<SEC-DOCUMENT>0001821268-24-000111.txt : 20240620
<SEC-HEADER>0001821268-24-000111.hdr.sgml : 20240620
<ACCEPTANCE-DATETIME>20240620161942
ACCESSION NUMBER:		0001821268-24-000111
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		33
FILED AS OF DATE:		20240620
DATE AS OF CHANGE:		20240620
EFFECTIVENESS DATE:		20240620

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADVENT CONVERTIBLE & INCOME FUND
		CENTRAL INDEX KEY:			0001219120
		ORGANIZATION NAME:           	
		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:		241056506

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADVENT CLAYMORE CONVERTIBLE SECURITIES & INCOME FUND
		DATE OF NAME CHANGE:	20030219
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>gug87730avk23-24.htm
<DESCRIPTION>AVK
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Securities and Exchange Commission</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100
F Street, NE</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington,
DC&nbsp; 20549</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Sirs and Madams:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enclosed
for filing on behalf of Advent Convertible and Income Fund (the &ldquo;Fund&rdquo;), pursuant to Rule 17g-1(g)(1)(ii) under the Investment
Company Act of 1940, as amended (&ldquo;1940 Act&rdquo;), are the following:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            copy of the fidelity bond issued by Travelers Bond &amp; Specialty Insurance naming the Fund
                                            as insured, and</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            copy of the resolutions of a majority of the Board of Trustees who are not &ldquo;interested
                                            persons&rdquo; of the Fund approving the form and amount of the bond as well as a general-purpose
                                            resolution.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
premium for the bond has been paid for the period from August 27, 2023 to August 27, 2024.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
contact the undersigned with any questions or comments.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 3.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 3.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/
Stephen Ellwood</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 3.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephen
Ellwood</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 3.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary
of the Fund</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>SECRETARY&rsquo;S
CERTIFICATE</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned certifies that he is the duly elected Secretary of Advent Convertible and Income Fund (the &ldquo;Fund&rdquo;) and that the
resolutions set forth below approving the fidelity bond for the Fund was adopted by the Board of Trustees of the Fund on September 28,
2023 and such resolutions have not been amended, modified or rescinded and remain in full force and effect as of the date hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Board of Trustees of the Fund previously directed the Officers of the Fund to maintain insurance coverage for the Fund; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Officers reviewed and executed a fidelity bond for the Fund with the same coverage amount as the previous bond as presented at the
meeting;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE, BE IT </B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESOLVED</B>,
that the Board of Trustees of the Fund hereby finds that the participation by the Fund in the fidelity bond is in the best interests
of the Fund; and it is</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FURTHER
RESOLVED</B>, that the Board of Trustees of the Fund hereby find that the proposed premium for the fidelity bond is fair and reasonable;
and it is</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FURTHER
RESOLVED</B>, that the Board of Trustees, including a majority of the independent Trustees, hereby ratify the execution, delivery and
performance of the fidelity bond by the Fund.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B>, the undersigned has executed this certificate this 14<SUP>th</SUP> day of June 2024.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
<BR>
<U>/s/ Stephen Ellwood</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephen
Ellwood</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary
of the Fund</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 34px; width: 170px"></FONT></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 6.4pt 0 0 8.4pt; text-indent: 0in">PO Box 2950</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 8.4pt"><B>Hartford, CT 06104-2950</B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 7.35pt 0 0 8.4pt">October 13, 2023</P>

<P STYLE="font: 9pt/11.6pt Calibri, Helvetica, Sans-Serif; margin: 6.5pt 355.75pt 0 8.4pt">ADVENT CONVERTIBLE AND INCOME FUND</P>

<P STYLE="font: 9pt/11.6pt Calibri, Helvetica, Sans-Serif; margin: 3pt 355.75pt 0pt 8.4pt">888 7TH
AVE FL 31</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 0 0 8.4pt">NEW YORK, NY 10106-3399</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 6.25pt 0 0 7pt">Re: Important Information about <B><U>Claims Information Line</U></B></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0.3pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 3.25pt 0 0 6.95pt; text-align: justify">Dear ADVENT CONVERTIBLE AND INCOME
FUND</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 17.15pt 0 8.4pt; text-align: justify">Travelers Bond &amp; Specialty
Insurance is pleased to announce its <B>1-800-842-8496</B> Claims Information Line. This line is designed to provide insureds with an
additional resource on how to report claims or those circumstances or events which may become claims.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 8.4pt; text-align: justify">Policyholders will be able to obtain assistance
on the following topics from the Claims Information Line:</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.65pt"></TD><TD STYLE="width: 13.9pt">&#8226;</TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">The information that needs to be included with the claim notice</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/97% Arial, Helvetica, Sans-Serif; margin-top: 0.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.65pt"></TD><TD STYLE="width: 13.9pt">&#8226;</TD><TD STYLE="padding-right: 56.65pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">The address, electronic mail address and/or
facsimile number to which the policyholder can send claims related information</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.65pt"></TD><TD STYLE="width: 12.9pt">&#8226;</TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Get questions on the claim process answered</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 17.05pt 0 8.4pt; text-align: justify">The Declarations Page of your
policy sets forth where you should report claims and claims related information. You should also review the policy's reporting requirements
to be aware of how much time you have to report a claim to Travelers. The sooner Travelers is notified, the sooner we can become involved
in the process and offer assistance to our policyholder. A delay in reporting may result in all or part of a matter to fall outside of
the coverage provided.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 17pt 0 8.4pt; text-align: justify">The Claims Information Line should
streamline the claim reporting process and allow policyholders to ask questions on what information is needed as well as other questions
which will assist them in working with Travelers. While the Claims Information Line provides policyholders a valuable resource by answering
questions and providing information, the line does not replace the reporting requirements contained in the Policy.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0 20.9pt 0 8.4pt; text-align: justify">We hope this improvement to customer
service is something our policyholders will find helps them understand the claim process and provides them a resource for reporting.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.65pt"><FONT STYLE="font-size: 8pt"><IMG SRC="image_001.gif" ALT="" STYLE="width: 725px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/7.8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 8.4pt">LTR-4035 Ed. 06-09</P>

<P STYLE="font: 9pt/9.7pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 8.4pt">&copy; 2009 The Travelers Indemnity Company. All rights
reserved.</P>

<P STYLE="text-align: right; font: 9pt/7.5pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 8.4pt">Page 1 of 1</P>


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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7pt"><FONT STYLE="font-size: 9pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 29px; width: 144px"></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3.7pt 0 0 6.9pt; text-indent: 0in">P.O. Box 2950</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 6.9pt"><B>Hartford, CT 06104-2950</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 8.55pt 0 0 6.9pt">10/13/2023</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3.3pt 0 0 9.75pt; text-indent: -2.85pt">ADVENT CONVERTIBLE AND INCOME FUND</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 9.75pt">888 7TH AVE FL 31</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 9.75pt">NEW YORK, NY 10106-3399</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3.55pt 0 0 6.9pt"><FONT STYLE="font-size: 9pt"><B>RE: Risk Management PLUS+
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

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</FONT>Web based training</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 0.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.85pt"></TD><TD STYLE="width: 16.15pt">&#8226;</TD><TD STYLE="padding-right: 35.65pt">Model Employee Handbook, including policies and forms for downloading or printing that reduce risks
in the workplace.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 5.85pt 0 7pt">The following 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&#8217;s that simple.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 23.8pt 0 7pt">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7pt">Instructions for Registration &amp; Orientation to Risk Management
PLUS+ <FONT STYLE="letter-spacing: -0.05pt">Online<FONT STYLE="font-size: 6.5pt">&reg;</FONT></FONT></P>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 6.55pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_002.gif" ALT="" STYLE="width: 467px; height: 2px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/11.45pt Arial, Helvetica, Sans-Serif; margin: 3.7pt 0 0 7pt"><I>Registration for Site Administrators:</I></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 5.85pt 0 7pt">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:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/11.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7pt"></TD><TD STYLE="width: 11.05pt">1.</TD><TD>Go to <FONT STYLE="color: blue">www.rmplusonline.com</FONT>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7pt"></TD><TD STYLE="width: 11.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In the Sign-In box, click <B>Register</B><I>.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/11.45pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7pt"></TD><TD STYLE="width: 11.1pt">3.</TD><TD>Enter the password/passcode: &lt;TRVP300100 for Insurance Companies&gt; &lt;TRVP300400 for Banks and Diversified&gt;</TD></TR></TABLE>

<P STYLE="font: 9pt/11.45pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 11.45pt">&lt;TRVP300300 for Asset Management&gt;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7pt"></TD><TD STYLE="width: 11.1pt">4.</TD><TD>Fill in the Registration Information and click <B>Submit</B><I>.</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7pt"></TD><TD STYLE="width: 11.1pt">5.</TD><TD>Your organization is registered, and you are registered as Site Administrator.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/11.45pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7pt"><I>Learning to Navigate the Site:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7pt"></TD><TD STYLE="width: 8.95pt">1.</TD><TD STYLE="padding-right: 10.95pt">Go to <FONT STYLE="color: blue">www.rmplusonline.com</FONT>.
On each page, you will see a box outlined in blue that contains the instructions for use of that page.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7pt"></TD><TD STYLE="width: 8.95pt">2.</TD><TD STYLE="padding-right: 11pt">If you have any questions, just click on <B>Contact Us </B>on the front page<I>. </I>Enter your question
in the form provided, and the System Administrator will get back to you quickly with the answer.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10.45pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7pt"></TD><TD STYLE="width: 11.1pt">3.</TD><TD>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</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 18.1pt">front page.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_003.gif" ALT="" STYLE="width: 726px; height: 2px"></FONT></P>

<P STYLE="font: 9pt/8.05pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7pt">LTR-4107 Rev. 06-18</P>

<P STYLE="font: 9pt/9.65pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7pt">&copy; 2018 The Travelers Indemnity Company. All rights reserved.</P>

<P STYLE="text-align: right; font: 9pt/9.65pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7pt">&#9;Page
1 of 1</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD STYLE="width: 57%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 43%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt">
    <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt">This notice provides no coverage, nor does it change any
    policy terms. To determine the scope of coverage and the insured&rsquo;s rights and duties under the policy, read the entire policy
    carefully. For more information about the content of this notice, the insured should contact their agent or broker. If there is any
    conflict between the policy and this notice, the terms of the policy prevail.</P></TD>
    <TD STYLE="text-align: left; font: 9pt Aptos; padding: 0.75pt 0.75pt 8pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Independent Agent And Broker Compensation Notice</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.9pt"><FONT STYLE="font-size: 8pt"><IMG SRC="image_004.gif" ALT="" STYLE="width: 697px; height: 4px"></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 3.2pt 12.65pt 0 7.7pt">For information on how Travelers compensates independent
agents, brokers, or other insurance producers, please visit this
website: www.travelers.com/w3c/legal/Producer_Compensation_Disclosure.html.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 7.05pt 0 0 7.7pt">Or write or call:</P>

<P STYLE="font: bold 9pt/12.1pt Calibri, Helvetica, Sans-Serif; margin: 6.2pt 0 0 26.95pt; text-indent: 0in">Travelers, Agency Compensation</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.95pt"></TD><TD STYLE="width: 19.7pt"><B>P.O.</B></TD><TD><B>Box 2950</B></TD></TR></TABLE>

<P STYLE="font: 9pt/12.1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 26.95pt"><B>Hartford, Connecticut 06104-2950</B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 6.55pt 0 0 26.95pt"><B>(866) 904.8348</B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.1pt"><FONT STYLE="font-size: 8pt"><IMG SRC="image_005.gif" ALT="" STYLE="width: 700px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/8.8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7.75pt">NTC-19036 Rev. 01-19</P>

<P STYLE="font: 9pt/9.7pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7.75pt">&copy; 2019 The Travelers Indemnity Company. All rights
reserved.</P>

<P STYLE="text-align: right; font: 9pt/8.9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7.75pt">Page 1 of 1</P>


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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/10pt Calibri, Helvetica, Sans-Serif; text-align: left; margin: 0 0 0 10pt"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 34px; width: 145px">&#9;</P>

<P STYLE="font: 9pt/10pt Calibri, Helvetica, Sans-Serif; text-align: right; margin: 0 0 0 10pt"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 19px; width: 110px"></P>

<P STYLE="font: italic bold 9pt Arial, Helvetica, Sans-Serif; margin: 1.55pt 19.5pt 0 0; text-align: right; text-indent: 0in">Investment
Company Bond</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 19.5pt 0 0; text-align: right"><B><I>Declarations</I></B></P>

<P STYLE="font: 9pt/3pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 8.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_006.gif" ALT="" STYLE="width: 727px; height: 6px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 60.95pt 0 0; text-align: right"><FONT STYLE="font-size: 9pt"><B>BOND NO.</B></FONT>
106723989</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 147.75pt 0 138.2pt; text-align: center; text-indent: 0in">Travelers
Casualty and Surety Company of America Hartford, Connecticut</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.6pt 9.6pt 0 0; text-align: center">(A Stock Insurance Company, herein called
the Company)</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_007.gif" ALT="" STYLE="width: 724px; height: 2px"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 69.35pt">ITEM 1</TD><TD>INSURED:</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 69.35pt">ADVENT CONVERTIBLE AND INCOME FUND</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 69.35pt">Principal Address:<BR>
888 7TH AVE FL 31<BR>
NEW YORK, NY 10106-3399</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 70.8pt">(hereinafter, &#8220;Insured&#8221;)</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_007.gif" ALT="" STYLE="width: 724px; height: 2px"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 69.35pt">ITEM 2</TD><TD>POLICY PERIOD:</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 143.5pt 0 69.35pt">Inception Date: August 27, 2023&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Expiration Date:
August 27, 2024</P>

<P STYLE="font: 9pt/110% Arial, Helvetica, Sans-Serif; margin: 0 143.5pt 0 69.35pt">12:01 A.M. local time as to both dates at the Principal Address stated in ITEM 1.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_007.gif" ALT="" STYLE="width: 724px; height: 2px"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 0.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 69.35pt">ITEM 3</TD><TD STYLE="padding-right: 19.5pt">ALL NOTICES OF CLAIM OR LOSS MUST BE SENT TO THE COMPANY BY EMAIL, FACSIMILE, OR MAIL AS SET FORTH BELOW:</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0 337.9pt 0 69.35pt">Email: BSIclaims@travelers.com</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 0 337.9pt 0 69.35pt">Fax: 1-888-460-6622</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 69.35pt">Mail: Travelers Bond &amp; Specialty Insurance Claim</P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 94.55pt">P.O. Box 2989</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1.45pt 0 0 94.55pt">Hartford, CT 06104-2989</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 139.2pt; text-indent: -69.85pt">Overnight Mail: Travelers Bond
&amp; Specialty Insurance Claim</P>

<P STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 200pt; text-indent: -69.85pt">One Tower Square, S202A</P>

<P STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 200pt; text-indent: -69.85pt">Hartford, CT 06183</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 8.05pt 0 0 70.8pt">For questions related to claim reporting or handling, please
call 1-800-842-8496.</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_008.gif" ALT="" STYLE="width: 721px; height: 2px"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10.25pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.8pt"><B>ITEM 4</B></TD><TD>If &#8220;<I>Not Covered</I>&#8221; is inserted opposite any specified Insuring Agreement below, or if no amount is included</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0.5pt 14.9pt 0 70.8pt">in the Single Loss Limit of Insurance, such Insuring
Agreement and any other reference thereto is deemed to be deleted from this bond.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Aptos">
  <TR>
    <TD STYLE="width: 20%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 32%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 0.75pt 25pt; width: 25%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 0.75pt 25pt; width: 23%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>SINGLE LOSS</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>SINGLE LOSS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 8.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>INSURING AGREEMENT</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>LIMIT OF</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>DEDUCTIBLE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; padding-top: 0.75pt; padding-right: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>INSURANCE</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMOUNT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>A. FIDELITY</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 18.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coverage A.1.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Larceny or Embezzlement</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3,000,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 18.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coverage A.2.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Restoration Expenses</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Not Covered</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 9pt/5% Calibri, Helvetica, Sans-Serif; margin: 0"><IMG SRC="image_040.gif" ALT="" STYLE="height: 4px; width: 748px"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD><P STYLE="font: 9pt/10.2pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IVBB-15001
    Ed. 01-16</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&copy;
    2016 The Travelers Indemnity Company. All rights reserved.</FONT></P></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page 1 of 3</FONT><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Aptos">
  <TR>
    <TD STYLE="text-align: left; width: 55%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 0.75pt 25pt; text-align: left; width: 26%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 0.75pt 25pt; text-align: left; width: 19%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>B. ON PREMISES</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3,000,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$25,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>C. IN TRANSIT</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3,000,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$25,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>D. FORGERY OR ALTERATION</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3,000,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$25,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>E. SECURITIES</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3,000,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$25,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>F. COUNTERFEIT MONEY</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 13.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AND COUNTERFEIT MONEY ORDERS</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3,000,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$25,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>G. CLAIM EXPENSE</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$25,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>H. STOP PAYMENT ORDERS OR</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 16.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>WRONGFUL DISHONOR OF CHECKS</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$25,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$5,000</FONT></TD></TR>

<TR>
    <TD STYLE="text-align: left; width: 44%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 0.75pt 25pt; text-align: left; width: 35%">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 0.75pt 25pt; text-align: left; width: 21%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>I.</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>COMPUTER SYSTEMS</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coverage I.1.</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Computer Fraud</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3,000,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$25,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coverage I.2.</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fraudulent Instructions</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3,000,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$25,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coverage I.3.</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Restoration Expense</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Not Covered</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>J. UNCOLLECTIBLE ITEMS OF DEPOSIT</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$25,000</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 25pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10,000</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_010.gif" ALT="" STYLE="width: 723px; height: 2px"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.4pt">ITEM 5</TD><TD>PREVIOUS BONDS OR POLICIES:</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 14.9pt 0 70.4pt">The Insured, by acceptance of this bond, gives notice
to the Company canceling or terminating prior bond or policy numbers:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 71.1pt">Not Applicable</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 70.4pt">such cancellation or termination to be effective as of the time
this bond becomes effective.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_010.gif" ALT="" STYLE="width: 723px; height: 2px"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 1.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 68.95pt">ITEM 6</TD><TD>DISCOVERY PERIOD:</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/228% Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 68.95pt; text-indent: 1.4pt">Additional Premium Percentage:&#9;100%
of the annualized premium</P>

<P STYLE="font: 9pt/228% Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 68.95pt; text-indent: 1.4pt">Additional Months:&#9;12 months</P>

<P STYLE="font: 9pt/10.45pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 68.95pt">(If exercised in accordance with section VI. CONDITIONS,
S. DISCOVERY PERIOD)</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_011.gif" ALT="" STYLE="width: 721px; height: 2px"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 1.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 68.95pt">ITEM 7</TD><TD>FORMS AND ENDORSEMENTS ATTACHED AT ISSUANCE:</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 79.4pt 0 68.95pt">IVBB-16001-0116; IVBB-19005-0116; IVBB-19010-0116;
IVBB-19044-0518; IVBB-19045-0319; IVBB-19038-0422; IVBB-18023-1217; IVBB-17022-1019</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_012.gif" ALT="" STYLE="width: 724px; height: 2px"></FONT></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 4.9pt 0 0 11.4pt; text-indent: 0in">PRODUCER INFORMATION:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.7pt 405.25pt 0 11.4pt">ARC EXCESS &amp; SURPLUS LLC</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0.15 405.25pt 0pt 11.4pt">113 S SERVICE RD</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 11.4pt">JERICHO, NY 11753</P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 11.4pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD STYLE="width: 69%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-15001 Ed. 01-16</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page
    2 of 3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 11.4pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 11.4pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 11.4pt"></P>


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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_014.gif" ALT="" STYLE="width: 253px; height: 2px"></FONT></P>

<P STYLE="font: 9pt/10.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 11.4pt">Countersigned By</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 11.4pt">IN WITNESS WHEREOF, the Company has caused this bond to be signed
by its authorized officers.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 11.4pt">&nbsp;<IMG SRC="image_038.gif" ALT=""></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 11.4pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

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        Ed. 01-16</FONT></P>
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    2016 The Travelers Indemnity Company. All rights reserved.</FONT></P></TD>
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<P STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 10pt">&#9;</P>

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<P STYLE="font: italic bold 9pt/11.45pt Arial, Helvetica, Sans-Serif; margin: 0 11.85pt 0 0; text-align: right; text-indent: 0in">Investment
Company Bond</P>

<P STYLE="font: 9pt/11.45pt Arial, Helvetica, Sans-Serif; margin: 0 11.9pt 0 0; text-align: right"><B><I>Table of Contents</I></B></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Aptos">
  <TR>
    <TD STYLE="text-align: left; width: 4%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 6%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 15%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 71%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 4%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>I.</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>CONSIDERATION CLAUSE</I></B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>II.</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>INSURING AGREEMENTS</I></B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FIDELITY</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Coverage A.1.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 4.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Larceny or Embezzlement</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Coverage A.2.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 4.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Restoration Expenses</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ON PREMISES</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>IN TRANSIT</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FORGERY OR ALTERATION</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>SECURITIES</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>F.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>G.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>CLAIM EXPENSE</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>H.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF CHECKS</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>I.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>COMPUTER SYSTEMS</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Coverage I.1.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Computer Fraud</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Coverage I.2.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fraudulent Instructions</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Coverage I.3.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Restoration Expenses</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>J.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>UNCOLLECTIBLE ITEMS OF DEPOSIT</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>III.</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>GENERAL AGREEMENTS</I></B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ORGANIC GROWTH</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>CONSOLIDATION - MERGER - PURCHASE OR ACQUISITION OF ASSETS</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>REPRESENTATION OF INSURED</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>JOINT INSURED</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>COURT COSTS AND ATTORNEY&rsquo;S FEES - LEGAL PROCEEDINGS - ELECTION TO DEFEND</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>IV.</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>DEFINITIONS</I></B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>V.</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>EXCLUSIONS</I></B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>VI.</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>CONDITIONS</I></B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>19</B></FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ADDITIONAL COMPANIES INCLUDED AS INSURED</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>19</B></FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>DISCOVERY</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>19</B></FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>20</B></FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>SINGLE LOSS</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>20</B></FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>SINGLE LOSS LIMIT OF INSURANCE</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>20</B></FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>F.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>DEDUCTIBLE</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>20</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>G.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>NON-ACCUMULATION OF LIMITS</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>20</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>H.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 1pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>NOTICE - PROOF OF LOSS - LEGAL PROCEEDINGS</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>20</B></FONT></TD></TR>
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    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 25</FONT></TD></TR>
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    <TD STYLE="text-align: left; width: 4%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 81%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt; text-align: right; width: 15%">&nbsp;</TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>I.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>VALUATION</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>21</B></FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>J.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ASSIGNMENT</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>K.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>SUBROGATION</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>L.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>RECOVERIES</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>M.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>COOPERATION</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23</B></FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ANTI-BUNDLING</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23</B></FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>LIMIT OF INSURANCE UNDER THIS BOND AND PRIOR INSURANCE</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23</B></FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>OTHER INSURANCE OR INDEMNITY</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23</B></FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>COVERED PROPERTY</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>24</B></FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>R.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>CANCELATION, TERMINATION, CHANGE OR MODIFICATION</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>24</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>S.</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>DISCOVERY PERIOD</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>25</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>T.</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>HEADINGS</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>25</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"><B><I></I></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"><B><I></I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD STYLE="width: 69%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 2 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"><B><I></I></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>




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<P STYLE="font: 9pt/95% Arial, Helvetica, Sans-Serif; margin: 5pt 11.85pt 0 430.3pt; text-align: right; text-indent: -424.3pt"><B><I><IMG SRC="image_017.gif" ALT="" STYLE="height: 21px; width: 740px"><IMG SRC="image_007.jpg" ALT="" STYLE="height: 34px; width: 144px">
Investment Company Bond with Extended Coverages</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 39.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 1pt; width: 12pt"></TD><TD STYLE="border-bottom: Black 1pt solid; width: 36pt">I.</TD><TD STYLE="border-bottom: Black 1pt solid">CONSIDERATION CLAUSE</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 12.45pt 11.9pt 0 47.95pt; text-align: justify"><B>IN CONSIDERATION</B>
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:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 22.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 1pt; width: 11.95pt"></TD><TD STYLE="border-bottom: Black 1pt solid; width: 36pt">II.</TD><TD STYLE="border-bottom: Black 1pt solid">INSURING AGREEMENTS</TD></TR></TABLE>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48pt"></TD><TD STYLE="width: 36pt">A.</TD><TD>FIDELITY</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 84pt">Coverage A.1. Larceny or Embezzlement</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 11.85pt 0 120pt; text-align: justify; text-indent: -0.05pt">Loss resulting
directly from <B>Larceny or Embezzlement</B> committed by an <B>Employee</B> acting alone or in collusion with others.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 84pt">Coverage A.2. Restoration Expenses</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 120pt; text-align: justify"><B>Restoration Expenses</B> incurred by the
Insured and resulting directly from a <B>Computer Violation</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 120pt; text-align: justify">by an <B>Employee</B>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48pt"></TD><TD STYLE="width: 36pt">B.</TD><TD>ON PREMISES</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 84pt"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Loss of <B>Property </B>resulting directly from:</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 36pt">a.</TD><TD STYLE="text-align: justify; padding-right: 11.85pt">robbery, burglary, mysterious unexplainable disappearance or misplacement and
damage or destruction; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/103% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 35.95pt">b.</TD><TD STYLE="text-align: justify; padding-right: 11.9pt">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 <B>Property </B>was surrendered,</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 11.9pt 0 119.95pt; text-align: justify">while the <B>Property</B> is
lodged or deposited within offices or premises located anywhere. The premises of a <B>Depository</B> will be deemed premises of the Insured,
but solely as respects loss of <B>Certificated Securities</B>. Coverage for <B>Certificated Securities</B> held by such <B>Depository</B>
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 <B>Depository</B>. 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 <B>Depository</B> unless the amount of such loss exceeds the amount
recoverable or recovered under any bond or policy or participants&#8217; fund insuring the <B>Depository </B>against such loss.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 7.7pt 11.95pt 0 119.9pt; text-align: justify">This bond does not afford
any coverage in favor of any <B>Depository</B> or exchange or any nominee in whose name is registered any security included within the
<B>Depository&#8217;s </B>systems.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 83.85pt"></TD><TD STYLE="width: 36.05pt">2.</TD><TD STYLE="text-align: justify; padding-right: 11.9pt">Direct loss, through any hazard specified in Insuring Agreement B.1. of any <B>Property</B>
while such <B>Property</B> is within any of the Insured's or an <B>Investment Adviser&#8217;s</B> offices and in the possession of any
customer of the Insured, any representative of such customer or any <B>Employee</B> 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 <B>Employee</B>.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 31%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 3 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 2.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">C.</TD><TD>IN TRANSIT</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 80pt; text-align: justify; text-indent: -0.05pt">Loss of <B>Property</B>
(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 <B>Property</B>, while the <B>Property</B> is in transit anywhere in the custody
of any person or persons acting as <B>Messenger</B>, 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 <B>Property</B> by the transporting
person or persons, and to end immediately upon delivery thereof at destination, but only while the <B>Property </B>is being conveyed.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">D.</TD><TD>FORGERY OR ALTERATION</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.8pt 0 80.05pt; text-indent: -0.05pt">Loss resulting directly from the
Insured having, in good faith, paid or transferred any <B>Property</B> in reliance on any <B>Written, <FONT STYLE="letter-spacing: -0.05pt">Original</FONT></B><FONT STYLE="letter-spacing: -0.05pt">:</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Negotiable Instrument </B>(except an <B>Evidence
of Debt</B>);</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 115.95pt; text-align: justify; text-indent: -35.9pt"><FONT STYLE="font-weight: normal">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Certificate of Deposit<FONT STYLE="font-weight: normal">;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Letter of Credit</B>;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Withdrawal Order</B>;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Acceptance</B>;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80.05pt"></TD><TD STYLE="width: 36pt">6.</TD><TD STYLE="text-align: justify">receipt for the withdrawal of <B>Property</B>; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.</FONT></TD><TD STYLE="padding-right: 7.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">instruction or advice directed to the Insured
or an <B>Investment Adviser</B> and purportedly signed by a <B>Customer </B>of the Insured or by a <B>Financial <FONT STYLE="letter-spacing: -0.05pt">Institution</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 80.05pt; text-align: justify">which (a) bears a handwritten signature
which is a <B>Forgery</B>; or (b) is altered, but only to the extent the</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 80pt; text-align: justify"><B>Forgery </B>or alteration causes the
loss.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.8pt 0 80pt">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">E.</TD><TD>SECURITIES</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.8pt 0 80pt">Loss resulting directly from the Insured having, in good
faith, for its own account or for the account of others:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">acquired, sold, delivered, or given value, extended credit or assumed liability, on the faith of any</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 116pt"><B>Original Written</B> document that is a (an):</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 116pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-weight: normal">a.</FONT></TD><TD>Certificated Security<FONT STYLE="font-weight: normal">;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 116pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Document of <FONT STYLE="letter-spacing: -0.05pt">Title</FONT></B><FONT STYLE="letter-spacing: -0.05pt">;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 116pt"></TD><TD STYLE="width: 36.05pt">c.</TD><TD STYLE="padding-right: 7.85pt">deed, mortgage, or other instrument conveying title to, or creating or discharging a lien on, real property;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 152.05pt; text-indent: -0.5in"><FONT STYLE="font-weight: normal">d.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Certificate of Origin or <FONT STYLE="letter-spacing: -0.05pt">Title<FONT STYLE="font-weight: normal">;</FONT></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 116.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">e.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Certificate of Deposit</B>;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 116.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">f.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Evidence of Debt</B>;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 116.05pt"></TD><TD STYLE="width: 36pt">g.</TD><TD>corporate, partnership, or personal <B>Guarantee</B>;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 152.05pt; text-indent: -0.5in"><FONT STYLE="font-weight: normal">h.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Security Agreement<FONT STYLE="font-weight: normal">;</FONT></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 152.05pt; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 152.05pt; text-indent: -0.5in"></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 152.05pt; text-indent: -0.5in"><FONT STYLE="font-weight: normal"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 31%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 4 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 152.05pt; text-indent: -0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 2.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 116pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">i.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -0.05pt"><B>Instruction</B>;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/192% Calibri, Helvetica, Sans-Serif; margin: 0 228.85pt 0 115.95pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">j.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Statement of Uncertificated Security</B>,</FONT></P>

<P STYLE="font: 9pt/192% Calibri, Helvetica, Sans-Serif; margin: 0pt 228.85pt 0pt 150pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">that</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 151.95pt"></TD><TD STYLE="width: 36pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">bears a handwritten signature material to the validity or enforceability of the
<B>Original Written</B> document that is a <B>Forgery</B>, but only to the extent the <B>Forgery </B>causes the loss;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 152pt"></TD><TD STYLE="width: 36pt">(2)</TD><TD>is altered, but only to the extent the alteration causes the loss; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 152pt"></TD><TD STYLE="width: 36pt">(3)</TD><TD>is lost or stolen;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">guaranteed in writing or witnessed any handwritten signature upon any transfer,
assignment, bill of sale, power of attorney, <B>Guarantee</B>, endorsement, or any items listed in items 1.a. through 1.i. above; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 35.95pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">acquired, sold or delivered, given value, extended credit or assumed liability,
on the faith of any item listed in 1.a. through 1.d. above, that is a <B>Counterfeit,</B> but only to the extent the <B>Counterfeit </B>causes
the loss.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 80pt; text-align: justify">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 <B>Investment Adviser</B>,
a <B>Custodian</B>, 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">F.</TD><TD>COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 80pt; text-align: justify; text-indent: -0.05pt">Loss resulting
directly from the receipt by the Insured, in good faith, of any <B>Counterfeit Money</B> of the United States of America and its territories
and possessions, Canada or any other country, or of <B>Counterfeit </B>money orders denominated in United States or Canadian currency.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">G.</TD><TD>CLAIM EXPENSE</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 80pt; text-align: justify">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 <B>Employees</B>) 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">H.</TD><TD>STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF CHECKS</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 80.05pt; text-align: justify; text-indent: -0.05pt">Damages that
the Insured becomes legally liable to pay its customers resulting directly from the Insured or an <B>Investment Adviser </B>having:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80.05pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">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</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80.05pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">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.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.8pt 0 80.05pt; text-align: justify">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 31%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 5 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.3pt"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 2.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">I.</TD><TD>COMPUTER SYSTEMS</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 80pt">Coverage I.1.&#9;Computer Fraud</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 116pt; text-align: justify">Loss resulting directly from <B>Computer Fraud</B>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 8pt 0 79.95pt">Coverage I.2.&#9;Fraudulent Instructions</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.95pt 0 115.95pt; text-align: justify">Loss resulting directly from
the Insured or an <B>Investment Adviser</B> having, in good faith, caused a transfer of funds as a result of a <B>Fraudulent Instruction</B>
when the Insured or an <B>Investment Adviser</B>, 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 <B>Customer</B>, the Insured, or
an <B>Investment Adviser</B>:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 3.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 151.9pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">performed a <B>Callback Verification </B>with respect to such instruction;
or</FONT></TD></TR></TABLE>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Calibri, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 151.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT></TD><TD STYLE="padding-right: 7.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">followed commercially reasonable <B>Security
Procedures </B> applicable to the transaction and instruction.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.8pt 0 115.95pt">Such <B>Fraudulent Instruction</B> received and, if
applicable, <B>Callback Verification</B> performed, must be either recorded, logged, or documented by the Insured or an <B>Investment
Adviser</B>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 79.95pt; text-align: justify">Coverage I.3. Restoration Expenses</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 115.95pt"><B>Restoration Expenses</B> incurred by the Insured or an <B>Investment
Adviser</B> and resulting from a</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 115.95pt"><B>Computer Violation</B> by someone other than an <B>Employee</B>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 36pt">J.</TD><TD>UNCOLLECTIBLE ITEMS OF DEPOSIT</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 8pt 0 79.9pt; text-align: justify">Loss, including dividends and interest
accrued not to exceed 15% of the value of each <B>Item of Deposit </B>that is deposited, resulting directly from the Insured or <B>Investment
Adviser</B> having credited an account of a customer, shareholder or subscriber on the faith of any <B>Items of Deposit</B> that prove
to be uncollectible, provided that the crediting of such account causes:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 36pt">1.</TD><TD>redemptions or withdrawals to be permitted;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 36pt">2.</TD><TD>shares to be issued; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 36pt">3.</TD><TD>dividends to be paid.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 79.9pt; text-align: justify">It is a condition precedent to coverage
under this Insuring Agreement that the Insured or <B>Investment Adviser</B> hold funds represented in <B>Items of Deposit</B> 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 <B>Items of Deposit</B>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 79.95pt; text-align: justify"><B>Items of Deposit</B> will not be deemed
to be uncollectible until the Insured&#8217;s or <B>Investment Adviser&#8217;s</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 79.95pt; text-align: justify">standard collection procedures have
failed.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 79.95pt; text-align: justify">This Insuring Agreement applies
to Insureds with exchange privileges if all funds in the exchange program are insured by the Company for <B>Uncollectible Items of Deposit</B>.
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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.95pt"></TD><TD STYLE="width: 36pt">III.</TD><TD>GENERAL AGREEMENTS</TD></TR></TABLE>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_021.gif" ALT="" STYLE="width: 727px; height: 2px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 3.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">A.</TD><TD>ORGANIC GROWTH</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.8pt 0 79.95pt">If an Insured or <B>Investment Adviser</B>, while this
bond is in force, adds additional <B>Employees</B> other than <FONT STYLE="letter-spacing: 0.05pt">by consolidation or merger with, or
purchase or acquisition of the assets, assets under management or</FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.8pt 0 79.95pt"><FONT STYLE="letter-spacing: 0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.8pt 0 79.95pt"><FONT STYLE="letter-spacing: 0.05pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD STYLE="border-bottom: Black 0.75pt solid; width: 69%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.75pt solid; width: 31%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-top: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 6 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.8pt 0 79.95pt"><FONT STYLE="letter-spacing: 0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.8pt 0 79.95pt"><FONT STYLE="letter-spacing: 0.05pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 2.85pt 8.35pt 0 79.95pt; text-align: justify">liabilities of, another institution,
such <B>Employees</B> 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 36pt">B.</TD><TD>CONSOLIDATION - MERGER - PURCHASE OR ACQUISITION OF ASSETS</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 5.8pt 0 79.95pt; text-align: justify">If the Insured or an <B>Investment
Adviser</B>, 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:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">has occurred or will occur in the offices or premises of such institution;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">has been caused or will be caused by any employee or employees of such institution; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="padding-right: 14.9pt">has arisen or will arise out of the assets, assets under management or liabilities acquired by the Insured
as a result of such Transaction,</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 79.95pt; text-align: justify">is provided as follows:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 36pt">a.</TD><TD>Automatic Loss Sustained Coverage</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 14.85pt 0 151.95pt; text-align: justify">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.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 8.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 116pt"></TD><TD STYLE="width: 36pt">b.</TD><TD>Automatic Discovery Coverage</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 14.85pt 0 151.95pt; text-align: justify; text-indent: 0.05pt">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 36pt">C.</TD><TD>REPRESENTATION OF INSURED</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 14.9pt 0 79.95pt; text-align: justify">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 36pt">D.</TD><TD>JOINT INSURED</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 14.9pt 0 79.95pt; text-align: justify; text-indent: -0.05pt">This bond
does not indemnify or hold harmless any Insured for loss sustained by an <B>Investment Adviser</B>, 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 14.9pt 0 79.95pt; text-align: justify">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
<FONT STYLE="letter-spacing: 0.05pt">Insured next named will thereafter be considered the first named Insured. In the absence of an Insured</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 31%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 7 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.3pt"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 2.35pt 7.9pt 0 79.95pt; text-align: justify">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 <B>Investment Adviser</B> 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 36pt">E.</TD><TD>COURT COSTS AND ATTORNEY&#8217;S FEES - LEGAL PROCEEDINGS - ELECTION TO DEFEND</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 79.95pt; text-align: justify">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:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">an <B>Employee </B>admits to being guilty of <B>Larceny or Embezzlement</B>;</FONT></TD></TR></TABLE>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">an <B>Employee </B>is adjudicated to be guilty of <B>Larceny or Embezzlement</B>;
or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/103% Arial, Helvetica, Sans-Serif; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">in the absence of 1. or 2. above, an arbitration panel agrees, after a review of
an agreed statement of facts, that an <B>Employee</B> would be found guilty of <B>Larceny or Embezzlement </B>if such <B>Employee </B>were
prosecuted.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 79.95pt; text-align: justify; text-indent: -0.05pt">Such indemnity
is in addition to the Single Loss Limit of Insurance for the applicable Insuring Agreement or Coverage.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 79.9pt; text-align: justify; text-indent: 0.05pt">The Insured
or an <B>Investment Adviser</B> 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 <B>Investment Adviser</B> will give all reasonable information and assistance, other than pecuniary,
that the Company deems necessary to the defense of such suit or legal proceeding.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 7.8pt 7.85pt 0 79.9pt; text-align: justify">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.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 8.85pt 7.9pt 0 79.95pt; text-align: justify">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.9pt"></TD><TD STYLE="width: 36pt">IV.</TD><TD>DEFINITIONS</TD></TR></TABLE>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_022.gif" ALT="" STYLE="width: 727px; height: 3px"></FONT></P>

<P STYLE="font: 6.5pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3.7pt 0 0 43.9pt">As used in this bond:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>A.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Acceptance</I></B> means a <B>Written</B> draft that the drawee has, by signature thereon,
engaged to honor as presented.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>B.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Bond Period</I></B> has the meaning set forth in section VI. CONDITIONS, C. BOND PERIOD.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/100% Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Callback Verification</I></B>
means a verbal conversation with the purported <B>Customer</B>, using a <B>Pre- Determined Telephone Number</B>, to verify the identity
of the <B>Customer</B> and the authenticity of a funds transfer request.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 31%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 8 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/102% Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>D.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Certificate of Deposit</I></B>
means a <B>Written</B> acknowledgment by an Insured or a <B>Financial Institution</B> of receipt of <B>Money </B>with an engagement to
repay it.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>E.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Certificate of Origin or Title</I></B> means a <B>Written</B> document issued by a
manufacturer of personal property or a governmental agency evidencing the ownership of the personal property and by which ownership is
transferred.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>F.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Certificated Security</I></B> means a share, participation or other interest in property
of, or an enterprise of, the issuer or an obligation of the issuer, that is:</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 35.95pt">1.</TD><TD>represented by a <B>Written </B>instrument issued in bearer or registered form;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 35.95pt">2.</TD><TD STYLE="padding-right: 7.65pt">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</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 35.9pt">3.</TD><TD STYLE="padding-right: 9.05pt">either one of a class or series or by its terms divisible into a class or series of shares, participations,
interests or obligations.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>G.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Computer Fraud</I></B> means an intentional, unauthorized, and fraudulent entry of
data or computer instructions directly into, or change of data or computer instructions within, a <B>Computer System</B> by a natural
person or entity other than an <B>Employee</B>, including any such entry or change made via the internet or a <B>Network</B>, provided
that such entry or change causes:</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">1.</TD><TD><B>Property </B>to be transferred, paid, or delivered;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">2.</TD><TD>an account of the Insured, or of its customer, to be added, deleted, debited or credited; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">3.</TD><TD>an unauthorized or fictitious account to be debited or credited.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>H.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Computer System </I></B>means:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">1.</TD><TD>any computer; and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="padding-right: 7.9pt">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,</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 0.2pt 0 80pt; text-indent: -0.05pt">that is rented by, owned by, leased
by, licensed to, or under the direct operational control of, the Insured or an <B>Investment Adviser</B>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>I.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Computer Violation</I></B>
means:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the introduction of a <B>Computer Virus </B>into a <B>Computer System</B>;
or</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="padding-right: 7.9pt">damage to, or destruction of, computer programs, software or other electronic data stored within a <B>Computer
System </B>by a natural person, who has:</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.9pt"></TD><TD STYLE="width: 36.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">gained unauthorized access to such <B>Computer System</B>; or</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.9pt"></TD><TD STYLE="width: 36.1pt">b.</TD><TD STYLE="padding-right: 7.85pt">authorized access to such <B>Computer System</B> but uses such access to cause such damage or destruction.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>J.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Computer Virus</I></B> means any malicious code that could destroy, alter, contaminate,
or degrade the integrity, quality, or performance of:</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">electronic data used, or stored, in any <B>Computer System </B>or network;
or</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="padding-right: 7.9pt">a computer network, any computer application software, or a computer operating system or related network.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/102% Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>K.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Counterfeit</I></B> means a
<B>Written</B> imitation of an actual, valid, or verifiable <B>Original</B> that is intended to deceive and to be taken as the <FONT STYLE="letter-spacing: -0.05pt"><B>Original</B>.</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 31%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 9 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>L.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Custodian</I></B> means an
institution designated by an Insured or an <B>Investment Adviser</B> to maintain possession and control of the Insured&#8217;s assets.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>M.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Customer</I></B> means, only with respect to Insuring Agreement I.2., an entity or
natural person that has a</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 8pt 0pt 60pt"><B>Funds Transfer Agreement </B>with the Insured or with
an <B>Investment Adviser</B>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>N.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Depository </I></B>means a
clearing corporation that is:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 35.95pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">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</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">a Federal Reserve Bank or other person or entity authorized to operate the federal
book entry 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.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>O.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Document of Title</I></B> means a <B>Written</B> document that is a bill of lading,
dock warrant, dock receipt, warehouse receipt or order for the delivery of goods, and also any other <B>Written</B> 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.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>P.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Electronic Data Processor</I></B> means a natural person, partnership or corporation
authorized in writing by the Insured or an <B>Investment Adviser</B> to perform services as a data processor of checks presented to the
Insured by a customer or <B>Financial <FONT STYLE="letter-spacing: -0.05pt">Institution</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,
</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 <B>Electronic Data Processor</B>.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>Q.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Electronic Record</I></B> means information that is created, generated, sent, communicated,
received, or stored by electronic means, and is retrievable in perceivable form.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>R.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Employee </I></B>means:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">an officer, partner or other employee of the Insured, while such person is employed
by and 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;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">a guest student or intern pursuing studies or duties in any of the Insured&#8217;s
or an <B>Investment Adviser&#8217;s</B> offices or premises covered hereunder, while such person is performing services for the Insured;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 35.95pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">any attorney retained by the Insured or an <B>Investment Adviser</B>, and any employee
of such attorney, but only while performing legal services for the Insured;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.9pt"></TD><TD STYLE="width: 36.05pt">4.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">any natural person assigned to perform the usual duties of an employee within the
premises of the Insured or an <B>Investment Adviser</B> 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 <B>Investment Adviser</B> on a contingent or part-time
basis, and including a natural person who is leased to the Insured or an <B>Investment Adviser</B> 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.);</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">5.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">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 <FONT STYLE="letter-spacing: 0.15pt">respect</FONT>
<FONT STYLE="letter-spacing: 0.1pt">to</FONT> <FONT STYLE="letter-spacing: 0.15pt">acts while</FONT> <FONT STYLE="letter-spacing: 0.1pt">an</FONT>
<FONT STYLE="letter-spacing: 0.15pt">employee</FONT> <FONT STYLE="letter-spacing: 0.1pt">of</FONT> <FONT STYLE="letter-spacing: 0.15pt">such
institution</FONT> <FONT STYLE="letter-spacing: 0.1pt">and</FONT> <FONT STYLE="letter-spacing: 0.15pt">which acts caused said institution</FONT>
<FONT STYLE="letter-spacing: 0.1pt">to</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 10 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.15pt 7.8pt 0 115.95pt">sustain a loss that was not known to the Insured
or to the institution at the time of the merger or consolidation;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">each natural person, partnership,
or corporation authorized by the Insured or an <B>Investment Adviser</B> to perform services as an <B>Electronic Data Processor</B> (each
such <B>Electronic Data Processor</B>, and the partners, officers and employees of such <B>Electronic Data Processor</B> will collectively
be deemed to be one <B>Employee</B> for all the purposes of this bond, except with respect to Condition R.2.);</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">7.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">any director or trustee of an Insured, <B>Investment Adviser</B>, underwriter (distributor),
transfer agent, shareholder accounting record keeper, or administrator authorized by <B>Written</B> 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 <B>Property
</B>of the Insured;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">8.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">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;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">9.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">any natural person who is a former employee retained as a consultant, pursuant
to a written agreement with the Insured, while that person is subject to the Insured&#8217;s direction and control and performing services
for the Insured; and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">10.</TD><TD>any officer, partner, or employee of:</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 116pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">an <B>Investment Adviser</B>;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.9pt"></TD><TD STYLE="width: 36.1pt">b.</TD><TD STYLE="text-align: justify">an underwriter (distributor);</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.9pt"></TD><TD STYLE="width: 36.1pt">c.</TD><TD STYLE="text-align: justify">a transfer agent or shareholder accounting record-keeper; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.9pt"></TD><TD STYLE="width: 36.1pt">d.</TD><TD STYLE="padding-right: 7.95pt">an administrator authorized by written agreement to keep financial or other required records,</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 115.95pt; text-align: justify; text-indent: 0.05pt">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 <B>Property</B> 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 <B>Investment
Adviser</B>, underwriter or administrator of such Insured, and that is not a bank, will be included within the definition of Employee.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 8.6pt 7.95pt 0 79.95pt; text-align: justify"><B>Employee</B> also means
any natural person described above while such person is on medical, military, or other leave of absence. Coverage applies to any such
<B>Employee</B> while on leave, regardless of whether such person remains subject to the Insured&#8217;s direction and control during
the time of leave.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 79.95pt; text-align: justify; text-indent: -0.05pt"><B>Employee</B>
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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/100% Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>S.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Evidence of Debt</I></B> means
a <B>Written</B> instrument, including a <B>Negotiable Instrument</B>, executed, or purportedly executed, by a customer of the Insured
and held by the Insured or an <B>Investment Adviser </B>that in the regular course of business is treated as evidencing the customer's
debt to the Insured.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>T.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Financial Institution</I></B>
means:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.85pt"></TD><TD STYLE="width: 36.1pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">a bank, trust company, savings bank, credit union, savings and loan association,
or similar thrift institution; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.85pt"></TD><TD STYLE="width: 36.1pt">2.</TD><TD>a stock brokerage firm, mutual fund, liquid assets fund or similar investment institution;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 11 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 2.4pt 7.85pt 0 80pt; text-align: justify; text-indent: -0.05pt">provided
that <B>Financial Institution</B> does not include any such entity, institution or organization that is an Insured or an <B>Investment
Adviser</B>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>U.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Forgery</I></B> means signing the name of another person or organization with a handwritten
signature directly applied to a <B>Written </B>document without authority, and with the intent to deceive.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 60pt; text-align: justify">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 60pt; text-align: justify"><B>Forgery</B> 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/102% Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>V.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Fraudulent Instruction</I></B>
means an intentional, fraudulent and unauthorized instruction directed to the Insured or an <B>Investment Adviser</B>, that is:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">transmitted via telefacsimile, and:</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">purports and reasonably
appears to be from a <B>Customer</B>, a <B>Financial <FONT STYLE="letter-spacing: -0.05pt">Institution</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
or another office of the Insured;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">was in fact transmitted
by someone other than a <B>Customer</B>, a <B>Financial <FONT STYLE="letter-spacing: -0.05pt">Institution</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
or another office of the Insured; and</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 36pt">c.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">purports and reasonably appears to contain the handwritten signature of a person
authorized to initiate such transfer that proves to have been used by an unauthorized person; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">transmitted verbally, via telephone, and purports to be from:</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.9pt"></TD><TD STYLE="width: 36.05pt">a.</TD><TD>an officer, director, partner or employee of a <B>Customer</B>, who is authorized by the</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 151.95pt"><B>Customer </B>to instruct the Insured or an <B>Investment
Adviser </B>to make such a transfer;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a <B>Customer </B>who is a natural person; or</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.85pt"></TD><TD STYLE="width: 36.1pt">c.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">an <B>Employee</B> in another office of the Insured who was authorized by the Insured
to instruct other <B>Employees</B> to transfer funds on deposit in a <B>Customer&#8217;s</B> account; and was received by an <B>Employee</B>
specifically designated to receive and act upon such instructions,</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3.7pt 0 0 115.95pt">but was in fact transmitted by someone other than a person
described in paragraph V.2.; or</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="padding-right: 7.95pt">transmitted via electronic mail and purports and reasonably appears to be from a <B>Customer</B> of
the Insured, but was in fact transmitted by someone other than such <B>Customer</B>.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 8pt 0 79.9pt; text-align: justify"><B>Fraudulent Instruction</B> does
not include any instruction that purports to be from a <B>Customer</B> unless the instruction is transmitted by a method that is authorized
in the <B>Funds Transfer Agreement</B> between the Insured and the <B>Customer</B>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>W.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Funds Transfer Agreement </I></B>means
an agreement, signed by the <B>Customer</B>, that:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">a.</TD><TD STYLE="padding-right: 7.9pt">authorizes the Insured or an <B>Investment Adviser</B> to rely on instructions transmitted by either
voice, telefacsimile or electronic mail to make funds transfers; and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">b.</TD><TD STYLE="padding-right: 8pt">provides the Insured or an <B>Investment Adviser</B> with the names of persons authorized to initiate funds
transfers.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 12 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>X.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Guarantee </I></B>means a <B>Written </B>undertaking obligating the signer to pay the
debt of another to the Insured or its assignee or to a <B>Financial Institution</B> from which the Insured has purchased participation
in the debt, if the debt is not paid in accordance with its terms.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/101% Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Y.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Instruction</I></B> means a
<B>Written</B> order to the issuer of an <B>Uncertificated Security</B> requesting that the transfer, pledge, or release from pledge
of the <B>Uncertificated Security </B>specified be registered.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>Z.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Investment Adviser</I></B> means any entity defined in &sect;202(a)(11) of, and registered
under, the Investment Advisers Act of 1940, as amended, but only while acting on behalf of the Insured.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>AA.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Item of Deposit</I></B> means any checks or drafts deposited into the account of a
customer, shareholder or subscriber.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>BB.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Larceny or Embezzlement</I></B> means larceny or embezzlement as defined in the Investment
Company Act of 1940, &sect;37 as amended.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>CC.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Letter of Credit</I></B> means an engagement in writing by a <B>Financial Institution
</B>or other person made at the request of a customer that the <B>Financial Institution</B> or other person will honor drafts or other
demands for payment upon compliance with the conditions specified in the <B>Letter of Credit</B>.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>DD.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Loan</I></B> means all extensions of credit by the Insured and all transactions creating
a creditor relationship in favor of the Insured and all transactions by which the Insured assumes an existing creditor relationship.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>EE.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Messenger</I></B> means an <B>Employee</B> while in possession of the Insured&#8217;s
<B>Property</B> away from the Insured&#8217;s or <B>Investment Adviser&#8217;s</B> premises and any other natural person acting as custodian
of the <B>Property </B>during an emergency arising from the incapacity of the original <B>Employee</B>.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>FF.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Money</I></B> means a medium of exchange in current use authorized or adopted by a
domestic or foreign government as a part of its currency.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>GG.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Negotiable Instrument </I></B>means a <B>Written </B>document, that:</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">1.</TD><TD>is signed by the maker or drawer;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="padding-right: 7.95pt">contains an unconditional promise or order to pay a sum certain in <B>Money</B> and no other promise,
order, obligation or power given by the maker or drawer;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">3.</TD><TD>is payable on demand or at a definite time; and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">4.</TD><TD>is payable to order or bearer.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 79.95pt"><B>Negotiable Instrument </B>also means a counterfeit check or
<B>Substitute Check</B>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>HH.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Network</I></B> 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 <B>Computer
System</B>.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>II.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Original</I></B> means the first rendering or archetype and does not include photocopies
or electronic transmissions even if received and printed.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>JJ.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Pre-Determined Telephone Number </I></B>means a telephone number that:</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">was provided by the <B>Customer</B> when the <B>Customer</B> opened the account
with the Insured or an</FONT></TD></TR></TABLE>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 115.95pt; text-indent: 0in">Investment Adviser<FONT STYLE="font-weight: normal">;</FONT></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 115.95pt; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 115.95pt; text-indent: 0in"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 13 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 115.95pt; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/103% Calibri, Helvetica, Sans-Serif; margin-top: 3.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">was provided in person
by the <B>Customer</B> after the <B>Customer</B> opened the account with the Insured or an <B>Investment Adviser</B>, while physically
present on the Insured&#8217;s or <B>Investment Adviser&#8217;s </B>premises and while presenting a government-issued photo identification;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">was provided in a <B>Funds Transfer Agreement</B>;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/103% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">replaced a telephone number previously provided for the <B>Customer&#8217;s</B>
account, provided that confirmation of the legitimacy of the change was achieved through direct contact with the <B>Customer </B>at a
telephone number described in paragraph JJ.1., JJ.2. or JJ.3. above; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/103% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">replaced a telephone number
previously provided for the <B>Customer&#8217;s</B> account and was received by the Insured or the <B>Investment Adviser</B> at least
30 days prior to the receipt of the <B>Fraudulent <FONT STYLE="letter-spacing: -0.05pt">Instruction</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>KK.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Property</I></B> means <B>Money, Certificated Securities, Uncertificated Securities,
Negotiable Instruments</B>, <B>Certificates of Deposit</B>, <B>Documents of Title</B>, <B>Acceptances</B>, <B>Evidences of Debt</B>,
<B>Security Agreements</B>, <B>Withdrawal Orders</B>, <B>Certificates of Origin or Title</B>, <B>Letters of Credit</B>, 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 <B>Written</B> 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.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>LL.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Restoration Expenses</I></B> means reasonable costs incurred by the Insured or an <B>Investment
Adviser</B>, 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 <B>Computer System</B>, or that the Insured owns, holds or is responsible for, to the
condition that existed immediately preceding a <B>Computer <FONT STYLE="letter-spacing: -0.05pt">Violation</FONT></B><FONT STYLE="letter-spacing: -0.05pt">;
</FONT>provided that if it is determined by the Insured or <B>Investment Adviser</B> that such computer programs, software or other electronic
data cannot reasonably be restored, replaced or reproduced, then <B>Restoration Expenses</B> means only the reasonable costs incurred
by the Insured or an <B>Investment Adviser</B>, with the Company&#8217;s prior written consent, to reach such determination.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 79.95pt"><B>Restoration Expenses </B>do not include:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">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;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 35.95pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">expenses incurred to restore, replace, or reproduce damaged or destroyed computer
programs, 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;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.9pt"></TD><TD STYLE="width: 36.05pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">expenses incurred to design, update, improve, or perfect the operation or performance
of computer programs, software, or other electronic data; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 35.95pt">4.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">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.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>MM.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Security Agreement</I></B> means a <B>Written</B> agreement that creates an interest
in personal property or fixtures and that secures payment or performance of an obligation.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>NN.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Security Procedure</I></B> means the Insured&#8217;s or <B>Investment Adviser&#8217;s
</B>established authentication process, 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 <B>Security Procedure</B>:</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.9pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a general statement that the Insured or <B>Investment Adviser </B>may establish
security procedures;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.9pt"></TD><TD STYLE="width: 36.05pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">a statement that the Insured or <B>Investment Adviser</B> may perform a callback
or other security procedure; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">a statement that the Insured or <B>Investment Adviser</B> will only accept requests
from persons named on the account.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 14 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>OO.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Single Loss</I></B> has the meaning set forth in section VI. CONDITIONS, D. SINGLE
LOSS.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>PP.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Statement of Uncertificated Security</I></B> means a <B>Written</B> statement of the
issuer of an <B>Uncertificated Security </B>containing:</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 35.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a description of the issue of which the <B>Uncertificated Security </B>is
a part;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 116pt; text-indent: -0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the number of shares or units:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 116pt"></TD><TD STYLE="width: 36pt">a.</TD><TD>transferred to the registered owner;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 116pt"></TD><TD STYLE="width: 36pt">b.</TD><TD>pledged by the registered owner to the registered pledgee;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 116pt"></TD><TD STYLE="width: 36pt">c.</TD><TD>released from pledge by the registered pledgee;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 116pt"></TD><TD STYLE="width: 36pt">d.</TD><TD>registered in the name of the registered owner on the date of the statement; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 116pt"></TD><TD STYLE="width: 36pt">e.</TD><TD>subject to pledge on the date of the statement;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 116pt; text-indent: -0.5in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the name and address of the registered owner and registered pledgee;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 35.95pt">4.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">a notation of any liens and restrictions of the issuer and any adverse claims to
which the <B>Uncertificated Security</B> is or may be subject to, or a statement that there are none of those liens, restrictions or adverse
claims; and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">5.</TD><TD>the date:</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 36pt">a.</TD><TD STYLE="padding-right: 7.9pt">the transfer of the shares or units to the new registered owner of the shares or units was registered;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 36pt">b.</TD><TD>the pledge of the registered pledgee was registered; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.85pt"></TD><TD STYLE="width: 36pt">c.</TD><TD>of the statement, if it is a periodic or annual statement.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/11.6pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>QQ.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt"><B><I>Substitute Check</I></B> means a paper reproduction of
an <B>Original Written</B> check as defined in the Check Clearing for the 21</FONT><FONT STYLE="font-size: 6.5pt">st</FONT> <FONT STYLE="font-size: 9pt">Century
Act of 2003, as amended.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>RR.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Transportation Company</I></B> means any organization that provides its own or leased
vehicles for transportation or that provides freight forwarding or air express services.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>SS.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Uncertificated Security</I></B> means a share, participation or other interest in property
of, or an enterprise of, the issuer or an obligation of the issuer, that is:</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="padding-right: 7.9pt">not represented by a <B>Written</B> 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;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="padding-right: 7.9pt">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</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="padding-right: 7.9pt">either one of a class or series or by its terms divisible into a class or series of shares, participations,
interests or obligations.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>TT.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Withdrawal Order</I></B> means a non-negotiable <B>Written</B> instrument, other than
an <FONT STYLE="letter-spacing: -0.05pt"><B>Instruction</B>,</FONT> signed by a customer of the Insured authorizing the Insured to debit
the customer's account in the amount of funds stated therein.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>UU.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Written</I></B> means expressed through letters or marks placed upon paper and visible
to the eye. It does not include information contained in an <B>Electronic Record</B>, or only with respect to Insuring Agreement D, information
communicated via telefacsimile.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 31%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 15 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 2.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8pt"></TD><TD STYLE="width: 36pt">V.</TD><TD>EXCLUSIONS</TD></TR></TABLE>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_022.gif" ALT="" STYLE="width: 727px; height: 3px"></FONT></P>

<P STYLE="font: 6.5pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>A.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover loss resulting directly or indirectly from forgery or alteration,
except when covered under Insuring Agreement A, D, E, F or G.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>B.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="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.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>C.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover loss resulting directly or indirectly from nuclear reaction, nuclear
radiation, radioactive contamination, biological, or chemical contamination or to any related act or incident.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>D.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="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 <B>Employee</B> of the Insured,
except when performing acts coming within the scope of the usual duties of an <B>Employee</B>, 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.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>E.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="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 <B>Loan</B> 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 <B>Evidences of
Debt</B>, whether such <B>Loan</B>, 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.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>F.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover loss caused by an <B>Employee</B>, except:</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 35.95pt">1.</TD><TD>when covered under Insuring Agreement A.; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/103% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 35.95pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">when covered under Insuring Agreement B. or C. and resulting directly from mysterious
unexplainable disappearance or misplacement, or unintentional destruction of or damage to <B>Property</B>.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>G.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover loss resulting directly or indirectly from the use or purported
use of credit, debit, charge, access, convenience, identification cash management or other cards:</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 35.95pt">1.</TD><TD>in obtaining credit or funds;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">2.</TD><TD>in gaining access to any automated teller machine; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 35.95pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">in gaining access to any point of sale terminal, customer-bank communication terminal,
or similar electronic terminal of any electronic funds transfer system,</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.8pt 0 80pt; text-indent: -0.05pt">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>H.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover loss through the surrender of <B>Property</B> away from an office
of the Insured or an<B> Investment Adviser </B>as a result of a threat:</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0 80pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">to do bodily harm to any person, except loss of <B>Property</B> in transit in the
custody of a <B>Messenger </B>provided that when such transit was initiated there was no knowledge by the Insured of any such threat;
or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">2.</TD><TD>to do damage to the premises or property of the Insured,</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 31%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 16 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 2.35pt 0 0 60pt; text-align: justify">except when covered under Insuring Agreement
A.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>I.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="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 <B>Investment Adviser</B> at the time
of such payment or withdrawal, or except when covered under Insuring Agreement A.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>J.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="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.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>K.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This bond does not cover loss resulting
directly or indirectly from counterfeiting, except when covered under Insuring Agreement A, D, but only as respects <B>Negotiable Instruments
</B>(except <B>Evidences of Debt </B>or <B>Substitute Checks</B>), E or F.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>L.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover loss of <B>Property </B>while:</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">in the mail;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/103% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">in the custody of any <B>Transportation Company</B>, unless covered under Insuring
Agreement C provided however that non-negotiable instruments while in the possession and custody of any <B>Transportation Company </B>will
be deemed to be covered under Insuring Agreement C; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/192% Calibri, Helvetica, Sans-Serif; margin: 0 179.25pt 0 79.95pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">located on the premises of any <B>Transportation Company</B>,</FONT></P>

<P STYLE="font: 9pt/192% Calibri, Helvetica, Sans-Serif; margin: 0 179.25pt 0 79.95pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">except when
covered under Insuring Agreement A.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>M.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover potential income, including interest and dividends not realized
by the Insured.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>N.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover damages of any type for which the Insured is legally liable, except
direct compensatory damages, but not multiples thereof, arising directly from a loss covered under this bond.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>O.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover any fees, costs, or other expenses incurred by the Insured in establishing
the existence of or amount of loss covered under this bond except when covered under Insuring Agreement G.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>P.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover indirect or consequential loss of any nature.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>Q.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover loss resulting from any violation by the Insured or by any <B>Employee</B>:</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">of law regulating: (i) the issuance, purchase or sale of securities; (ii) securities
transactions upon security exchanges or over the counter market; (iii) investment companies; or (iv) investment advisers; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">of any rule or regulation made pursuant to any such law,</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 79.95pt; text-align: justify">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>R.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="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 <B>Investment Adviser</B>,
funds or <B>Property</B> of the Insured held by it in any capacity, except when covered under Insuring Agreement A or B.1.a.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>S.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This bond does not cover loss involving
any <B>Uncertificated Security</B> except an <B>Uncertificated Security </B>of any Federal Reserve Bank of the United
States or when covered under Insuring Agreement A, E or I.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 80pt; text-align: justify"></P>

<P STYLE="font: 9pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 80pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 9pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 80pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 17 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>T.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover under Insuring Agreement I, in addition to all of the other exclusions,
loss:</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">resulting directly or indirectly from entries or changes made by an individual
authorized to have access to a <B>Computer System</B>, 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 <B>Investment Adviser</B> to design, develop, prepare,
supply, service, write, or implement programs for the <B>Computer System</B>, except when covered under Insuring Agreement I.2.;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.9pt"></TD><TD STYLE="width: 36.05pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">caused by an employee or director of an automated clearing house (including a Federal
Reserve 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</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">resulting directly or indirectly from entries or changes made by an <B>Employee</B>
acting in good faith on any electronic communication, unless such instructions are purportedly sent by a customer, <B>Financial <FONT STYLE="letter-spacing: -0.05pt">Institution</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
or automated clearing house, except when covered under Insuring Agreement I.2.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>U.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover loss resulting directly or indirectly from <B>Computer Fraud</B>
or mechanical breakdown or failure to function properly of any <B>Computer System</B>, except when covered under Insuring Agreement A,
B, or I.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>V.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">This bond does not</FONT> <FONT STYLE="letter-spacing: -0.2pt">cover
under Insuring Agreement I.2.,</FONT> <FONT STYLE="letter-spacing: -0.1pt">in</FONT> <FONT STYLE="letter-spacing: -0.2pt">addition</FONT>
<FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.15pt">all</FONT> <FONT STYLE="letter-spacing: -0.1pt">of
</FONT><FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.2pt">other exclusions,</FONT> <FONT STYLE="letter-spacing: -0.15pt">loss
</FONT><FONT STYLE="letter-spacing: -0.2pt">resulting directly</FONT> <FONT STYLE="letter-spacing: -0.1pt">or</FONT> <FONT STYLE="letter-spacing: -0.2pt">indirectly
</FONT><FONT STYLE="letter-spacing: -0.15pt">from the</FONT> <FONT STYLE="letter-spacing: -0.2pt">Insured&#8217;s</FONT> <FONT STYLE="letter-spacing: -0.1pt">or
an</FONT> <FONT STYLE="letter-spacing: -0.2pt"><B>Investment Adviser&#8217;s</B> assumption</FONT> <FONT STYLE="letter-spacing: -0.1pt">of
</FONT><FONT STYLE="letter-spacing: -0.2pt">liability</FONT> <FONT STYLE="letter-spacing: -0.1pt">by</FONT> <FONT STYLE="letter-spacing: -0.2pt">contract
unless</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.2pt">liability arises</FONT> <FONT STYLE="letter-spacing: -0.15pt">from
</FONT>a <FONT STYLE="letter-spacing: -0.15pt">loss</FONT> <FONT STYLE="letter-spacing: -0.2pt">covered</FONT> <FONT STYLE="letter-spacing: -0.1pt">by
</FONT><FONT STYLE="letter-spacing: -0.2pt">Insuring Agreement</FONT> <FONT STYLE="letter-spacing: -0.15pt">I.2. and</FONT> <FONT STYLE="letter-spacing: -0.2pt">would
</FONT><FONT STYLE="letter-spacing: -0.1pt">be</FONT> <FONT STYLE="letter-spacing: -0.2pt">imposed</FONT> <FONT STYLE="letter-spacing: -0.1pt">on
</FONT><FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.2pt">Insured regardless</FONT> <FONT STYLE="letter-spacing: -0.1pt">of
</FONT><FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.2pt">existence</FONT> <FONT STYLE="letter-spacing: -0.1pt">of
</FONT><FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.2pt">contract.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>W.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="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 <B>Investment Adviser</B>
or held by the Insured or <B>Investment Adviser </B>in any capacity including concurrently with another person.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>X.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="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.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>Y.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="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 <B>Property </B>by an <B>Employee</B>.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>Z.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover loss, costs, or expenses the Insured or an <B>Investment Adviser
</B>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.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>AA.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover loss resulting directly or indirectly from the dishonest or fraudulent
acts of an <B>Employee</B> 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 <B>Property </B>already in transit in the custody of such <B>Employee
</B>at the time the bond terminated or to loss resulting directly from dishonest or fraudulent acts occurring prior to the time the bond
terminated.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>BB.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover loss resulting from the unauthorized online <B>Network</B>, <B>Computer
System</B> or internet access to a customer account maintained by the Insured, through the use of fraudulently <FONT STYLE="letter-spacing: 0.25pt">obtained
customer login, identification, password,</FONT> <FONT STYLE="letter-spacing: 0.15pt">or</FONT> <FONT STYLE="letter-spacing: 0.25pt">authentication
information, except</FONT> <FONT STYLE="letter-spacing: 0.2pt">where such</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 79.95pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: 0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 79.95pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: 0.2pt"></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 18 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 79.95pt; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: 0.2pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 2.4pt 7.8pt 0 60pt">information has been obtained directly from unauthorized
fraudulent access to a secure file containing such information on a <B>Computer System</B>, except when covered under Insuring Agreement
I.2.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/103% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>CC.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover damages resulting from any civil, criminal, or other legal proceeding
in which the Insured or <B>Investment Adviser</B> 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 <B>Employee </B>under circumstances that result directly in a loss
to the Insured covered by Insuring Agreement A. For purposes of this exclusion, &quot;racketeering activity&quot; is defined in 18 U.S.C.
1961 et seq., as amended.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>DD.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover any loss resulting directly or indirectly from a <B>Fraudulent Instruction
</B>except when covered under Insuring Agreement I.2.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>EE.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover loss or expenses due to liability imposed upon the Insured as a
result of the unlawful disclosure of non-public information by the Insured, an <B>Investment Adviser</B>, or any <B>Employee</B>, or
as a result of any <B>Employee </B>acting upon such information, whether or not authorized.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: right"><B>FF.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover loss resulting directly or indirectly from the input of an <B>Electronic
Record</B> into a <B>Computer System</B>, 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.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.95pt"></TD><TD STYLE="width: 36pt">VI.</TD><TD>CONDITIONS</TD></TR></TABLE>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_023.gif" ALT="" STYLE="width: 727px; height: 2px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 3.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">A.</TD><TD>ADDITIONAL COMPANIES INCLUDED AS INSURED</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 80pt; text-align: justify; text-indent: -0.05pt">If more than
one corporation, co-partnership, or person, or any combination of them are included as the Insured herein:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">the total liability of the Company for loss or losses sustained by any one or more
or all of them will not exceed the limit for which the Company would be liable hereunder if all such loss were sustained by any one of
them;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 35.95pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">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;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.9pt"></TD><TD STYLE="width: 36.05pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">the Company will not be responsible for the proper application of any payment made
hereunder to the first named Insured; and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">knowledge possessed or discovery made by any partner, officer or supervisory <B>Employee</B>
of any Insured will for the purposes of Condition B., Condition H. or Condition R. of this bond constitute knowledge or discovery by all
the Insureds.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">B.</TD><TD>DISCOVERY</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 80pt; text-align: justify">This bond applies to loss discovered
by the Insured during the <B>Bond Period</B>. Discovery occurs when an officer or director of the Insured or of an <B>Investment Adviser</B>
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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.95pt 0 80pt; text-align: justify">Discovery also occurs when an officer
or director of the Insured or an <B>Investment Adviser</B> 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.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.95pt 0 80pt; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.95pt 0 80pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 31%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 19 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 2.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.9pt"></TD><TD STYLE="width: 36pt">C.</TD><TD>BOND PERIOD</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 79.95pt; text-align: justify"><B>Bond Period</B> 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 36pt">D.</TD><TD>SINGLE LOSS</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 80pt; text-align: justify"><B>Single Loss</B> means all covered
loss, including court costs and attorney&#8217;s fees incurred by the Company under General Agreement E., resulting from:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">any one act or series of related acts of burglary, robbery, or attempt thereat, in which no</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 115.95pt"><B>Employee </B>is implicated;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/103% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36.05pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">any one act or series of related unintentional or negligent acts or omissions on
the part of any person (whether an <B>Employee</B> or not) resulting in damage to or destruction or misplacement of <B>Property</B>;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">all acts or omissions other than those specified in 1. and 2. above, caused by
any person (whether an <B>Employee </B>or not) or in which such person is implicated; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify">any one casualty or event not specified in 1., 2., or 3. above.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">E.</TD><TD>SINGLE LOSS LIMIT OF INSURANCE</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 79.95pt; text-align: justify">The Company's liability for each
<B>Single Loss</B> will not exceed the applicable Single Loss Limit of Insurance set forth in ITEM 4 of the Declarations. If a <B>Single
Loss</B> 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 <B>Single Loss</B> will not exceed the largest applicable Single Loss Limit of Insurance.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 36.05pt">F.</TD><TD>DEDUCTIBLE</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 80pt; text-align: justify; text-indent: -0.05pt">The Company
is liable hereunder only for the amount by which any <B>Single Loss</B> 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 80pt; text-align: justify">If a <B>Single Loss</B> 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 <B>Single Loss</B> covered under such Coverage, however the sum of
such Single Loss Deductible Amounts for such <B>Single Loss</B> will not exceed the highest applicable Single Loss Deductible Amount for
any such Coverage.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 80pt; text-align: justify">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">G.</TD><TD>NON-ACCUMULATION OF LIMITS</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 79.95pt; text-align: justify">The Single Loss Limit of Insurance
of the Company is not cumulative in amount from <B>Bond Period</B> to <B>Bond Period</B>, 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 36pt">H.</TD><TD>NOTICE - PROOF OF LOSS - LEGAL PROCEEDINGS</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.9pt"></TD><TD STYLE="width: 36.1pt">1.</TD><TD STYLE="text-align: justify">At the earliest practicable moment not to exceed 90 days after discovery of loss, the Insured or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 115.9pt"><B>Investment Adviser </B>must give the Company notice thereof.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 115.9pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 115.9pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 20 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 3.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="padding-right: 7.85pt">Within six months after such discovery, the Insured or <B>Investment Adviser</B> must furnish to the
Company proof of loss, duly sworn to, with full particulars.</TD></TR></TABLE>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="padding-right: 7.85pt">Lost <B>Certificated Securities</B> listed in a proof of loss will be identified by certificate or bond
numbers if such securities were issued therewith.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 3.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 35.95pt">4.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">Legal proceedings for the recovery of any loss hereunder will not be brought prior
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.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">5.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">If any limitation embodied in this bond is prohibited by any law controlling the
construction hereof, such limitation will be deemed to be amended so as to equal the minimum period of limitation provided by such law.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">6.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">This bond is for the use and benefit only of the Insured, and the Company will not
be liable 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.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 36pt">I.</TD><TD>VALUATION</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">1.</TD><TD>Money</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 116pt; text-align: justify; text-indent: -0.05pt">Any loss of
<B>Money</B>, or loss payable in <B>Money</B>, will be paid, at the option of the Insured, in the <B>Money</B> 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">2.</TD><TD>Securities</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 115.95pt; text-align: justify">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.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 7.6pt 7.85pt 0 115.95pt; text-align: justify">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.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 8.35pt 7.9pt 0 115.9pt; text-align: justify">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.9pt"></TD><TD STYLE="width: 36pt">3.</TD><TD>Books of Account and Other Records</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 8pt 0 115.8pt; text-align: justify; 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 <FONT STYLE="letter-spacing: 0.4pt">reproduced</FONT> <FONT STYLE="letter-spacing: 0.3pt">and
then for not more than the</FONT> <FONT STYLE="letter-spacing: 0.35pt">cost</FONT> <FONT STYLE="letter-spacing: 0.2pt">of</FONT> <FONT STYLE="letter-spacing: 0.3pt">the</FONT>
<FONT STYLE="letter-spacing: 0.35pt">blank books, blank pages</FONT> <FONT STYLE="letter-spacing: 0.2pt">or</FONT> <FONT STYLE="letter-spacing: 0.35pt">other</FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 8pt 0 115.8pt; text-align: justify; text-indent: 0.1pt"><FONT STYLE="letter-spacing: 0.35pt">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 8pt 0 115.8pt; text-align: justify; text-indent: 0.1pt"></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 8pt 0 115.8pt; text-align: justify; text-indent: 0.1pt"><FONT STYLE="letter-spacing: 0.35pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 21 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 8pt 0 115.8pt; text-align: justify; text-indent: 0.1pt"><FONT STYLE="letter-spacing: 0.35pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 29 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.15pt 7.9pt 0 116pt; text-align: justify; text-indent: -0.05pt">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify">Property other than Money, Securities, Books of Account or Other Records</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 116pt; text-align: justify">In case of loss of, or damage to,
any <B>Property</B> other than <B>Money</B>, 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 <B>Property</B>. The Company may, at its election,
pay the actual cash value of, repair or replace such <B>Property</B>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 116pt; text-align: justify; text-indent: -0.05pt">With respect
to damage of <B>Property</B> covered under Insuring Agreement B.2., the Company will be liable for the full cost of repair or replacement
of such <B>Property</B>, without deduction for depreciation.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.8pt 0 116pt; text-align: justify">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 36pt">J.</TD><TD>ASSIGNMENT</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.8pt 0 80.05pt; text-align: justify">In the event of payment under this
bond, the Insured or <B>Investment Adviser</B> 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">K.</TD><TD>SUBROGATION</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.8pt 0 80pt; text-align: justify">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 <B>Depository </B>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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 36.05pt">L.</TD><TD>RECOVERIES</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80.05pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.8pt">All recoveries, whether effected by the Company or by the Insured will be applied,
after first deducting the costs and expenses incurred in obtaining such recovery, in the following order of priority:</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 116pt"></TD><TD STYLE="width: 36.05pt">a.</TD><TD STYLE="text-align: justify; padding-right: 7.8pt">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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 8.65pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 116.05pt"></TD><TD STYLE="width: 35.9pt">b.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">second, to the Company in satisfaction of amounts paid or to be paid to the Insured
in settlement of the Insured&#8217;s claim;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 36pt">c.</TD><TD STYLE="text-align: justify">third, to the Insured in satisfaction of any Single Loss Deductible Amount; and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 36pt">d.</TD><TD STYLE="text-align: justify">fourth, to the Insured in satisfaction of any loss not covered under this bond.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">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.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.95pt 0 79.95pt; text-align: justify">In determining the amount of any
loss covered under this bond, all <B>Money</B> 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</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.95pt 0 79.95pt; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.95pt 0 79.95pt; text-align: justify"></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.95pt 0 79.95pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 22 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.15pt 7.85pt 0 80pt; text-align: justify; text-indent: -0.05pt">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">M.</TD><TD>COOPERATION</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 80pt; text-align: justify">Upon the Company's request, and at
reasonable times and places designated by the Company, the Insured will:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">submit to examination by the Company and subscribe to the same under oath;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">produce for the Company's examination all pertinent records; and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify">cooperate with the Company in all matters pertaining to the loss.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 80pt; text-align: justify; text-indent: -0.05pt">The Insured
will execute all papers and render assistance to secure to the Company the rights and causes of action provided for herein.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 80pt; text-align: justify">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">N.</TD><TD>ANTI-BUNDLING</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 80pt; text-align: justify">If any Insuring Agreement requires
that an enumerated type of document be altered or <B>Counterfeit</B>, or contain a signature that is a <B>Forgery</B>, or that it be obtained
through trick, artifice, fraud or false pretenses, the alteration, <B>Counterfeit</B>, 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">O.</TD><TD>LIMIT OF INSURANCE UNDER THIS BOND AND PRIOR INSURANCE</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.85pt 0 80pt; text-align: justify">With respect to any <B>Single Loss</B>
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.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 8pt 7.85pt 0 80pt; text-align: justify">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 36pt">P.</TD><TD>OTHER INSURANCE OR INDEMNITY</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 80pt; text-align: justify">Coverage afforded hereunder applies
only as excess over any valid and collectible insurance or indemnity obtained by:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 35.95pt">1.</TD><TD STYLE="text-align: justify">the Insured;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">anyone other than the Insured;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-weight: normal">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">a </FONT>Transportation Company<FONT STYLE="font-weight: normal">;</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 35.95pt">4.</TD><TD STYLE="padding-right: 7.9pt">another entity on whose premises the loss occurred or that employed the person causing the loss; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">5.</TD><TD STYLE="text-align: justify">the messenger conveying the <B>Property </B>involved.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 23 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 2.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.9pt"></TD><TD STYLE="width: 36pt">Q.</TD><TD>COVERED PROPERTY</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 79.95pt">This bond applies to loss of <B>Property</B>:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.9pt"></TD><TD STYLE="width: 36.05pt">1.</TD><TD>that is owned by the Insured;</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">2.</TD><TD>that is held by the Insured in any capacity; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">3.</TD><TD>for which the Insured is responsible,</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.8pt 0 79.95pt">prior to or at the time of the occurrence of the loss.
This bond is for the sole use and benefit of the Insured.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 36pt">R.</TD><TD>CANCELATION, TERMINATION, CHANGE, OR MODIFICATION</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">1.</TD><TD>Cancelation</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 36pt">a.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">This bond is canceled in its entirety immediately upon receipt by the Company of
a <B>Written</B> notice from the Insured or an <B>Investment Adviser</B> of its desire to cancel this bond, provided the Insured or <B>Investment
Adviser</B> has provided at least 60 days&#8217; advance <B>Written</B> 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 <B>Investment Adviser</B>, however
the cancelation will not be effective until 60 days after receipt of <B>Written </B>notice by all other Insureds.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 36pt">b.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">This bond is canceled in its entirety 60 days after the receipt by each Insured
and the SEC, of a <B>Written </B>notice from the Company of its desire to cancel this bond.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 35.95pt">c.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">Coverage is canceled as to any <B>Employee</B>, or as to any partner, officer, or
employee of any <B>Electronic Data Processor</B> 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.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">2.</TD><TD>Termination</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.95pt"></TD><TD STYLE="width: 35.95pt">a.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">This bond terminates in its entirety immediately upon the Expiration Date set forth
in ITEM 2 of the Declarations.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.9pt"></TD><TD STYLE="width: 36pt">b.</TD><TD>This bond terminates as to any Insured:</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 151.85pt"></TD><TD STYLE="width: 36.05pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">immediately upon the surrender of such Insured&#8217;s charter to any governmental
authority; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 151.9pt"></TD><TD STYLE="width: 36pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">immediately upon the taking over of such Insured by a receiver or other liquidator
or by any State or Federal official,</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 151.9pt">whichever occurs first.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.8pt 0 151.9pt">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 115.85pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">c.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Coverage terminates as
to any <B>Employee</B>, or as to any partner, officer, or employee of any <B>Electronic Data Processor</B>:</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/103% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 151.9pt"></TD><TD STYLE="width: 36pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">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 <B>Larceny or Embezzlement</B>; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 8.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 151.9pt"></TD><TD STYLE="width: 36.05pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">60 days after any director or officer of the Insured not in collusion with <FONT STYLE="letter-spacing: 0.05pt">such</FONT>
<FONT STYLE="letter-spacing: 0.35pt">person, learns</FONT> <FONT STYLE="letter-spacing: 0.2pt">of</FONT> <FONT STYLE="letter-spacing: 0.3pt">any</FONT>
<FONT STYLE="letter-spacing: 0.4pt">dishonest</FONT> <FONT STYLE="letter-spacing: 0.2pt">or</FONT> <FONT STYLE="letter-spacing: 0.4pt">fraudulent
non-employment</FONT> <FONT STYLE="letter-spacing: 0.35pt">related</FONT> <FONT STYLE="letter-spacing: 0.3pt">act,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 24 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.15pt 7.8pt 0 187.95pt">including <B>Larceny or Embezzlement</B>, that
resulted in a loss of <B>Property</B> in excess of $25,000,</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 151.95pt; text-align: justify">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 <B>Property </B>then in transit in the custody
of such person.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 8.9pt 7.95pt 0 151.9pt; text-align: justify">However, termination of coverage
as to any <B>Employee</B> 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.85pt"></TD><TD STYLE="width: 36.05pt">3.</TD><TD STYLE="text-align: justify">Change or Modification</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 115.9pt; text-align: justify">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 <B>Written </B>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 <B>Written </B>notification has been furnished to the SEC by the Insured, <B>Investment Adviser</B> or the Company.
If more than one Insured is named under this bond, the Company will give <B>Written</B> 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.85pt"></TD><TD STYLE="width: 36pt">S.</TD><TD>DISCOVERY PERIOD</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 8pt 0 79.95pt; text-align: justify">At any time prior to the cancelation
or termination of this bond in its entirety, whether by the Insured, an <B>Investment Adviser</B>, or the Company, the Insured or an <B>Investment
Adviser</B> 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.95pt 0 79.95pt; text-align: justify">Upon receipt of such notice from
the Insured or an <B>Investment Adviser</B>, the Company will give its written consent thereto; provided, that such additional period
of time terminates immediately:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">on the effective date of any other insurance obtained by the Insured, its successor
in business or any other party, replacing in whole or in part the insurance afforded by this bond, whether or not such other insurance
provides coverage for loss sustained prior to its effective date; or</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">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,</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 79.95pt; text-align: justify">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 79.95pt; text-align: justify; text-indent: -0.05pt">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.95pt 0 79.9pt; text-align: justify">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
<B>Bond Period</B> that terminates immediately preceding the effective date of such additional period.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.9pt"></TD><TD STYLE="width: 36.05pt">T.</TD><TD>HEADINGS</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 79.9pt; text-align: justify">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.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 79.9pt; text-align: justify"></P>

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<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 79.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 25 of 25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE
READ IT CAREFULLY.</B>&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0.05in; margin-bottom: 0">ADD OR DELETE INSUREDS ENDORSEMENT</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 7.1pt 0 0 9.4pt">This endorsement changes the following:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 9.4pt; text-indent: 0in">Investment Company Bond</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 6.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_025.gif" ALT="" STYLE="width: 725px; height: 4px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3.7pt 0 0 9.4pt"><B>It is agreed that:</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 9.4pt">The following amendments are made to ITEM 1 of the Declarations:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.4pt"></TD><TD STYLE="width: 36pt">1.</TD><TD>The following entities are deleted from the list of Insureds:</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 8.65pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9.4pt"></TD><TD STYLE="width: 36pt">2.</TD><TD>The following entities are added to the list of Insureds:</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/136% Arial, Helvetica, Sans-Serif; margin: 0 220.65pt 0 0.65in">Advent Claymore Convertible Securities and Income
Fund</P>

<P STYLE="font: 9pt/136% Arial, Helvetica, Sans-Serif; margin: 0 220.65pt 0 0.65in">Advent Claymore Enhanced Growth &amp; Income Fund</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0 0.65in">Advent Claymore Convertible Securities and Income Fund II</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_026.gif" ALT="" STYLE="width: 725px; height: 3px"></FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 9.7pt 0 7.95pt; text-align: justify; text-indent: -0.05pt">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_027.gif" ALT="" STYLE="width: 725px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/133% Arial, Helvetica, Sans-Serif; margin: 2.4pt 0pt 0pt 6.55pt">Issuing Company: Travelers Casualty and Surety
Company of America</P>

<P STYLE="font: 9pt/133% Arial, Helvetica, Sans-Serif; margin: 2.4pt 0pt 0pt 6.55pt">Policy Number: 106723989</P>

<P STYLE="font: 9pt/133% Arial, Helvetica, Sans-Serif; margin: 2.4pt 220.65pt 0 6.55pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt/133% Arial, Helvetica, Sans-Serif; margin: 2.4pt 220.65pt 0 6.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-19005 Ed. 01-16</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 31%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE
READ IT CAREFULLY.</B></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0.05in 0 0 161pt">UNAUTHORIZED SIGNATURE ENDORSEMENT</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13pt">This endorsement changes the following:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13pt; text-indent: 0in">Investment Company Bond</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 10.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_029.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 6.5pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3.7pt 0 0 13pt"><B>It is agreed that:</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13pt"></TD><TD STYLE="width: 36pt">1.</TD><TD>The following is added to section II. INSURING AGREEMENTS, D. FORGERY OR ALTERATION<B>:</B></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.95pt 0 48.95pt; text-align: justify">Loss resulting from the Insured
accepting, paying, or cashing any <B>Negotiable Instrument</B> or <B>Withdrawal Order </B>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 <B>Negotiable Instrument </B>or <B>Withdrawal <FONT STYLE="letter-spacing: -0.05pt">Order</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48.95pt; text-indent: -0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The following replaces section VI. CONDITIONS, N. ANTI-BUNDLING:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48.95pt; text-align: justify; text-indent: 0in">N. ANTI-BUNDLING</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.95pt 0 48.95pt; text-align: justify">If any Insuring
Agreement requires that an enumerated type of document be altered or <B>Counterfeit</B>, or contain a signature or endorsement which is
a <B>Forgery</B> or which is unauthorized, or that it be obtained through trick, artifice, fraud, or false pretenses, such alteration,
<B>Counterfeit</B>, 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 10.3pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 10.3pt"></P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 10.3pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 10.3pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Issuing Company: Travelers Casualty and Surety Company of America</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Aptos; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Policy Number: 106723989</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Aptos; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-19010 Ed. 01-16</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><B>THIS ENDORSEMENT CHANGES THE BOND. PLEASE
READ IT CAREFULLY.</B></P>

<P STYLE="font: bold 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0.05in 0.2pt 0 239.25pt; text-indent: -201.7pt">AUTOMATIC INCREASE
IN INSURING AGREEMENT A.1. SINGLE LOSS LIMIT OF INSURANCE ENDORSEMENT</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8pt">This endorsement changes the following:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8pt; text-indent: 0in">Investment Company Bond</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_032.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3.7pt 0 0 8pt; text-align: justify"><B>It is agreed that:</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8pt; text-align: justify">The following is added to section VI. CONDITIONS,
E. SINGLE LOSS LIMIT OF INSURANCE:</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 6pt 8pt 0 7.95pt; text-align: justify">Notwithstanding the previous paragraph,
if the Insured, while this bond is in force, requires an increase in the limit of Insuring Agreement A.1. in order to comply with SEC
Regulation 17g-1, as a result of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">an increase in assets under management by current Insureds under the bond, per
the terms of section III. GENERAL AGREEMENTS, A. ORGANIC GROWTH; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 5.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">an increase in assets under management due to the addition of new investment companies
per the terms of section III. GENERAL AGREEMENTS, B. CONSOLIDATION &#8211; MERGER &#8211; PURCHASE OR ACQUISTION OF ASSETS,</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.55pt 8.1pt 0 12.45pt; text-align: justify; text-indent: -0.05pt">the
Single Loss Limit of Insurance for Insuring Agreement A.1. will automatically be increased to comply with Regulation 17g-1 without the
payment of additional premium, for the remainder of the <B>Bond Period</B>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_020.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt">Nothing herein contained shall be
held to vary, alter, waive, or extend any of the terms, conditions, exclusions, or limitations of the above-mentioned bond, except as
expressly stated herein. This endorsement is part of such bond and incorporated therein.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_020.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD STYLE="width: 71%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 29%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Issuing Company:&nbsp;<B>Travelers Casualty and Surety Company of America</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Aptos; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bond Number:&nbsp;<B>106723989</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Aptos; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-19044 Ed. 05-18</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2018 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.9pt 0 0 8pt"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt; text-align: center"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE
READ IT CAREFULLY.</B></P>
<P STYLE="font: 9pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0.05in; margin-bottom: 0">REPLACE GENERAL AGREEMENT A. ORGANIC GROWTH ENDORSEMENT</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/203% Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 12pt">This endorsement changes the following:</P>

<P STYLE="font: 9pt/203% Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 12pt">Investment Company
Bond</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_034.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3.7pt 0 0 12pt; text-align: justify; text-indent: 0in">It is agreed that:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12pt; text-align: justify">The following replaces section III. GENERAL
AGREEMENTS, A. ORGANIC GROWTH:</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 6pt 7.8pt 0 11.9pt; text-align: justify; text-indent: -0.05pt">If an Insured
or <B>Investment Adviser</B>, while this bond is in force, adds additional <B>Employees</B> or experiences an increase in assets under
management, other than by consolidation or merger with, or purchase or acquisition of the assets, assets under management or liabilities
of, another institution, such <B>Employees</B> or increased assets under management 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6.5pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_034.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_034.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1.1pt 0 0 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 71%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Issuing Company:&nbsp;<B>Travelers Casualty and Surety Company of America</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; width: 29%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Aptos; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Policy Number:&nbsp;<B>106723989</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Aptos; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-19045 Ed. 03-19</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2019 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1.35pt 0 0 12pt"><B></B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt; text-align: center"><B>THIS ENDORSEMENT CHANGES THE BOND. PLEASE
READ IT CAREFULLY.</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0.05in; margin-bottom: 0">GLOBAL COVERAGE COMPLIANCE ENDORSEMENT</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12pt">This endorsement changes the following:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12pt; text-indent: 0in">Investment Company Bond</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_034.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3.7pt 0 0 12pt; text-align: justify"><B>It is agreed that:</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12pt"></TD><TD STYLE="width: 16.65pt">1.</TD><TD STYLE="text-align: justify">The following is added to section IV. DEFINITIONS:</TD></TR></TABLE>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 5.45pt 11.9pt 0 29.95pt; text-align: justify"><B><I>Financial Interest</I></B>
means the first named Insured's insurable interest in an Insured that is domiciled in a country or jurisdiction in which the Company is
not licensed to provide this insurance, as a result of the first named Insured's:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify; padding-right: 11.85pt">ownership of the majority of the outstanding securities or voting rights of the
Insured representing the present right to elect, appoint, or exercise a majority control over such Insured's board of directors, board
of trustees, board of managers, natural person general partner, or functional foreign equivalent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 17.95pt">2.</TD><TD STYLE="padding-right: 11.9pt">indemnification of, or representation that it has an obligation to indemnify, the Insured for loss sustained
by such Insured; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.95pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify">election or obligation to obtain insurance for such Insured.</TD></TR></TABLE>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.95pt"></TD><TD STYLE="width: 16.7pt">2.</TD><TD STYLE="text-align: justify">The following is added to section VI. CONDITIONS, M. COOPERATION:</TD></TR></TABLE>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 5.45pt 11.9pt 0 29.95pt; text-align: justify">In the event the Company
indemnifies the first named Insured on account of its <B>Financial Interest</B> in an Insured, as a condition precedent to exercising
rights under this bond, the first named Insured will cause such Insured to comply with the conditions of this bond.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.95pt"></TD><TD STYLE="width: 16.7pt">3.</TD><TD STYLE="text-align: justify">The following are added to section VI. CONDITIONS:</TD></TR></TABLE>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 5.45pt 0 0 29.95pt; text-align: justify; text-indent: 0in">TERRITORY COVERED</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 5.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.95pt"></TD><TD STYLE="width: 17.95pt">1.</TD><TD STYLE="text-align: justify">This bond does not apply to:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 5.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47.95pt"></TD><TD STYLE="width: 16.7pt">a.</TD><TD>loss sustained by an Insured domiciled; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 5.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47.95pt"></TD><TD STYLE="width: 16.7pt">b.</TD><TD>loss of or damage to property located,</TD></TR></TABLE>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 5.45pt 11.9pt 0 47.9pt">in any country or jurisdiction in which the Company
is not licensed to provide this insurance, to the extent that providing this insurance would violate the laws or regulations of such country
or jurisdiction.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.9pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="padding-right: 11.95pt">In the event an Insured sustains loss referenced in a. above to which this bond would have applied,
the Company will reimburse the first named Insured for its loss, on account of its <B>Financial Interest </B>in such Insured.</TD></TR></TABLE>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 4.05pt 0 0 29.9pt; text-align: justify; text-indent: 0in">SANCTIONS</P>

<P STYLE="font: 9pt/112% Arial, Helvetica, Sans-Serif; margin: 5.45pt 11.95pt 0 29.9pt; text-align: justify">This bond will provide coverage,
or otherwise will provide any benefit, only to the extent that providing such coverage or benefit does not expose the Company or any of
its affiliated or parent companies to any trade or economic sanction under any law or regulation of the United States of America or any
other applicable trade or economic sanction, prohibition or restriction.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_034.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt">Nothing herein contained
shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions, or limitations of the above-mentioned bond, except
as expressly stated herein. This endorsement is part of such bond and incorporated therein.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_034.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD STYLE="width: 71%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 29%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Issuing Company:&nbsp;<B>Travelers Casualty and Surety Company of America</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Aptos; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bond Number:&nbsp;<B>106723989</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Aptos; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-19038 Ed. 04-22</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2022 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.8pt 0 0 12pt"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0.05in; margin-bottom: 0"><FONT STYLE="font-size: 9pt"><B>THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0.05in; margin-bottom: 0">NEW YORK CANCELATION, TERMINATION, CHANGE, OR MODIFICATION
ENDORSEMENT</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12pt">This endorsement changes the following:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12pt; text-indent: 0in">Investment Company Bond</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_034.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3.7pt 0 0 12pt"><B>It is agreed that:</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>The following replaces VI. CONDITIONS, R. CANCELATION, TERMINATION, CHANGE, OR MODIFICATION, 1.b.:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 18pt">b.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">If the bond has been in effect for 90 days or less, it may be canceled by the Company
for any reason. Such cancelation will be effective 90 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.</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.45pt 7.85pt 0 48pt; text-align: justify">If the bond has been in effect
for more than 90 days or is a renewal, then cancelation may only be for one or more of the following reasons and will be effective 90
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:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">nonpayment of premium or installment that is overdue, as well as any unpaid fees
charged for installments, late payment or reinstatement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD>conviction of the Insured of a crime arising out of acts increasing the hazard insured against;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48pt"></TD><TD STYLE="width: 17.9pt">(3)</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">discovery of fraud or material misrepresentation in the obtaining of this bond or
in the presentation of a claim hereunder;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 2.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47.95pt"></TD><TD STYLE="width: 17.95pt">(4)</TD><TD STYLE="text-align: justify; padding-right: 8.05pt">discovery after the inception date set forth in ITEM 2 of the Declarations of an
act or omission, or a violation of any bond condition that substantially and materially increases the hazard insured against;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 1.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47.95pt"></TD><TD STYLE="width: 18pt">(5)</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">material change in the nature or extent of the risk, occurring after the Inception
Date set forth in 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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 1.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47.95pt"></TD><TD STYLE="width: 18.05pt">(6)</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">a determination by the superintendent that continuation of the present premium
volume of the 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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 1.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48pt"></TD><TD STYLE="width: 17.95pt">(7)</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">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</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47.95pt"></TD><TD STYLE="width: 18pt">(8)</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">where the Company has reason to believe, in good faith and with sufficient cause,
that there is a possible risk or danger that the insured property will be destroyed by the Insured for the purpose of collecting the insurance
proceeds, provided that:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 1.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.95pt"></TD><TD STYLE="width: 17.95pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">a notice of cancelation on this ground informs the Insured in plain language that
the 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</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 1.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.9pt"></TD><TD STYLE="width: 18.05pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">notice of cancelation on this ground is provided simultaneously by the Company
to the Department of Financial Services of the State of New York.</TD></TR></TABLE>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>The following are added to VI. CONDITIONS, R. CANCELATION, TERMINATION, CHANGE, OR MODIFICATION:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.95pt"></TD><TD STYLE="width: 18.05pt">4.</TD><TD STYLE="text-align: justify">Nonrenewal</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 5.9pt 7.85pt 0 29.9pt; text-align: justify; text-indent: 0.05pt">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 <B>Written </B>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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_034.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD STYLE="width: 71%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 29%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Issuing Company:&nbsp;<B>Travelers Casualty and Surety Company of America</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Aptos; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Policy Number:&nbsp;<B>106723989</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Aptos; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; text-indent: 0.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-18023 Rev. 12-17</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos; text-indent: 0.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2017 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 11.7pt"></P>


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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 2.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 17.9pt">5.</TD><TD STYLE="text-align: justify">Renewal with Altered Terms:</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 6pt 7.8pt 0 25.95pt; text-align: justify">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 <B>Written</B> 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.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3pt 7.9pt 0 25.95pt; text-align: justify">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_020.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt">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.</P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><IMG SRC="image_020.gif" ALT="" STYLE="width: 728px; height: 4px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD STYLE="width: 67%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-18023 Rev. 12-17</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 2 of 2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2017 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0.05in; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0.4pt; margin-bottom: 0"><FONT STYLE="font-size: 9pt"><B>THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></FONT></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0.05in; margin-bottom: 0">NEW YORK INSURANCE MANDATORY REGULATION 209 ENDORSEMENT</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12pt">This endorsement changes the following:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12pt; text-indent: 0in">Investment Company Bond</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_034.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3.7pt 0 0 12pt; text-align: justify"><B>It is agreed that:</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 6.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The following is added to section <B>V. EXCLUSIONS</B>,
<B>AA.</B>:</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 6pt 7.85pt 0 29.95pt; text-align: justify">However, this exclusion will
not apply to loss caused by an <B>Employee</B> of an Insured located in New York who was convicted of a fraudulent or dishonest act prior
to becoming employed by the Insured if the Insured made a determination to hire or retain such <B>Employee</B> utilizing the factors set
out in Correction Law Article 23-A. Nevertheless, this exclusion will apply to an <B>Employee</B>, or loss caused by such <B>Employee</B>,
for whom there is a bar to employment established by law and the Insured has hired or retained the <B>Employee </B>despite the bar.</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The following is added to section <B>VI. CONDITIONS</B>, <B>R. CANCELATION
OR TERMINATION</B>, 2. Termination, c.:</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 5.9pt 8pt 0 29.95pt; text-align: justify">Termination of coverage as to
any <B>Employee</B> as set forth in c.(1) and c.(2) above 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 whom the Insured discovered had committed a dishonest
or fraudulent act prior to the effective date of this bond.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.05pt 7.15pt 0 29.95pt; text-align: justify; text-indent: -0.05pt">With
respect to any <B>Employee</B>, upon the detection by any Insured that such <B>Employee</B> (hereafter &#8220;detected <B>Employee</B>&#8221;)
has committed any dishonest or fraudulent acts or theft, the Insured must immediately remove the detected <B>Employee</B> from a position
that may enable the detected <B>Employee</B> to cause the Insured to suffer a loss by any subsequent dishonest or fraudulent acts or theft.
The Insured, within 48 hours of such detection, must notify the Company with full and complete particulars of the detected dishonest or
fraudulent acts or theft.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.4pt 7.1pt 0 29.95pt; text-align: justify">For purposes of this section,
detection occurs when any partner, officer, or supervisory <B>Employee </B>of any Insured, who is not in collusion with the detected <B>Employee</B>,
becomes aware that the detected <B>Employee</B> has committed any dishonest or fraudulent acts or theft.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.5pt 7.75pt 0 29.95pt; text-align: justify; text-indent: -0.05pt">Coverage
under this bond with respect to such <B>Employee</B> will terminate upon written notice to each Insured and to the Securities and Exchange
Commission from the Company of not less than 60 days prior to the effective date of termination specified in such notice.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.45pt 7.85pt 0 29.95pt; text-align: justify">Termination of coverage as
to any <B>Employee</B> of an Insured located in New York as set forth in c.(1) and c.(2) above will also not apply to any such <B>Employee</B>
if: (a) the dishonest act was committed by that <B>Employee</B> prior to becoming employed by the Insured, (b) the dishonest act resulted
in a conviction of that <B>Employee</B>; and (c) the Insured made a determination to hire or retain the <B>Employee</B> utilizing the
factors set out in Correction Law Article 23-A. However, such termination of coverage will apply to an <B>Employee</B>, or loss caused
by such <B>Employee</B>, for whom there is a bar to employment established by law and the Insured has hired or retained the <B>Employee
</B>despite the bar.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_034.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/10.75pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt">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.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 71%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 29%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Issuing Company:&nbsp;<B>Travelers Casualty and Surety Company of America</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Aptos; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Policy Number:&nbsp;<B>106723989</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Aptos; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-17022 Rev. 10-19</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2019 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Aptos">&nbsp;</TD></TR>
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begin 644 image_002.gif
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A "BBB@ HHHH **** "BBB@ HHHH 0TE%% "BEHHH __9

end
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<SEQUENCE>16
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begin 644 image_008.gif
M1TE&.#EAT0(" '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     +    0#1 @$ @         (:1(ZIR^T/HYRTVHNSWKS[#X;B2);F
'B:9J!10 .P$!

end
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<SEQUENCE>17
<FILENAME>image_010.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_010.gif
M1TE&.#EATP(" '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     +     #3 @( @         )%A(^IR^T/HYRTVHNSWKS[#X;B2);F
MB:99 +!N"[]R3,]VC=]ZSN]^#_P)@\2AL8@\*I/,I;,)?4JCU*FUBKUJL]RM
%%UH  #L!

end
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<FILENAME>image_011.gif
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begin 644 image_011.gif
M1TE&.#EAT0(" '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     +     #1 @( @         (Y!'*)J\WO(IRRTFLSWKKS[X7@*);D
F::;HJK;LZ\;P+-?T;>>D@??Z[PL"A\(B\6A,(I?*)O/IC)8* #L!

end
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<SEQUENCE>19
<FILENAME>image_012.gif
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begin 644 image_012.gif
M1TE&.#EAU (" '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     +     #4 @( @         )'1(ZIR^T/HYRTVHNSWKS[#X;B2);F
MB:8J!AAN\,;P+-?T;>?XKO?\[PL"A\(B\6A,(I?*)O/IC$*GTBKU:LUBM]HN
']QL%%   .P$!

end
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<SEQUENCE>20
<FILENAME>image_014.gif
<DESCRIPTION>GRAPHIC
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begin 644 image_014.gif
M1TE&.#EA_0 " '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
I! $     +    0#]  $ @         (/1(ZIR^T/HYRTVHNSSJ   #L!

end
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<SEQUENCE>21
<FILENAME>image_016.gif
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begin 644 image_016.gif
M1TE&.#EAY (6 '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     + (   #@ A8 @@       )F9F:BHJ-G9V=75U=?7UP$" P/_"!#;
M_"["*2N]-N.M._]>"(YB29YFBJYJR[YN#,]R3=]VCN]ZSU.+@'!(+!J/R*1R
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2M:K5JUA]-<W*M:O7J@82   [

end
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<SEQUENCE>22
<FILENAME>image_017.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_017.gif
M1TE&.#EAY (5 '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     + (   #@ A4 @P       "0D)"@H*$-#0[V]O<S,S,+"PM75U=G9
MV=?7UP$" P$" P$" P$" P$" P3_$ 1)IZWXZLRW[^ GAN1HENBIINSJMO K
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0GDQ9:.+*F#-KWBQ2000 .P$!

end
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>23
<FILENAME>image_020.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_020.gif
M1TE&.#EAV ($ '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     + $   #5 @0 @         )K!'*)J\WO(IRRTFLSWKKS[X7@*);D
M::;HJK;LZ\;P+-?T;>>L$?3^#PP*A\2B\8A,*I?,IO,)C4JGU*KUBLUJM]RN
K]PM^'L+DLOF,3JO7[+;[#8^[=72<O8Z_Z_/\O;\/^"<82#AH6(B(4@  .P$!

end
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>24
<FILENAME>image_021.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_021.gif
M1TE&.#EAUP(" '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     + $   #6 @( @         )&A(^IR^T/HYRTVHNSWKS[#X;B2);F
MB:9< +!N"[]R3,]VC=]ZSN]^#_P)@\2AL8@\*I/,I;,)?4JCU*FUBKUJL]RM
&EPHH   [

end
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>25
<FILENAME>image_022.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_022.gif
M1TE&.#EAUP(# '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     + $  0#6 @$ @         (:1(ZIR^T/HYRTVHNSWKS[#X;B2);F
'B::J!A0 .P$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>26
<FILENAME>image_023.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_023.gif
M1TE&.#EAUP(" '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     + $   #6 @( @         (Y!'*)J\WO(IRRTFLSWKKS[X7@*);D
F::;HJK;LZ\;P+-?T;>>PSN-^#_P)@\2AL8@\*I/,I;,)10$* #L!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>27
<FILENAME>image_025.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_025.gif
M1TE&.#EAU0($ '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     + (   #1 @0 @         )WA(^IR^T/HYRTVHNSWKS[#X;B2);F
MB:97P+;N"\?R3-?VC>?ZSO?^#PP*A\2B\8A,*I?,IO,)C4JGU*KUBLUJM]RN
M]TL#!,3DL;F,/JO3[+6[#7_+X_2YO8Z_Z_/\O;\/^"<82#AH6(AXJ)C(N.C8
*"/DH&4DY6   .P$!

end
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>28
<FILENAME>image_026.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_026.gif
M1TE&.#EAU0(# '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     + (   #2 @, @         )61(RGR>L-GXQTVHJOSGS[#GYB2(YF
MB9YJRJYN"[]R3,]VC9]&P/?^#PP*A\2B\8A,*I?,IO,)C4JGU*KUBLUJM]RN
6][L$[,#DLOF,3JO7[+;[#8^C 04 .P$!

end
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>29
<FILENAME>image_027.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_027.gif
M1TE&.#EAU0($ '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     + (  0#2 @, @         )51(ZIR^T/HYRTVHNSWKS[#X;B2);F
MB::J9:SN"\?R3-?VC>?Z3@/&'P *@\2AL8@\*I/,I;,)?4JCU*FUBKUJL]RM
5MPO^BL/DL;F,/JO3[+6[#?<""@ [

end
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>30
<FILENAME>image_029.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_029.gif
M1TE&.#EAV ($ '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     + (   #5 @0 @         )K!'*)J\WO(IRRTFLSWKKS[X7@*);D
M::;HJK;LZ\;P+-?T;>>L$?3^#PP*A\2B\8A,*I?,IO,)C4JGU*KUBLUJM]RN
K]PM^'L+DLOF,3JO7[+;[#8^[=72<O8Z_Z_/\O;\/^"<82#AH6(B(4@  .P$!

end
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>31
<FILENAME>image_032.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_032.gif
M1TE&.#EAV ($ '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     + $   #5 @0 @         )@1(ZIR^T/HYRTVHNSWKS[#X;B2);F
MB::J9JSN"\?R3-?VC>?Z;K?\#PP*A\2B\8A,L@*&)O/IC$*GTBKU:LUBM]HN
@]^L-@\?B,OEL3J/7ZC;[[8[#Y_(Z_6[/X_?Z/KT  #L!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>32
<FILENAME>image_034.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_034.gif
M1TE&.#EAV ($ '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     + (   #4 @0 @         )H#(RGR>L-GXQTVHJOSGS[#GYB2(YF
MB9YJRJYN"[]R3,]VC;_!SO?^#PP*A\2B\8A,*I?,IO,)C4JGU*KUBLUJM]RN
H]PL.B\?DLOF,3JO7[+8[>8OGYO(Z_6[/X_?Z/O_O%P@X*%C(4@  .P$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>33
<FILENAME>image_040.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_040.gif
M1TE&.#EA[ ($ '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
M! $     + $  0#J @, @         )71(ZIR^T/HYRTVHNSWKS[#X;B2);F
MB:;JFACL"\?R3-?VC>?ZSO.  0P$A\(B\6A,(I?*)O/IC$*GTBKU:LUBM]HN
7]^L-@\?B,OEL3J/7ZC;[[8[#KX " #L!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
