> MERGER <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">-</font> PURCHASE OR ACQUISITION OF ASSETS</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 5.8pt">If the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> while this bond is in force, consolidates or merges with, or purchases or acquires assets, assets under management or liabilities of, or purchases or acquires more than 50% voting stock ownership of another institution (hereinafter referred to as a &#8220;Transaction&#8221;), coverage under this bond for loss which:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">has occurred or will occur in the offices or premises of such institution;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">has been caused or will be caused by any employee or employees of such institution; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">has arisen or will arise out of the assets, assets under management or liabilities acquired by the </font>Insured as a result of such Transaction,</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt">is provided as follows:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">a.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Automatic Loss Sustained Coverage</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 152pt; MARGIN-RIGHT: 14.85pt">If a Transaction involves assets, assets under management and liabilities in an amount that is more than 25% of the consolidated assets of all Insureds as of the most recent calendar year-end preceding the date of the Transaction, then coverage of this bond as respects the Transaction will be afforded for a Single Loss that is both discovered and for which the acts giving rise to the loss occur in their entirety on or after the effective date of the Transaction. This coverage terminates 60 days after the Transaction date, or the termination date of the bond, whichever comes earlier, unless the Insured provides notice to the Company and obtains the written consent of the Company to extend such coverage beyond said date and, upon obtaining such consent, pays to the Company an additional premium, if required.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">b.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Automatic Discovery Coverage</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 152pt; MARGIN-RIGHT: 14.8pt">If a Transaction involves assets, assets under management and liabilities in an amount that is 25% or less of the consolidated assets of all Insureds as of the most recent calendar year-end preceding the date of the Transaction, then coverage of this bond as respects the Transaction will be afforded for a Single Loss that is discovered on or after the effective date of the Transaction, for the remainder of the Policy Period as set forth in ITEM 2 of the Declarations, without additional premium being charged and without notice to the Company of the Transaction.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">C.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">REPRESENTATION OF INSURED</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 14.95pt">No statement made by or on behalf of the Insured, whether contained in the application or otherwise, is deemed to be a warranty of anything except that it is true to the best of the knowledge and belief of the person making the statement.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">D.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">JOINT INSURED</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 14.85pt">This bond does not indemnify or hold harmless any Insured for loss sustained by an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> or by a proprietorship, partnership or corporation that is owned, controlled or operated by such Insured, and not named as an Insured hereunder, except as may be provided on a limited basis within General Agreement B., but this paragraph does not apply to loss sustained by a nominee organized by an Insured hereunder other than a holding company.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 14.85pt">If two or more Insureds are covered under this bond, the first named Insured will act for all Insureds. Payment by the Company to the first named Insured of loss sustained by any Insured fully releases the Company on account of such loss. If the first named Insured ceases to be covered under this bond, the Insured next named will thereafter be considered the first named Insured. In the absence of an Insured</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">being specifically next named, the Insured entity having the greatest consolidated assets of all remaining Insureds then becomes the first named Insured. Knowledge possessed or discovery made by any Insured or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>constitutes knowledge or discovery by all Insureds for all purposes of this bond. The liability of the Company for loss or losses sustained by all Insureds will not exceed the amount for which the Company would have been liable had all such loss or losses been sustained by one Insured.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">E.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">COURT COSTS AND ATTORNEY&#8217;S FEES <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">-</font> LEGAL PROCEEDINGS <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">-</font> ELECTION TO DEFEND</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">The Company will indemnify the Insured against court costs and reasonable attorney&#8217;s fees incurred and paid by the Insured in defending any suit or legal proceeding brought against the Insured to enforce the Insured's liability, or alleged liability, on account of any loss, claim or damage that, if established against the Insured, would constitute a collectible loss under this bond in excess of any Single Loss Deductible Amount, provided, however, that with respect to Insuring Agreement A this indemnity will apply only in the event that:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>admits to being guilty of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Larceny or Embezzlement</font>;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>is adjudicated to be guilty of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Larceny or Embezzlement</font>; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">3.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">in the absence of 1. or 2. above, an arbitration panel agrees, after a review of an agreed statement of facts, that an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>would be found guilty&#160; of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Larceny or Embezzlement </font>if such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>were prosecuted.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">Such indemnity is in addition to the Single Loss Limit of Insurance for the applicable Insuring Agreement or Coverage.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 79.85pt; MARGIN-RIGHT: 7.9pt; TEXT-INDENT: 0.1pt">The Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>must notify the Company promptly after notice thereof, of any such suit or legal proceeding and at the request of the Company will furnish it with copies of all pleadings and other papers therein. At the Company's election the Insured will permit the Company to conduct the defense of such suit or legal proceeding, in the Insured's name, through attorneys of the Company's selection. In such event, the Insured and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>will give all reasonable information and assistance, other than pecuniary, that the Company deems necessary to the defense of such suit or legal proceeding.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 79.85pt; MARGIN-RIGHT: 7.85pt">If the amount of the Insured's liability or alleged liability is greater than the amount recoverable under this bond, or if a Single Loss Deductible Amount is applicable, or both, then the liability of the Company under this General Agreement E. is limited to the proportion of court costs and attorney&#8217;s fees incurred and paid by the Insured or by the Company that the amount recoverable under this bond bears to the total amount of the Insured&#8217;s liability or alleged liability. Any amount not recoverable by reason of the Insured&#8217;s liability or alleged liability being greater than the amount recoverable under any insuring agreement of this bond, does not serve to reduce the Single Loss Deductible Amount applicable to such Insuring Agreement or Coverage.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.9pt">If the Company pays court costs and attorney&#8217;s fees in excess of its proportionate share of such costs and fees, the Insured will promptly reimburse the Company for such excess.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 7.85pt">III.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 43.85pt">As used in this bond:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">A.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Acceptance </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">draft that the drawee has, by signature thereon, engaged to honor as </font>presented.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">B.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Bond Period </font>has the meaning set forth in section VI. CONDITIONS, C. BOND PERIOD.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Callback Verification </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means a verbal conversation with the purported </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> using a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Pre- </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Determined Telephone Number</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> to verify the identity of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer </font>and the authenticity of a funds transfer request.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">E.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">F.</div>
</td>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Certificated Security </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means a share, participation or other interest in property of, or an enterprise of, the </font>issuer or an obligation of the issuer, that is:</div>
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<table id="zd7c8ab4401b64b1c924f17bb23902ada" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">represented by a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>instrument issued in bearer or registered form;</div>
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<table id="z64fb0992560c435bb088cce7e022cb8c" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 115.85pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">of a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in which it is issued or dealt in as a medium for investment; and</div>
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<table id="z1d40c77a6a4043c794dc6b0346398b23" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 115.85pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">either one of a class or series or by its terms divisible into a class or series of shares, </font>participations, interests or obligations.</div>
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<table id="ze9b6016cdb0f427bbb371cc9082e42cc" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; FONT-STYLE: normal; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">G.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Computer Fraud </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means an intentional, unauthorized, and fraudulent entry of data or computer </font>instructions directly into, or change of data or computer instructions within, a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer System </font>by a natural person or entity other than an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> including any such entry or change made via the internet or a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Network</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> provided that such entry or change causes:</div>
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<table id="zb643d1a50e4e4fa0924950bf3a764dac" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>to be transferred, paid, or delivered;</div>
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<div>
<table id="z5d43142cf0e34db7b471ae355cc7b4d1" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">an account of the Insured, or of its customer, to be added, deleted, debited or credited; or</div>
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<table id="z145c417daac64453b63b8774d78ca3ab" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">an unauthorized or fictitious account to be debited or credited.</div>
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<table id="zeccbd29243c349129cd166601f661853" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; FONT-STYLE: normal; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">H.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Computer System </font>means:</div>
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<table id="zb74cf3b7540f48fe92483ae8cb65d29f" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">any computer; and</div>
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<div>
<table id="z4f7811a967214a5b84c8d960d6317838" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">any input, output, processing, storage or communication device, or any related network, operating system or application software, that is connected to, or used in connection with, such computer,</div>
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<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 9.5pt">that is rented by, owned by, leased by, licensed to, or under the direct operational control of, the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>

<div style="MARGIN-BOTTOM: 6pt"><br>
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<div>
<table id="z07246158b7f04e48aae1fe21deee13d3" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; FONT-STYLE: normal; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">I.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Computer Violation </font>means:</div>
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<table id="z1bcd858aee17463d83e740cf7602fd06" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">the introduction of a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer Virus </font>into a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer System</font>; or</div>
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<div>
<table id="z839b4b3a055243e0b864165bece02357" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">damage to, or destruction of, computer programs, software or other electronic data stored within a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer System </font>by a natural person, who has:</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 115.85pt">a.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">gained unauthorized access to such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer System</font>; or</div>
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<div>
<table id="z9919794681384b419e26fac956634166" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 115.85pt">b.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">authorized access to such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer System </font>but uses such access to cause such damage or destruction.</div>
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<div>
<table id="z0ef3a88d6f6446da83a3f17390e8e541" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; FONT-STYLE: normal; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">J.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Computer Virus </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means any malicious code that could destroy, alter, contaminate, or degrade the </font>integrity, quality, or performance of:</div>
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<div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">electronic data used, or stored, in any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer System </font>or network; or</div>
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<div>
<table id="z4823b6c6b8114ef687a934a58239c536" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">a computer network, any computer application software, or a computer operating system or related network.</div>
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<div>
<table id="z7faa3b369af74bb58d30e7ba994ae486" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; FONT-STYLE: normal; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">K.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Counterfeit </font>means a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>imitation of an actual, valid, or verifiable <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Original </font>that is intended to deceive and to be taken as the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Original</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">L.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Custodian </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means an institution designated by an Insured or an </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to maintain </font>possession and control of the Insured&#8217;s assets.</div>
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<td style="VERTICAL-ALIGN: top; FONT-STYLE: normal; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">M.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Customer </font>means, only with respect to Insuring Agreement I.2., an entity or natural person that has a <strong>Funds Transfer Agreement </strong>with the Insured or with an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">N.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Depository </font>means a clearing corporation that is:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">registered with the Securities Exchange Commission as a clearing agency under section 17A of the Securities Exchange Act of 1934 (15 U.S.C. 78q-1); or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a Federal Reserve Bank or other person or entity authorized to operate the federal book entry </font>system described in the regulations of the Department of Treasury codified at 31 CFR 357, Subpart B, or book-entry systems operated pursuant to comparable regulations of other federal agencies.</div>
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<td style="VERTICAL-ALIGN: top; FONT-STYLE: normal; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">O.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Document of Title </font>means a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>document that is a bill of lading, dock warrant, dock receipt, warehouse receipt or order for the delivery of goods, and also any other <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>document that in the regular course of business or financing is treated as adequately evidencing that the person in possession of it is entitled to receive, hold and dispose of the document and the goods it covers and must purport to be issued by or addressed to a bailee and purport to cover goods in the bailee's possession that are either identified or are fungible portions of an identified mass.</div>
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<td style="VERTICAL-ALIGN: top; FONT-STYLE: normal; WIDTH: 79.85pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">P.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Electronic Data Processor </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means a natural person, partnership or corporation authorized in writing by </font>the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>to perform services as a data processor of checks presented to the Insured by a customer or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial Institution</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> but excluding any such processor who acts as a transfer agent or in any other agency capacity in issuing checks, drafts or securities for the Insured, A Federal Reserve Bank or clearinghouse will not be construed to be an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Electronic Data Processor</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">Q.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Electronic Record </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means information that is created, generated, sent, communicated, received, or </font>stored by electronic means, and is retrievable in perceivable form.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">R.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Employee </font>means:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">an officer, partner or other employee of the Insured, while such person is employed by and </font>performing services for the Insured, and whom the Insured directly compensates by wages, salaries or commissions; or for 60 days after such individual&#8217;s termination of service, provided such termination is not due to employee fraud or dishonesty;</div>
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<div>
<table id="z55985fafaf294ee7a8ce2e8a6130c843" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a guest student or intern pursuing studies or duties in any of the Insured&#8217;s or an </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Adviser&#8217;s </font>offices or premises covered hereunder, while such person is performing services for the Insured;</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 115.85pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">any attorney retained by the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> and any employee of such attorney, but only while performing legal services for the Insured;</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 79.85pt">4.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">any natural person assigned to perform the usual duties of an employee within the premises of the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>and under the Insured&#8217;s supervision, by contract, including such persons provided by any employment agency furnishing temporary personnel to the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>on a contingent or part-time basis, and including a natural person who is leased to the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>under a written agreement between the Insured and a labor leasing firm to perform duties related to the conduct of the Insured&#8217;s business; (all such natural persons provided by a single employment agency or labor leasing firm will collectively be deemed to be one person for all the purposes of this bond, excepting, however, the last paragraph of Condition R.2.);</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">5.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">an employee of an institution merged or consolidated with the Insured prior to the effective date of this bond, or, subject to General Agreement B., after the effective date of this bond, but only with respect to acts while an employee of such institution and which acts caused said institution to</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt; MARGIN-RIGHT: 9.5pt">sustain a loss that was not known to the Insured or to the institution at the time of the merger or consolidation;</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">6.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">each natural person, partnership, or corporation authorized by the Insured or an </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Adviser </font>to perform services as an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Electronic Data Processor </font>(each such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Electronic Data Processor</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> and the partners, officers and employees of such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Electronic Data Processor </font>will collectively be deemed to be one <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>for all the purposes of this bond, except with respect to Condition R.2.);</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">7.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any director or trustee of an Insured, </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> underwriter (distributor), transfer </font>agent, shareholder accounting record keeper, or administrator authorized by <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>agreement with the Insured to keep financial or other required records, but only while performing acts coming within the scope of the usual duties of an officer or employee or while acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>of the Insured;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">8.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">any natural person who is a volunteer, while such person is subject to the Insured&#8217;s direction and control and is performing services for the Insured;</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">9.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">any natural person who is a former employee retained as a consultant, pursuant to a written </font>agreement with the Insured, while that person is subject to the Insured&#8217;s direction and control and performing services for the Insured; and</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">10.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">any officer, partner, or employee of:</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">a.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font>;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 115.85pt">b.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">an underwriter (distributor);</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 115.85pt">c.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">a transfer agent or shareholder accounting record-keeper; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 115.85pt">d.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">an administrator authorized by written agreement to keep financial or other required records,</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 116pt; MARGIN-RIGHT: 7.85pt">for an Insured but only while performing acts coming within the scope of the usual duties of an officer or employee of the Insured, or while acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>of any such Insured, provided that only employees or partners of a transfer agent, shareholder accounting record- keeper or administrator that is an affiliated person, as defined in the Investment Company Act of 1940, of an Insured or is an affiliated person of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> underwriter or administrator of such Insured, and that is not a bank, will be included within the definition of Employee.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.9pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>also means any natural person described above while such person is on medical, military, or other leave of absence. Coverage applies to any such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>while on leave, regardless of whether such person remains subject to the Insured&#8217;s direction and control during the time of leave.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>does not mean any agent, broker, factor, commission merchant, consignee, independent contractor or representative or other person of the same general character not specified above.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">S.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Evidence of Debt </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means a&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">instrument, including&#160; a&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Negotiable Instrument</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,&#160; executed,&#160; or </font>purportedly executed, by a customer of the Insured and held by the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>that in the regular course of business is treated as evidencing the customer's debt to the Insured.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">T.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Financial Institution </font>means:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 79.85pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">a bank, trust company, savings bank, credit union, savings and loan association, or similar thrift institution; or</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 79.85pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">a stock brokerage firm, mutual fund, liquid assets fund or similar investment institution;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">provided that <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial Institution </font>does not include any such entity, institution or organization that is an Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>

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<td style="VERTICAL-ALIGN: top; FONT-STYLE: normal; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">U.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Forgery </font>means signing the name of another person or organization with a handwritten signature directly applied to a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>document without authority, and with the intent to deceive.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">A signature written on an electronic pad that captures the signature for purposes of creating an electronic digitized image of a handwritten signature, or a reproduction of a handwritten signature, is treated the same as a handwritten signature. Any other form of electronic signature or digital signature is not treated the same as a handwritten signature.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.9pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Forgery </font>does not mean a signature that consists in whole or in part of one's own name signed with or without authority, in any capacity, for any purpose.</div>

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<table id="zb9789c21ac2745a29a7efc631b32cc73" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">V.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Fraudulent Instruction </font>means an intentional, fraudulent and unauthorized instruction directed to the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> that is:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">transmitted via telefacsimile, and:</div>
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<div>
<table id="zb604d1057a52461fb43186fd63c18ba0" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">a.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">purports and reasonably appears to be from a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial Institution</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> or another office of the Insured;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">b.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">was in fact transmitted by someone other than a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial Institution</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> or another office of the Insured; and</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">c.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">purports and reasonably appears to contain the handwritten signature of a person </font>authorized to initiate such transfer that proves to have been used by an unauthorized person; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">transmitted verbally, via telephone, and purports to be from:</div>
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<div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 115.85pt">a.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">an officer, director, partner or employee of a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> who is&#160; authorized by&#160; the <strong>Customer </strong>to instruct the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>to make such a transfer;</div>
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<table id="z64416e07ee06445e91ed5882100870f0" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">b.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer </font>who is a natural person; or</div>
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<table id="z51b86b9f1a9348b7a4f285c2a95c175e" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 115.85pt">c.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">an </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in another office of the Insured who was authorized by the Insured to </font>instruct other <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employees </font>to transfer funds on deposit in a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer&#8217;s </font>account; and was received by an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>specifically designated to receive and act upon such instructions,</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">but was in fact transmitted by someone other than a person described in paragraph V.2.; or</div>

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<table id="z2020a23ea50f46a6aa5348ea63eaf569" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">transmitted via electronic mail and purports and reasonably appears to be from a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer </font>of the Insured, but was in fact transmitted by someone other than such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 79.85pt; MARGIN-RIGHT: 8pt; TEXT-INDENT: 0.1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Fraudulent Instruction </font>does not include any instruction that purports to be from a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer </font>unless the instruction is transmitted by a method that is authorized in the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Funds Transfer Agreement </font>between the Insured and the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">W.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Funds Transfer Agreement </font>means an agreement, signed by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> that:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">a.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">authorizes the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>to rely on instructions transmitted by either voice, telefacsimile or electronic mail to make funds transfers; and</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">b.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">provides the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>with the names of persons authorized to initiate funds transfers.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">X.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Guarantee </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">undertaking obligating the signer to pay the debt of another to the Insured or </font>its assignee or to a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial Institution </font>from which the Insured has purchased participation in the debt, if the debt is not paid in accordance with its terms.</div>
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<td style="VERTICAL-ALIGN: top; FONT-STYLE: normal; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">Y.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Instruction </font>means a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>order to the issuer of an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Uncertificated Security </font>requesting that the transfer, pledge, or release from pledge of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Uncertificated Security </font>specified be registered.</div>
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<td style="VERTICAL-ALIGN: top; FONT-STYLE: normal; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">Z.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Investment Adviser </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means any entity defined in &#167;202(a)(11) of, and registered under, the Investment </font>Advisers Act of 1940, as amended, but only while acting on behalf of the Insured.</div>
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<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.9pt; TEXT-INDENT: -36pt">AA.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Item of Deposit </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means any checks or drafts deposited into the account of a customer, shareholder or </font>subscriber.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt; TEXT-INDENT: -36pt">BB.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Larceny or Embezzlement </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means larceny or embezzlement as defined in the Investment Company Act </font>of 1940, &#167;37 as amended.</div>
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<table id="z69fe3c8aaf4149f1823add87ced552c5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt; TEXT-INDENT: -36pt">CC.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Letter of Credit </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means an engagement in writing by a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial Institution </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">or other person made at the </font>request of a customer that the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial Institution </font>or other person will honor drafts or other demands for payment upon compliance with the conditions specified in the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Letter of Credit</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.95pt; TEXT-INDENT: -36pt">DD.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Loan </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means all extensions of credit by the Insured and all transactions creating a creditor relationship in </font>favor of the Insured and all transactions by which the Insured assumes an existing creditor relationship.</div>
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<table id="zceffae5bf04a4538b44c02fe9c679073" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.95pt; TEXT-INDENT: -36pt">EE.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Messenger </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means an </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">while in possession of the Insured&#8217;s </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">away from the Insured&#8217;s </font>or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser&#8217;s </font>premises and any other natural person acting as custodian of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>during an emergency arising from the incapacity of the original <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>
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<table id="z00fc27a75519451c816d04fdb5241bfb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.95pt; TEXT-INDENT: -36pt">FF.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Money </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means a medium of exchange in current use authorized or adopted by a domestic or foreign </font>government as a part of its currency.</div>
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<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">GG.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Negotiable Instrument </font>means a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>document, that:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">is signed by the maker or drawer;</div>
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<table id="zd4f4ee99abe547678673b2c609d5bea7" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">contains an unconditional promise or order to pay a sum certain in <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Money </font>and no other promise, order, obligation or power given by the maker or drawer;</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">is payable on demand or at a definite time; and</div>
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<table id="z4c2b9752abbb4d9692475becd4d9f918" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">4.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">is payable to order or bearer.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Negotiable Instrument </font>also means a counterfeit check or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Substitute Check</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>

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<table id="zcc34df00a0ba4af18046344429fde67d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.9pt; TEXT-INDENT: -36pt">HH.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Network </font>means any and all services provided by or through the facilities of any electronic or computer communication system, including Fedwire, Clearing House Interbank Payment System (CHIPS), Society for Worldwide Interbank Financial Telecommunication (SWIFT), National Automated Clearing House Association (NACHA) and similar interbank payment or settlement systems, including any shared networks, internet access facilities, or other similar facilities for such systems in which the Insured participates, allowing the input, output, examination, or transfer of data or programs from one computer to a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer System</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">II.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Original </font>means the first rendering or archetype and does not include photocopies or electronic transmissions even if received and printed.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">JJ.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Pre-Determined Telephone Number </font>means a telephone number that:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">was provided by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer </font>when the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer </font>opened the account with the Insured or an <strong>Investment Adviser</strong>;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">was provided in person by the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer </font>after the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer </font>opened the account with the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> while physically present on the Insured&#8217;s or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser&#8217;s </font>premises and while presenting a government-issued photo identification;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">was provided in a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Funds Transfer Agreement</font>;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">4.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">replaced a telephone number previously provided for the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer&#8217;s </font>account, provided that confirmation of the legitimacy&#160; of the change was&#160; achieved through direct contact with&#160; the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer </font>at a telephone number described in paragraph JJ.1., JJ.2. or JJ.3. above; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">5.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">replaced a telephone number previously provided for the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Customer&#8217;s </font>account and was received by the Insured or the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>at least 30 days prior to the receipt of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Fraudulent Instruction</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt; TEXT-INDENT: -36pt">KK.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Property </font>means <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Money, Certificated Securities, Uncertificated Securities, Negotiable Instruments</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Certificates of Deposit</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Documents of Title</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Acceptances</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Evidences of Debt</font>, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Security Agreements</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Withdrawal Orders</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Certificates of Origin or Title</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Letters of Credit</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> insurance policies, abstracts of title, deeds and mortgages on real estate, revenue and other stamps, tokens, unsold state lottery tickets, books of account and other records whether <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>or recorded electronically, gems, jewelry, precious metals of all kinds and in any form, and tangible items of personal property that are not hereinbefore enumerated.</div>
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<div>&#160;</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 79.85pt; MARGIN-RIGHT: 7.9pt; TEXT-INDENT: -35.9pt">LL.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Restoration Expenses </font>means reasonable costs incurred by the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> with the Company&#8217;s prior written consent, to restore, replace or reproduce damaged or destroyed computer programs, software or other electronic data stored within a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer System</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> or that the Insured owns, holds or is responsible for, to the condition that existed immediately preceding a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer Violation</font>; provided that if it is determined by the Insured or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>that such computer programs, software or other electronic data cannot reasonably be restored, replaced or reproduced, then <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Restoration Expenses </font>means only the reasonable costs incurred by the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> with the Company&#8217;s prior written consent, to reach such determination.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Restoration Expenses </font>do not include:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">expenses incurred as a result of the reconstruction of computer programs, software, or other electronic data that the Insured did not have a license to use;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">expenses incurred to restore, replace, or reproduce damaged or destroyed computer programs, </font>software or other electronic data if such damage or destruction was caused by computer programs, software, or other electronic data that the Insured did not have a license to use;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 79.85pt">3.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">expenses incurred to design, update, improve, or perfect the operation or performance of computer programs, software, or other electronic data; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">4.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">expenses incurred to redo the work product, research, or analysis that was the basis of, or resulted in, any computer programs, software, or other electronic data stored.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.95pt; TEXT-INDENT: -36.15pt">MM.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Security Agreement </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">agreement that creates an interest in personal property or fixtures </font>and that secures payment or performance of an obligation.</div>
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<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt; TEXT-INDENT: -36pt">NN.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Security Procedure </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means the Insured&#8217;s or </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser&#8217;s </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">established authentication process, </font>other than voice recognition, that requires the use of algorithms or other codes, identifying words or numbers, encryption, or similar security devices or procedures. The following are not considered a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Security Procedure</font>:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 79.85pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">a general statement that the Insured or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>may establish security procedures;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 79.85pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">a statement that the Insured or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>may perform a callback or other security procedure; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">a statement that the Insured or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>will only accept requests from persons named on the account.</div>
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<table id="z72fa27c2038e4ed1ae75a3e79a0021e4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">OO.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Single Loss </font>has the meaning set forth in section VI. CONDITIONS, D. SINGLE LOSS.</div>
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<table id="zb78635ed038a4eb3b7b383acb16dcd18" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">PP.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Statement of Uncertificated Security </font>means a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>statement of the issuer of an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Uncertificated Security </font>containing:</div>
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<table id="zb974d199777641f998a0de7c25c33cfd" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">a description of the issue of which the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Uncertificated Security </font>is a part;</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">the number of shares or units:</div>
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<table id="z1774b0ec211449bb986d1e358dac1db1" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">a.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">transferred to the registered owner;</div>
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<table id="z9ce1fb00383147988a2033eb18c6a4c6" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">b.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">pledged by the registered owner to the registered pledgee;</div>
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<table id="z87cc47795d524c709a35b0e9d17adef6" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">c.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">released from pledge by the registered pledgee;</div>
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<div>
<table id="z92d4b433ee1f424a9da254cd917dac11" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">d.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">registered in the name of the registered owner on the date of the statement; or</div>
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<table id="za8944c9d137d4418ae421f24a20c8fe1" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">e.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">subject to pledge on the date of the statement;</div>
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<table id="z2b70761bb1a74bc090e7c063a9dfb703" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">the name and address of the registered owner and registered pledgee;</div>
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<div style="MARGIN-BOTTOM: 6pt"><br>
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<div>
<table id="z67790f214b4d40389989a7c4c82aaab3" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">4.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a notation of any liens and restrictions of the issuer and any adverse claims to which the </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Uncertificated Security </font>is or may be subject to, or a statement that there are none of those liens, restrictions or adverse claims; and</div>
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<div style="MARGIN-BOTTOM: 6pt"><br>
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<div>
<table id="z48568abd1d90412da5eb4c37d1443c08" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">5.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">the date:</div>
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<div style="MARGIN-BOTTOM: 6pt"><br>
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<div>
<table id="zdd55515f9f6d4bf286bce5533f5683ee" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">a.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">the transfer of the shares or units to the new registered owner of the shares or units was registered;</div>
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<div>
<table id="z9040c2be2b2b44eb8f24fded1c923898" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">b.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">the pledge of the registered pledgee was registered; or</div>
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<div>
<table id="zf0cf6016a22c4ab29a16ebd8e799d7f3" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 151.85pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 115.85pt">c.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">of the statement, if it is a periodic or annual statement.</div>
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<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left">
<table id="z9c314b31647d41f385db8d4e20a44174" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">QQ.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Substitute Check </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means a paper reproduction of an </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Original Written </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">check as defined in the Check </font>Clearing for the 21<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">st </font>Century Act of 2003, as amended.</div>
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<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="z9d0281612ecd483facefd7137ba08d26" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.9pt; TEXT-INDENT: -36.15pt">RR.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Transportation Company </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means any organization that provides its own or leased vehicles for </font>transportation or that provides freight forwarding or air express services.</div>
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<div>
<table id="z8a885d380ae3439b8eadb9599de419db" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt; TEXT-INDENT: -36pt">SS.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Uncertificated Security </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means a share, participation or other interest in property of, or an enterprise of, </font>the issuer or an obligation of the issuer, that is:</div>
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<div style="MARGIN-BOTTOM: 6pt"><br>
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<div>
<table id="z875811c024754106b9b2891a462c428d" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">not represented by a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>instrument issued in bearer or registered form and the transfer of which is registered upon books maintained for that purpose by or on behalf of the issuer;</div>
</td>
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<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="z8de37e40a3c54d7d98061271fe3db470" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">of a type commonly dealt in on securities exchanges or markets, or commonly recognized in any area in which it is issued or dealt in as a medium for investment; and</div>
</td>
</tr>
</table>
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<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="z5720c27c2cd74a64ac56bea2e8c0d991" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">either one of a class or series or by its terms divisible into a class or series of shares, </font>participations, interests or obligations.</div>
</td>
</tr>
</table>
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<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="z69b4fe95391f44ee923d381a4b2800af" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.95pt; TEXT-INDENT: -36pt">TT.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Withdrawal Order </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means a non-negotiable </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">instrument, other than an </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Instruction</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> signed by a </font>customer of the Insured authorizing the Insured to debit the customer's account in the amount of funds stated therein.</div>
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<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="z8fc1be4709b442b7bc58e453e204c802" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt; TEXT-INDENT: -36pt">UU.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic">Written </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">means expressed through letters or marks placed upon paper and visible to the eye. It does not </font>include information contained in an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Electronic Record</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> or only with respect to Insuring Agreement D, information communicated via telefacsimile.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 8pt">IV.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left">EXCLUSIONS</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 43.85pt">A.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This bond does not cover loss resulting directly or indirectly from forgery or alteration, except when </font>covered under Insuring Agreement A, D, E, F or G.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">B.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">This bond does not cover loss due to war, invasion, acts of foreign enemies, hostilities (whether war is declared or not), civil war, rebellion, revolution, insurrection, military or usurped power, confiscation, nationalization, requisition, or destruction of, or damage to, property by or under the order of any government, public or local authority, unless such loss occurs in transit in the circumstances recited in Insuring Agreement C and unless, when such transit was initiated, there was no knowledge of such act or condition related to any of the foregoing on the part of any person acting for the Insured in initiating such transit.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">C.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This bond does not cover loss resulting directly or indirectly from nuclear reaction, nuclear radiation, </font>radioactive contamination, biological, or chemical contamination or to any related act or incident.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">D.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">This bond does not cover loss resulting directly or indirectly from any acts of any director or trustee of the Insured other than one employed as a salaried, pensioned, or elected official or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>of the Insured, except when performing acts coming within the scope of the usual duties of an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> or while acting as a member of any committee duly elected or appointed by resolution of the board of directors or trustees of the Insured to perform specific, as distinguished from general, directorial acts on behalf of the Insured.</div>
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<table id="zd51765040d46421093c0d72f3cf19680" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">E.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">This bond does not cover loss resulting directly or indirectly from the complete or partial non-payment of, or default upon, any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Loan </font>or transaction involving the Insured as a lender or borrower, or extension of credit, including the purchase, discounting or other acquisition of false or genuine accounts, invoices, notes, agreements or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Evidences of Debt</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> whether such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Loan</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> transaction or extension was procured in good faith or through trick, artifice, fraud, or false pretenses, except when covered under Insuring Agreement A or E.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">F.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">This bond does not cover loss caused by an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> except:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">when covered under Insuring Agreement A.; or</div>
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<table id="ze3cf65e1da62421baee6b100c4ba68f3" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">when covered under Insuring Agreement B. or C. and resulting directly from mysterious unexplainable disappearance or misplacement, or unintentional destruction of or damage to <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>
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<table id="z27f831c7f9ce4078bc6211ca15eeda4e" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">G.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This bond does not cover loss resulting directly or indirectly from the use or purported use of credit, debit, </font>charge, access, convenience, identification cash management or other cards:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">in obtaining credit or funds;</div>
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<table id="zd71d3a8b18dd4d0eba37b3a35448dd0b" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">in gaining access to any automated teller machine; or</div>
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<table id="zf1bdd6979fd844f7b07feafbfdb7c2a0" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">in gaining access to any point of sale terminal, customer-bank communication terminal, or similar electronic terminal of any electronic funds transfer system,</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 9.5pt">whether such cards were issued, or purport to have been issued, by the Insured or by anyone other than the Insured, except when covered under Insuring Agreement A.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">H.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">This bond does not cover loss through the surrender of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>away from an office of the Insured or an <strong>Investment Adviser </strong>as a result of a threat:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">to do bodily harm to any person, except loss of </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">in transit in the custody of a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Messenger </font>provided that when such transit was initiated there was no knowledge by the Insured of any such threat; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">to do damage to the premises or property of the Insured,</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt">except when covered under Insuring Agreement A.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">I.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">This bond does not cover loss resulting directly or indirectly from payments made or withdrawals from a customer's account involving erroneous credits to such account, unless such payments or withdrawals are physically received by such depositor or representative of such depositor who is within the office of the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>at the time of such payment or withdrawal, or except when covered under Insuring Agreement A.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">J.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">This bond does not cover loss resulting directly or indirectly from payments made or withdrawals from a customer's account involving items of deposit that are not finally paid for any reason, including forgery or any other fraud, except when covered under Insuring Agreement A or J, however, this exclusion does not apply to United States Government checks or drafts that are returned to the Insured by the United States Government for any reason after the funds for said checks or drafts have been remitted to the Insured or credited to the Insured&#8217;s account.</div>
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<table id="z649d0e9327c246c4bfc963a0f274e58e" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">K.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This bond does not cover loss resulting directly or indirectly from counterfeiting, except when covered </font>under Insuring Agreement A, D, but only as respects <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Negotiable Instruments </font>(except <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Evidences of Debt </font>or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Substitute Checks</font>), E or F.</div>
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<div>
<table id="zaaeb8b02a9d64f77b9747a4f2f59dba6" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">L.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">This bond does not cover loss of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>while:</div>
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<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="zda315600535e4d2199f39e69dfd9e9fa" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">in the mail;</div>
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<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="z81c97cbd463a45e5bd06d5ed2f1e17d3" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">in the custody of any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Transportation Company</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> unless covered under Insuring Agreement C provided however that non-negotiable instruments while in the possession and custody of any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Transportation Company </font>will be deemed to be covered under Insuring Agreement C; or</div>
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</div>

<div>
<table id="z8060c8b5d5c94d4d959edb1ebb5a2f28" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">located on the premises of any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Transportation Company</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> </div>
</td>
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</div>

<div style="MARGIN-LEFT: 80pt">except when covered under Insuring Agreement A.</div>

<div style="MARGIN-LEFT: 80pt">&#160;</div>

<div>
<table id="z0938366ad6784b2d8040ae73124658c2" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">M.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">This bond does not cover potential income, including interest and dividends not realized by the Insured.</div>
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<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="z241eb739d9354d018add3be7f26f3b1e" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">N.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This bond does not cover damages of any type for which the Insured is legally liable, except direct </font>compensatory damages, but not multiples thereof, arising directly from a loss covered under this bond.</div>
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<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="zd6712e837785467fb5fcdc2063543039" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">O.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This bond does not cover any fees, costs, or other expenses incurred by the Insured in establishing the </font>existence of or amount of loss covered under this bond except when covered under Insuring Agreement G.</div>
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</div>

<div>
<table id="z6b1541b6b6404c9386004291de2cc1df" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">P.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">This bond does not cover indirect or consequential loss of any nature.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="zce7c3e24cb2c4299b8dab15b1f0e4b0f" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">Q.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">This bond does not cover loss resulting from any violation by the Insured or by any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee</font>:</div>
</td>
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</table>
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<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="z7636a3d4a71a43f0ac0c1f490ea7731f" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">of law regulating: (i) the issuance, purchase or sale of securities; (ii) securities transactions upon </font>security exchanges or over the counter market; (iii) investment companies; or (iv) investment advisers; or</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="z8898f5c1a96244c7867bf4f59c56c355" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">of any rule or regulation made pursuant to any such law,</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.9pt">unless it is established by the Insured that the act or acts that caused said loss involved fraudulent or dishonest conduct that would have caused a covered loss to the Insured in a similar amount in the absence of such laws, rules or regulations.</div>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="zb612c316721246c39fee967e11bada67" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">R.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">This bond does not cover loss resulting directly or indirectly from the failure of a financial or depository institution, or its receiver or liquidator, to pay or deliver, on demand of the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> funds or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>of the Insured held by it in any capacity, except when covered under Insuring Agreement A or B.1.a.</div>
</td>
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</table>
</div>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="zfe6b1143010f4725bcfbfecc9b8951a0" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">S.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This bond does not cover loss involving any </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Uncertificated Security </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">except an </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Uncertificated Security <font style="FONT-WEIGHT: normal">of any Federal Reserve Bank of the United States or when covered under Insuring Agreement A, E or I.</font></font></div>
</td>
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</div>

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<div id="DSPFPageHeader"></div>

<div>
<table id="zcbd4af02b56e4445abfff407483e6706" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 43.85pt">T.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">This bond does not cover under Insuring Agreement I, in addition to all of the other exclusions, loss:</div>
</td>
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</div>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="zf2288d115e6644d4b9430731d2b41c88" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">resulting directly or indirectly from entries or changes made by an individual authorized to have access to a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer System</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> who acts in good faith on instructions or advices received by telegraph, teletype, human voice over a telephone, or by any other means, unless such instructions or advices are given to that individual by a software contractor (or by a partner, officer or employee thereof) authorized by the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>to design, develop, prepare, supply, service, write, or implement programs for the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer System</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> except when covered under Insuring Agreement I.2.;</div>
</td>
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</div>

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</div>

<div>
<table id="z58be76fcb84442b5a32764b988faf548" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 79.85pt">2.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">caused by an employee or director of an automated clearing house (including a Federal Reserve </font>Bank), service bureau, electronic communications systems (including Fedwire, CHIPS and SWIFT) or merchants who have contracted with the Insured to perform electronic funds transfer services; or</div>
</td>
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</table>
</div>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="z374a8790da5e4e9f99c48465d9861d81" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">resulting directly or indirectly from entries or changes made by an </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">acting in good faith </font>on any electronic communication, unless such instructions are purportedly sent by a customer, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial Institution</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> or automated clearing house, except when covered under Insuring Agreement I.2.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="z446dfb75f6564372abf1d51d0e89d713" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">U.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This bond does not cover loss resulting directly or indirectly from </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer Fraud </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">or mechanical </font>breakdown or failure to function properly of any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer System</font>, except when covered under Insuring Agreement A, B, or I.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="z9def01ebd0364d74b736d967474bb5d0" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 79.85pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">V.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">This bond does not cover under Insuring Agreement I.2., in addition to all of the other exclusions, loss resulting directly or indirectly from the Insured&#8217;s or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser&#8217;s </font>assumption of liability by contract unless the liability arises from a loss covered by Insuring Agreement I.2. and would be imposed on the Insured regardless of the existence of the contract.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 6pt"><br>
</div>

<div>
<table id="z22cf338d83bc4c2eb1b651f5580dc07c" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 79.85pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">W.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">This bond does not cover loss resulting directly or indirectly from theft, disappearance, destruction, or disclosure of intangible property or confidential information, including trade secrets, customer lists, customer&#8217;s intellectual property, confidential processing methods, formulas, patents, computer programs, negatives, drawings, manuscripts, prints and other records of a similar nature, whether such confidential information is owned by the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>or held by the Insured or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>in any capacity including concurrently with another person.</div>
</td>
</tr>
</table>
</div>

<div>
<table id="z063b05aa986a4614b4d716f186c004ca" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 79.85pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 43.85pt">X.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">This bond does not cover expenses arising from a data security breach or incident, including forensic audit expenses, fines, penalties, expenses to comply with federal and state laws, payment card industry data security standards (if applicable), or expenses related to notifying affected individuals when the affected individual&#8217;s personally identifiable customer, financial or medical information was stolen, accessed, downloaded, or misappropriated while in the Insured&#8217;s care, custody, or control.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 43.85pt">Y.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">This bond does not cover under Insuring Agreement A.1., in addition to all of the other exclusions, loss resulting directly or indirectly from the alleged or actual destruction of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>by an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">This bond does not cover loss, costs, or expenses the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>agrees to incur, or incurs on behalf of another person or entity, when the Insured is not legally obligated to incur such loss, costs, or expenses under the Uniform Commercial Code or any other common, case, or tort law, statute, rule, or code anywhere in the world, including any rule or code of any clearing or similar organization; except when covered under Insuring Agreement I.2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt; TEXT-INDENT: -36pt">AA.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">This bond does not cover loss resulting directly or indirectly from the dishonest or fraudulent acts of an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>as to whom the bond has terminated pursuant to Condition R. Cancelation, Termination, Change or Modification, provided, however, that this exclusion does not apply to loss of any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>already in transit in the custody of such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>at the time the bond terminated or to loss resulting directly from dishonest or fraudulent acts occurring prior to the time the bond terminated.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.9pt; TEXT-INDENT: -36pt">BB.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This bond does not cover loss resulting from the unauthorized online </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Network</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer System </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">or </font>internet access to a customer account maintained by the Insured, through the use of fraudulently obtained customer login, identification, password, or authentication information, except where such</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 9.5pt">information has been obtained directly from unauthorized fraudulent access to a secure file containing such information on a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer System</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> except when covered under Insuring Agreement I.2.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt; TEXT-INDENT: -36pt">CC.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This bond does not cover damages resulting from any civil, criminal, or other legal proceeding in which </font>the Insured or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>is adjudicated to have engaged in racketeering activity, except when the Insured establishes that the act or acts giving rise to such damages were committed by an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>under circumstances that result directly in a loss to the Insured covered by Insuring Agreement A. For purposes of this exclusion, "racketeering activity" is defined in 18 U.S.C. 1961 et seq., as amended.</div>
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<div>&#160;</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt; TEXT-INDENT: -36pt">DD.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This bond does not cover any loss resulting directly or indirectly from a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Fraudulent Instruction </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">except </font>when covered under Insuring Agreement I.2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt; TEXT-INDENT: -36pt">EE.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This bond does not cover loss or expenses due to liability imposed upon the Insured as a result of the </font>unlawful disclosure of non-public information by the Insured, an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> or any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> or as a result of any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>acting upon such information, whether or not authorized.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 79.85pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.95pt; TEXT-INDENT: -36pt">FF.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This bond does not cover loss resulting directly or indirectly from the input of an </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Electronic Record </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">into a </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Computer System</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> either on the premises of a customer of the Insured or under the control of such a customer, by a customer or other person who had authorized access to the customer's authentication mechanism.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 8pt">V.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left">CONDITIONS</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">ADDITIONAL COMPANIES INCLUDED AS INSURED</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">If more than one corporation, co-partnership, or person, or any combination of them are included as the Insured herein:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">the total liability of the Company for loss or losses sustained by any one or more or all of them will </font>not exceed the limit for which the Company would be liable hereunder if all such loss were sustained by any one of them;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">the Insured first named will be deemed authorized to make, adjust and receive and enforce payment of all claims under the bond and will be deemed to be the agent of the others for such purposes and for the giving or receiving of any notice required or permitted to be given by the terms of this bond, provided however that the Company will furnish each named Insured with a copy of the bond and with any amendment to the bond, together with a copy of each formal filing of claim by any Insured and notification of the terms of any settlement of a claim prior to the execution of such settlement;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 79.85pt">3.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">the Company will not be responsible for the proper application of any payment made hereunder to the first named Insured; and</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">4.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">knowledge possessed or discovery made by any partner, officer or supervisory </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">of any </font>Insured will for the purposes of Condition B., Condition H. or Condition R. of this bond constitute knowledge or discovery by all the Insureds.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">B.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">DISCOVERY</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">This bond applies to loss discovered by the Insured during the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Bond Period</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font> Discovery occurs when an officer or director of the Insured or of an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>first becomes aware of facts that would cause a reasonable person to assume that a loss of a type covered by this bond has been or will be incurred, regardless of when the act or acts causing or contributing to such loss occurred, even though the exact amount or details of loss may not then be known.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.9pt">Discovery also occurs when an officer or director of the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>receives notice of an actual or potential claim in which it is alleged that the Insured is liable to a third party under circumstances that, if true, would constitute a loss under this bond.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">BOND PERIOD</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Bond Period </font>means the period of one year following the inception date of this bond or any annual anniversary thereof, or if the time between the inception or annual anniversary date and the expiration date of this bond is less than one year, then such lesser period.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">D.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">SINGLE LOSS</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.95pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Single Loss </font>means all covered loss, including court costs and attorney&#8217;s fees incurred by the Company under General Agreement E., resulting from:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">any one act or series of related acts of burglary, robbery, or attempt thereat, in which no <strong>Employee </strong>is implicated;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">any one act or series of related unintentional or negligent acts or omissions on the part of any person (whether an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>or not) resulting in damage to or destruction or misplacement of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property</font>;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">all acts or omissions other than those specified in 1. and 2. above, caused by any person (whether an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>or not) or in which such person is implicated; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">4.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">any one casualty or event not specified in 1., 2., or 3. above.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">E.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">SINGLE LOSS LIMIT OF INSURANCE</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">The Company's liability for each <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Single Loss </font>will not exceed the applicable Single Loss Limit of Insurance set forth in ITEM 4 of the Declarations. If a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Single Loss </font>is covered under more than one Insuring Agreement or Coverage, the Single Loss Limit of Insurance for each applicable Insuring Agreement or Coverage will apply separately to that part of the loss covered under such Insuring Agreement or Coverage, provided that the maximum payable for such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Single Loss </font>will not exceed the largest applicable Single Loss Limit of Insurance.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">F.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">DEDUCTIBLE</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">The Company is liable hereunder only for the amount by which any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Single Loss </font>exceeds the Single Loss Deductible Amount for the Insuring Agreement or Coverage applicable to such loss, subject to the applicable Single Loss Limit of Insurance.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.8pt">If a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Single Loss </font>is covered under more than one Coverage within an Insuring Agreement, the Single Loss Deductible Amount set forth in ITEM 4 of the Declarations for each applicable Coverage will apply separately to the part of such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Single Loss </font>covered under such Coverage, however the sum of such Single Loss Deductible Amounts for such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Single Loss </font>will not exceed the highest applicable Single Loss Deductible Amount for any such Coverage.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.8pt">The Insured will, in the time and in the manner prescribed in this bond, give the Company notice of any loss of the kind covered by the terms of this bond that exceeds 25% of the Single Loss Deductible Amount applicable to such loss, whether or not the Company is liable therefor, and upon the request of the Company will file with it a brief statement giving the particulars concerning such loss.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">G.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">NON-ACCUMULATION OF LIMITS</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">The Single Loss Limit of Insurance of the Company is not cumulative in amount from <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Bond Period </font>to <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Bond Period</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> regardless of the number of years this bond is in force, the number of times this bond may be renewed or replaced, or the number of premiums that are payable or paid.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">H.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">NOTICE <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">-</font> PROOF OF LOSS <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">-</font> LEGAL PROCEEDINGS</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 79.85pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">At the earliest practicable moment not to exceed 90 days after discovery of loss, the Insured or <strong>Investment Adviser </strong>must give the Company notice thereof.</div>
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<div>&#160;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Within six months after such discovery, the Insured or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>must furnish to the Company proof of loss, duly sworn to, with full particulars.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Lost <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Certificated Securities </font>listed in a proof of loss will be identified by certificate or bond numbers if such securities were issued therewith.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">4.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Legal proceedings for&#160; the recovery of any loss hereunder&#160; will not be brought prior&#160; to the expiration of 60 days after the original proof of loss is filed with the Company or after the expiration of 24 months from the discovery of such loss, except that any action or proceeding to recover hereunder on account of any judgment against the Insured in any suit mentioned in General Agreement E., or to recover attorney&#8217;s fees paid in any such suit, will be brought within 24 months from the date upon which the judgment and such suit will become final.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">5.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If any limitation embodied in this bond is prohibited by any law controlling the construction hereof, </font>such limitation will be deemed to be amended so as to equal the minimum period of limitation provided by such law.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">6.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">This bond is for the use and benefit only of the Insured, and the Company will not be liable </font>hereunder for loss sustained by anyone other than the Insured. No suit, action or legal proceedings will be brought hereunder by anyone other than the Insured.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">I.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">VALUATION</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Money</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 116pt; MARGIN-RIGHT: 7.85pt">Any loss of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Money</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> or loss payable in <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Money</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> will be paid, at the option of the Insured, in the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Money </font>of the country in which the loss was sustained or in the U.S. dollar equivalent thereof determined at the rate of exchange at the time of payment of such loss.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Securities</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 116pt; MARGIN-RIGHT: 7.85pt">The Company will settle in kind its liability under this bond on account of a loss of any securities or, at the option of the Insured, will pay to the Insured the cost of replacing such securities, determined by their highest quoted market value at any time between the business day next preceding the discovery of the loss and the day that the loss is settled. In case of a loss of subscription, conversion or redemption privileges through the misplacement or loss of securities, the amount of such loss will be the value of such privileges immediately preceding the expiration thereof. If such securities cannot be replaced or have no quoted market value, or if such privileges have no quoted market value, their value will be determined by agreement or, at the option of the Insured, arbitration.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 116pt; MARGIN-RIGHT: 7.85pt">If the applicable coverage of this bond is subject to a Single Loss Deductible Amount or is not sufficient in amount to indemnify the Insured in full for the loss of securities for which claim is made hereunder, the liability of the Company under this bond is limited to the payment for, or the duplication of, so much of such securities as has a value equal to the amount of such applicable coverage.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 116pt; MARGIN-RIGHT: 7.85pt">If, at the instance of the Company, the Insured or any customer of the Insured becomes principal upon any bonds, or gives any undertakings, required as a prerequisite to the reissuing or duplicating of any securities for the loss of which the Company is liable under this bond, the Company will become surety upon such bonds or undertakings without premium charge and will indemnify the Insured or such customer against any loss that the Insured or such customer may sustain by reason of having become principal upon any such bonds or having given any such undertakings. The amount of indemnity under this paragraph will not exceed the amount stated in ITEM 4 of the Declarations for the applicable Insuring Agreement.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Books of Account and Other Records</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 115.85pt; MARGIN-RIGHT: 8.05pt; TEXT-INDENT: 0.1pt">In case of loss of, or damage to, any books of account or other records used by the Insured in its business, the Company will be liable under this bond only if such books or records are actually reproduced and then for not more than the cost of the blank books, blank pages or other</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 116pt; MARGIN-RIGHT: 7.85pt">materials plus the cost of labor for the actual transcription or copying of data that have been furnished by the Insured in order to reproduce such books and other records.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">4.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Property other than Money, Securities, Books of Account or Other Records</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 116pt; MARGIN-RIGHT: 7.9pt">In case of loss of, or damage to, any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>other than <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Money</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> securities, books of account or other records, except damage covered under Insuring Agreement B.2. or B.3., the Company will not be liable for more than the actual cash value of such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font> The Company may, at its election, pay the actual cash value of, repair or replace such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 116pt; MARGIN-RIGHT: 7.8pt">With respect to damage of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>covered under Insuring Agreement B.2., the Company will be liable for the full cost of repair or replacement of such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> without deduction for depreciation.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 116pt; MARGIN-RIGHT: 7.8pt">Disagreement between the Company and the Insured as to the cash value, replacement value or as to the adequacy of repair or replacement will be resolved by agreement or, at the option of the Insured, arbitration.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">J.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">ASSIGNMENT</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.8pt">In the event of payment under this bond, the Insured or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>will deliver, if so requested by the Company, an assignment of such of the Insured's rights, title and interest and causes of action as it has against any person or entity to the extent of the loss payment.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">K.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">SUBROGATION</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.8pt; TEXT-INDENT: 0.1pt">In the event of payment under this bond, the Company will be subrogated to all of the Insured's rights of recovery therefor against any person or entity to the extent of such payment. If the rules of a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Depository </font>provide that the Insured will be assessed for a portion of any judgment (or agreed settlement) taken by the Company based upon the assignment set forth in Condition J. above and the Insured actually pays such assessment, the Company will reimburse the Insured for the amount of the assessment. However, such reimbursement will not exceed the amount of the loss payment by the Company.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">L.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">RECOVERIES</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80.1pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">All recoveries, whether effected by the Company or by the Insured will be applied, after first </font>deducting the costs and expenses incurred in obtaining such recovery, in the following order of priority:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">a.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">first, to the Insured to reimburse the Insured for loss sustained that would have been paid under this bond but for the fact that such loss is in excess of the Single Loss Limit of Insurance, provided however, such loss does not include claim expense payments made by the Insured in excess of the Single Loss Limit of Insurance of Insuring Agreement G and such payments will not be deemed excess for purposes of establishing order of priority;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116.1pt">b.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">second, to the Company in satisfaction of amounts paid or to be paid to the Insured in settlement of the Insured&#8217;s claim;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">c.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">third, to the Insured in satisfaction of any Single Loss Deductible Amount; and</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">d.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">fourth, to the Insured in satisfaction of any loss not covered under this bond.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Recovery on account of loss of securities as set forth in Condition I.2., or recovery from reinsurance or indemnity of the Company, will not be deemed a recovery as used herein.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">In determining the amount of any loss covered under this bond, all <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Money </font>received by the Insured from any source whatsoever in connection with any matter from which a loss has arisen, including payments and receipts of principal, interest, dividends, commission, and the like, received prior to a loss settlement under this bond, will be deducted from the amount actually paid out, advanced, withdrawn, taken or otherwise lost or stolen. The value of all property received by the Insured from any source whatever and</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">whenever received, in connection with any matter from which a loss has arisen, will be valued as of the date received and will likewise be deducted from the claimed loss.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">M.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">COOPERATION</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">Upon the Company's request, and at reasonable times and places designated by the Company, the Insured will:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">submit to examination by the Company and subscribe to the same under oath;</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">produce for the Company's examination all pertinent records; and</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">cooperate with the Company in all matters pertaining to the loss.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">The Insured will execute all papers and render assistance to secure to the Company the rights and causes of action provided for herein.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">The Insured will do nothing after discovery of loss to prejudice such rights or causes of action and must do everything reasonably necessary to secure those rights and causes of action.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">N.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">ANTI-BUNDLING</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.8pt">If any Insuring Agreement requires that an enumerated type of document be altered or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Counterfeit</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> or contain a signature that is a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Forgery</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> or that it be obtained through trick, artifice, fraud or false pretenses, the alteration, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Counterfeit</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> or signature must be on or of the enumerated document itself, not on or of some other document submitted with, accompanying, or incorporated by reference into, the enumerated document.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">O.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">LIMIT OF INSURANCE UNDER THIS BOND AND PRIOR INSURANCE</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">With respect to any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Single Loss </font>that is recoverable or recovered in whole or in part under any other bonds or policies issued by the Company to the Insured or to any predecessor in interest of the Insured and canceled or terminated or allowed to expire and in which the period for discovery has not expired at the time any such loss thereunder is discovered, the total liability of the Company under this bond and under such other bonds or policies will not exceed, in the aggregate, the amount carried hereunder on such loss or the amount available to the Insured under such other bonds or policies, as limited by the terms and conditions thereof, for any such loss if the latter amount be the larger.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.85pt">If the coverage of this bond supersedes in whole or in part the coverage of any other bond or policy of insurance issued by an insurer other than the Company and canceled, terminated or allowed to expire, the Company, with respect to any loss sustained prior to such cancelation, termination or expiration and discovered within the period permitted under such other bond or policy for the discovery of loss thereunder, will be liable under this bond only for that part of such loss covered by this bond as is in excess of the amount recoverable or recovered on account of such loss under such other bond or policy, anything to the contrary in such other bond or policy notwithstanding.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">P.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">OTHER INSURANCE OR INDEMNITY</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.9pt">Coverage afforded hereunder applies only as excess over any valid and collectible insurance or indemnity obtained by:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">the Insured;</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">anyone other than the Insured;</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Transportation Company</font>;</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">4.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">another entity on whose premises the loss occurred or that employed the person causing the loss; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">5.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">the messenger conveying the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>involved.</div>
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<div>&#160;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 43.85pt">Q.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">COVERED PROPERTY</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">This bond applies to loss of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property</font>:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 79.85pt">1.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">that is owned by the Insured;</div>
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<table id="zac63d8c68c65489583d9eeef06a653f4" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">that is held by the Insured in any capacity; or</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">3.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">for which the Insured is responsible,</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 9.5pt">prior to or at the time of the occurrence of the loss. This bond is for the sole use and benefit of the Insured.</div>

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<td style="VERTICAL-ALIGN: top; WIDTH: 80pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 44pt">R.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">CANCELATION, TERMINATION, CHANGE, OR MODIFICATION</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Cancelation</div>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">a.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">This bond is canceled in its entirety immediately upon receipt by the Company of a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>notice from the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>of its desire to cancel this bond, provided the Insured or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>has provided at least 60 days&#8217; advance <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>notice to the U.S. Securities and Exchange Commission (SEC). The Company will notify all other Insureds of the receipt of such a cancelation request from the Insured or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> however the cancelation will not be effective until 60 days after receipt of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>notice by all other Insureds.</div>
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<div>
<table id="zfb4454271eff4712b338e62959be8512" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">b.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">This bond is canceled in its entirety 60 days after the receipt by each Insured and the SEC, of a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>notice from the Company of its desire to cancel this bond.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 151.85pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">c.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Coverage is canceled as to any </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> or as to any partner, officer, or employee of </font>any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Electronic Data Processor </font>60 days after the receipt by the Insured and the SEC, of a written notice from the Company of its desire to cancel coverage under this bond as to such person.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 116pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Termination</div>
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<div>
<table id="z7b520763bb954705bb4264907d212474" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">a.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">This bond terminates in its entirety immediately upon the Expiration Date set forth in ITEM 2 of the Declarations.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 152pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 116pt">b.</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">This bond terminates as to any Insured:</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 188pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 151.85pt">(1)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">immediately upon the surrender of such Insured&#8217;s charter to any governmental authority; or</div>
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<div>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 188pt; align: right">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 152pt">(2)</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">immediately upon the taking over of such Insured by a receiver or other liquidator or by any State or Federal official,</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 152pt">whichever occurs first.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 152pt; MARGIN-RIGHT: 9.5pt">Termination of the bond as to any Insured terminates liability for any loss sustained by such Insured that is discovered after the effective date of such termination.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 115.85pt">c.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Coverage terminates as to any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> or as to any partner, officer, or employee of any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Electronic Data Processor</font>:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 151.85pt">(1)</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">as soon as any Director or Officer or Insured not in collusion with such person, learns of any dishonest or fraudulent employment related act, including <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Larceny or Embezzlement</font>; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 151.85pt">(2)</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">60 days after any director or officer of the Insured not in collusion with such person, learns of any dishonest or fraudulent non-employment related act,</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 188pt; MARGIN-RIGHT: 9.5pt">including <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Larceny or Embezzlement</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> that resulted in a loss of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>in excess of $25,000,</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 152pt; MARGIN-RIGHT: 7.85pt">either of which were committed by such person at any time, whether in the employment of the Insured or otherwise, whether or not of the type covered under Insuring Agreement A, against the Insured or any other person or entity, without prejudice to the loss of any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Property </font>then in transit in the custody of such person.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 151.85pt; MARGIN-RIGHT: 7.9pt; TEXT-INDENT: 0.1pt">However, termination of coverage as to any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Employee </font>as set forth in c.(1) and c.(2) of the preceding paragraph, will not apply to any such person provided the Insured has received and retains an original letter signed by a prior insurer reinstating coverage for such individual for whom the Insured discovered had committed a dishonest or fraudulent act prior to the effective date of this bond.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 79.85pt">3.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Change or Modification</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 115.85pt; MARGIN-RIGHT: 7.85pt; TEXT-INDENT: 0.1pt">This bond or any instrument amending or affecting this bond may not be changed or modified orally. No changes in or modification of this bond will be effective unless made by <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>endorsement issued to form a part of this bond and including the signature of the Company's Authorized Representative. When a bond covers only one Insured no change or modification that would adversely affect the rights of the Insured will be effective prior to 60 days after <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>notification has been furnished to the SEC by the Insured, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>or the Company. If more than one Insured is named under this bond, the Company will give <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>notice to each Insured and to the SEC not less than 60 days prior to the effective date of any change or modification that would adversely affect the rights of such Insured.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 43.85pt">S.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">DISCOVERY PERIOD</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.9pt">At any time prior to the cancelation or termination of this bond in its entirety, whether by the Insured, an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> or the Company, the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser </font>may give to the Company written notice that it desires under this bond an additional period of 12 months within which to discover loss sustained by the Insured prior to the effective date of such cancelation or termination and will pay an additional premium therefor.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.95pt">Upon receipt of such notice from the Insured or an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Investment Adviser</font>, the Company will give its written consent thereto; provided, that such additional period of time terminates immediately:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">on the effective date of any other insurance obtained by the Insured, its successor in business or </font>any other party, replacing in whole or in part the insurance afforded by this bond, whether or not such other insurance provides coverage for loss sustained prior to its effective date; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 80pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">upon any takeover of the Insured&#8217;s business by any state or federal official or agency, or by any receiver or liquidator acting or appointed for this purpose,</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.95pt">whichever occurs first, and without the necessity of the Company giving notice of such termination. In the event that such additional period of time is terminated, as provided above, the Company will refund on a pro-rata basis, any unearned premium.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 80pt; MARGIN-RIGHT: 7.95pt">The right to purchase such additional period for the discovery of loss may not be exercised by any state or federal official or agency, or by any receiver or liquidator, acting or appointed to take over the Insured's business for the operation or for the liquidation thereof or for any other purpose.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 79.85pt; MARGIN-RIGHT: 7.95pt; TEXT-INDENT: 0.1pt">The Company's total liability for any loss discovered during such additional period of time is part of, and not in addition to, the Single Loss Limit of Insurance of the <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Bond Period </font>that terminates immediately preceding the effective date of such additional period.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 43.85pt">T.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">HEADINGS</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 79.85pt; MARGIN-RIGHT: 7.95pt; TEXT-INDENT: 0.1pt">The titles of the various paragraphs of this bond and its endorsements are inserted solely for convenience or reference and are not to be deemed in any way to limit, expand or affect the provision to which they relate.<br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">ADD OR DELETE INSUREDS ENDORSEMENT</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 9.4pt">This endorsement changes the following:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9.4pt">It is agreed that:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 9.4pt">The following amendments are made to ITEM 1 of the Declarations:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 9.4pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">The following entities are deleted from the list of Insureds:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 9.4pt">2.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">The following entities are added to the list of Insureds:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 46.85pt; MARGIN-RIGHT: 223.2pt">Advent Claymore Convertible Securities and Income Fund </div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 46.85pt; MARGIN-RIGHT: 223.2pt">Advent Claymore Enhanced Growth &amp; Income Fund</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 46.85pt">Advent Claymore Convertible Securities and Income Fund II</div>

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 &#160;</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 8pt; MARGIN-RIGHT: 9.75pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions, or limitations of the above-mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 6.55pt; MARGIN-RIGHT: 223.2pt">Issuing Company: Travelers Casualty and Surety Company of America </div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 6.55pt; MARGIN-RIGHT: 223.2pt">Policy Number: 106723989</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">The following is added to section II. INSURING AGREEMENTS, D. FORGERY OR ALTERATION<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">:</font></div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 49pt; MARGIN-RIGHT: 7.85pt">Loss resulting from the Insured accepting, paying, or cashing any <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Negotiable Instrument </font>or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Withdrawal Order </font>made or drawn on a customer&#8217;s account, which bears an unauthorized signature or an unauthorized endorsement, provided that the Insured has on file the signatures of all persons authorized to sign or endorse such <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Negotiable Instrument </font>or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Withdrawal Order</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">.</font></div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">The following replaces section VI. CONDITIONS, N. ANTI-BUNDLING:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 49pt">N.&#160; &#160; &#160; &#160; ANTI-BUNDLING</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 85pt; MARGIN-RIGHT: 7.85pt">If any Insuring Agreement requires that an enumerated type of document be altered or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Counterfeit</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> or contain a signature or endorsement which is a <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Forgery </font>or which is unauthorized, or that it be obtained through trick, artifice, fraud, or false pretenses, such alteration, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Counterfeit</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">,</font> signature, or endorsement must be on or of the enumerated document itself, not on or of some other document submitted with, accompanying, or incorporated by reference into, the enumerated document.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 13pt; TEXT-INDENT: -0.15pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions, or limitations of the above-mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein.</div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Issuing Company: </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Travelers Casualty and Surety Company of America<br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 1pt">Policy Number:&#160; 106723989</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">NEW YORK CANCELATION, TERMINATION, CHANGE, OR MODIFICATION ENDORSEMENT</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 13pt">This endorsement changes the following:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 13pt">It is agreed that:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 13pt">1.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">The following replaces section VI. CONDITIONS, R. CANCELATION, TERMINATION, CHANGE, OR MODIFICATION, 1.b.:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 49pt">b.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">If the bond has been in effect for 60 days or less, it may be canceled by the Company for any reason. </font>Such cancelation will be effective 60 days after the Company mails a notice of cancelation to the first named Insured at the mailing address set forth in ITEM 1 of the Declarations, the SEC, and every other Insured.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 85pt; MARGIN-RIGHT: 8.85pt">If the bond has been in effect for more than 60 days or is a renewal, then cancelation may only be for one or more of the following reasons and will be effective 60 days after the notice of cancelation is mailed or delivered to the first named Insured at the mailing address set forth in ITEM 1 of the Declarations, the SEC, and to every other Insured:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">nonpayment of premium or installment that is overdue, as well as any unpaid fees charged for installments, late payment or reinstatement;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">conviction of the Insured of a crime arising out of acts increasing the hazard insured against;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">discovery of fraud or material misrepresentation in the obtaining of this bond or in the presentation of a claim hereunder;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">discovery after the inception date set forth in ITEM 2 of the Declarations of an act or omission, or </font>a violation of any bond condition that substantially and materially increases the hazard insured against;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">material change in the nature or extent of the risk, occurring after the Inception Date set forth in </font>ITEM 2 of the Declarations, which causes the risk of loss to be substantially and materially increased beyond that contemplated at the time the bond was issued or last renewed;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a determination by the superintendent that continuation of the present premium volume of the </font>Company would jeopardize the Company&#8217;s solvency or be hazardous to the interests of the Company&#8217;s stockholders or creditors, or to the public;</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">a determination by the superintendent that continuation of the bond would violate, or would place the Company in violation of, any provision of the New York State Insurance Law; or</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">where the Company has reason to believe, in good faith and with sufficient cause, that there is a </font>possible risk or danger that the insured property will be destroyed by the Insured for the purpose of collecting the insurance proceeds, provided that:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">a notice of cancelation on this ground informs the Insured in plain language that the </font>Insured must act within 10 days if review by the Department of Financial Services of the State of New York of the ground for cancelation is desired; and</div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Issuing Company: </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Travelers Casualty and Surety Company of America </font></div>

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 Policy Number:&#160; 106723989</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">notice of cancelation on this ground is provided simultaneously by the Company to the Department of Financial Services of the State of New York.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">The&#160; following are added to&#160; section VI. CONDITIONS, R. CANCELATION,&#160; TERMINATION, CHANGE, OR MODIFICATION:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 79pt; MARGIN-RIGHT: 6.85pt">The Company will not be required to renew this bond upon its expiration. If the Company elects not to renew, the Company will provide the Insured set forth in ITEM 1 of the Declarations, the SEC, and every other Insured <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>notice to that effect at least 60 days, but no more than 120 days, before the Expiration Date set forth in ITEM 2 of the Declarations. If such notice is given late, the bond will continue in effect for 60 days after such notice is received by the Insured.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Renewal with Altered Terms:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 79pt; MARGIN-RIGHT: 6.8pt">Should this bond be renewed or replaced, but with a reduction of limits, reduced coverage, increased deductible, additional exclusions, or upon increased premiums in excess of 10% (exclusive of any premium increase as a result of experience rating), the Company must mail <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Written </font>notice to the Insured shown in ITEM 1 of the Declarations at least 60 days but not more than 120 days before renewal or replacement. If such notice is given late, the renewal or replacement bond will be in effect with the same terms, conditions and rates as the terminated bond for 60 days after such notice is received by the Insured.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 79pt; MARGIN-RIGHT: 6.85pt">The Company may elect to simply notify the Insured that the bond will either not be renewed, or will be renewed with different terms, conditions or rates. In such event, the Company will inform each Insured and the SEC that a second notice will be sent at a later date specifying the Company&#8217;s exact intention. The notice will inform the parties that, in the meantime, coverage will continue at the same terms, conditions and rates as the expiring bond until the expiration date of the bond or 60 days after the second notice is received by the Insured, whichever is later.</div>

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 Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions, or limitations of the above-mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein.</div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 1pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Issuing Company: </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Travelers Casualty and Surety Company of America</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 1pt">Policy Number:&#160; 106723989</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND II</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">ADVENT/CLAYMORE ENHANCED GROWTH &amp; INCOME FUND</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">JOINT INSURED FIDELITY BOND AGREEMENT</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">AGREEMENT, effective as of April 21, 2017, among Advent Claymore Convertible Securities and Income Fund, Advent Claymore Convertible Securities and Income Fund II and Advent/Claymore Enhanced Growth &amp; Income Fund (each an &#8220;Insured&#8221; and together, the &#8220;Insureds&#8221;) pursuant to Rule 17g-1(f) under the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;) relating to the Insureds&#8217; joint insured fidelity bond as it may be amended or replaced from time to time (the &#8220;Bond&#8221;).</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The undersigned hereby agree that in the event recovery is received under the Bond as a result of a loss sustained by any of the Insureds, each Insured shall receive an equitable and proportionate share of the recovery, and in all such events such share of the recovery shall be an amount that is at least equal to the amount which it would have received had it maintained a single insured bond with the minimum coverage required by Rule 17g-1(d) under the 1940 Act.</div>

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<div>By and on behalf of Advent Claymore Convertible Securities and Income Fund</div>
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<div><u>/s/ Edward C. Delk</u></div>
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<div>Name: Edward C. Delk</div>
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<td style="WIDTH: 60%">Title: Secretary</td>
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<div>By and on behalf of Advent Claymore Convertible Securities and Income Fund II</div>
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<div><u>/s/ Edward C. Delk</u></div>
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<div>&#160;</div>
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<div>Name: Edward C. Delk</div>
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<div>Title: Secretary</div>
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<div>By and on behalf of Advent/Claymore Enhanced Growth &amp; Income Fund</div>
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<td style="WIDTH: 60%"><u>/s/ Edward C. Delk</u></td>
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<div>Name: Edward C. Delk</div>
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<td style="WIDTH: 60%">Title: Secretary</td>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><u>SECRETARY&#8217;S CERTIFICATE</u></div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">The undersigned certifies that he is the duly elected Secretary of Advent Claymore Convertible Securities and Income Fund, Advent Claymore Convertible Securities and Income Fund II, Advent/Claymore Enhanced Growth &amp; Income Fund (the &#8220;Funds&#8221;) and that the resolutions set forth below approving the fidelity bond for the Funds were adopted by the Boards of Trustees of the Funds on June 20, 2017 and such resolutions have not been amended, modified or rescinded and remain in full force and effect as of the date hereof.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">WHEREAS, </font>the Board previously delegated to an ad-hoc special committee (the &#8220;Special Committee&#8221;) authority to review and approve the terms insurance arrangements for the Funds, subject to ratification by the Board;</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">WHEREAS, </font>the Special Committee determined (i) that participation by the Funds in the joint fidelity bond is in the best interests of the Funds, and (ii) that the proposed premiums for the joint fidelity bond to be allocated to each of AVK, AGC and LCM are fair and reasonable to each of AVK, AGC and LCM; and approved the joint fidelity bond agreement and the related joint insured bond agreement on behalf of each Fund;</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 36pt">NOW, THEREFORE, BE IT</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">RESOLVED, </font>that the Board of Trustees of the Funds has determined that the participation by the Funds in the joint fidelity bond and the joint insured bond agreement is in the best interests of the Funds after taking into account the considerations, and making the findings, set out in Rule 17g-1 under the 1940 Act; and it is</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">FURTHER RESOLVED, </font>that the proposed premiums for the joint fidelity bond and the joint insured bond agreement to be allocated to each of AVK, AGC and LCM are fair and reasonable to each of AVK, AGC and LCM; and it is</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">FURTHER RESOLVED, </font>that the Board of Trustees, including a majority of the independent Trustees, hereby authorize, approve and ratify the execution, delivery and performance of the joint fidelity bond and the related joint insured bond agreement by each Fund and the filing with the SEC of the materials set out in Rule 17g-1(g) under the 1940 Act.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">IN WITNESS WHEREOF</font>, the undersigned has executed this certificate this 11<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">th</sup> day of June, 2018.</div>

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<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>/s/ Edward C. Delk</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 252pt">Edward C. Delk</div>

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<DOCUMENT>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>exhibita-fidelitybond042x5x2.jpg
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