<SEC-DOCUMENT>0001821268-24-000297.txt : 20241115
<SEC-HEADER>0001821268-24-000297.hdr.sgml : 20241115
<ACCEPTANCE-DATETIME>20241114173258
ACCESSION NUMBER:		0001821268-24-000297
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		43
FILED AS OF DATE:		20241115
DATE AS OF CHANGE:		20241114
EFFECTIVENESS DATE:		20241115

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:		241464606

	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>gug88227avk24-25.htm
<DESCRIPTION>AVK
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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">U.S. Securities and Exchange
Commission</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">100 F Street, NE</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Washington, DC&nbsp; 20549</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Dear Sirs and Madams:</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">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:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt 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">(a)</TD><TD STYLE="text-align: justify">a copy of the fidelity bond issued by Travelers Bond &amp; Specialty Insurance naming the Fund as insured,
and</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt 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">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify">The premium for the bond has been paid for the
period from August 27, 2024 to August 27, 2025.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white">Please contact the undersigned
with any questions or comments.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 3.5in; background-color: white">Sincerely,</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 3.5in; background-color: white"><U>/s/
Stephen Ellwood</U></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 3.5in; background-color: white">Stephen
Ellwood</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; text-indent: 3.5in; background-color: white">Secretary
of the Fund</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><U>SECRETARY&rsquo;S CERTIFICATE</U></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 12pt">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 18, 2024 and such resolutions have not been amended, modified or rescinded
and remain in full force and effect as of the date hereof.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: left; text-indent: 0.5in"><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</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0.5in"><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;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify"><B>NOW, THEREFORE, BE IT </B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0.5in"><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</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0.5in"><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</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0.5in"><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.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>IN WITNESS WHEREOF</B>, the undersigned has executed this certificate
this 13<SUP>th</SUP> day of November, 2024.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><BR>
<BR>
<U>/s/ Stephen Ellwood</U></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Stephen Ellwood</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Secretary of the Fund</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

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<P STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 17, 2024</FONT><BR>
<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ADVENT CONVERTIBLE AND INCOME FUND</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">888 7TH AVE FL 31</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NEW YORK, NY 10106-3399</FONT><BR>
<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Re: Important Information about <B><U>Claims Information Line</U></B></FONT></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Dear ADVENT CONVERTIBLE AND INCOME FUND</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Policyholders will be able to obtain assistance on the following topics
from the Claims Information Line:</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: 15pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The information that needs to be included with the claim notice</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: 15pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The address, electronic mail address and/or facsimile number to which the policyholder can
send claims related information</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: 15pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Get questions on the claim process answered</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">LTR-4035 Ed. 06-09 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2009 The Travelers Indemnity
Company. All rights reserved.</P>

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


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<P></P>

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</P>

<P STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>P.O. Box 2950</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Hartford, CT 06104-2950</B></FONT><BR>
<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">08/14/2024</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ADVENT CONVERTIBLE AND INCOME FUND</FONT><BR>
<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">888 7TH AVE FL 31</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NEW YORK, NY 10106-3399</FONT></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><B>RE: Risk Management PLUS+ Online &#174; from Travelers Bond &amp;
Specialty Insurance </B>(www.rmplusonline.com)</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">As a Travelers Bond &amp; Specialty Insured you receive risk management services, at no
cost, to help protect you and your business.</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Risk Management PLUS+ Online, is a robust website to assist you in
the mitigation of risk relative to employment practices, directors and officers, fiduciary liability, cyber, crime, kidnap &amp; ransom,
and identity fraud exposures.</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Highlights of Risk Management PLUS+ Online include:</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: 35pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Thousands of articles on a variety of risk management topics</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: 35pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Topical webinars and podcasts on current issues</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: 35pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Checklists to assist in managing risk</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: 35pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Web based training</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: 35pt; text-align: right">&#149;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Model Employee Handbook, including policies and forms for downloading or printing that reduce
risks in the workplace.</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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&#146;s that simple.</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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; text-align: left"><U>Instructions for Registration &amp; Orientation to Risk Management PLUS+ Online<SUP>&#174;</SUP></U></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><I>Registration for Site Administrators:</I></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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; text-align: left">1. Go to www.rmplusonline.com.</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">2. In the Sign-In box, click <B>Register</B><I>.</I></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">3. Enter the password/passcode: &lt;TRVP300100 for Insurance Companies&gt;
&lt;TRVP300400 for Banks and Diversified&gt; &lt;TRVP300300 for Asset Management&gt;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">4. Fill in the Registration Information and click
<B>Submit</B><I>.</I></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">5. Your organization is registered, and you are registered as Site
Administrator.</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><I>Learning to Navigate the Site:</I></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">1. Go to www.rmplusonline.com. On each page, you will see a box
outlined in blue that contains the instructions for use of that page.</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">2. 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.</P>

<P STYLE="margin-bottom: 0; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">3. You can also schedule a live walk-through of the site by sending
a request for a walk-through via the contact link on the front page.</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-bottom: 0; text-align: left">&#169; 2018 The Travelers Indemnity Company. All rights reserved.</P>

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


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<P>&nbsp;</P>

<P><A NAME="page_3"></A>&nbsp;</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">This notice provides no coverage, nor does it change any policy terms.
To determine the scope of coverage and the insured&#146;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>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><B>Independent Agent And Broker Compensation Notice</B></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Or write or call:</P>

<P STYLE="margin-left: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Travelers, Agency Compensation</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>One Tower Square</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Hartford, Connecticut 06183</B></FONT><BR>
<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(866) 904.8348</B></FONT></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">NTC-19036 Rev. 01-19</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2019 The Travelers Indemnity
Company. All rights reserved.</P>

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


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<P>&nbsp;</P>

<P><A NAME="page_4"></A><IMG SRC="image_003.jpg" ALT=""><BR>
</P>

<P STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><B>Travelers Casualty and Surety Company of America</B><BR>
<B>Hartford, Connecticut</B><BR>
(A Stock Insurance Company, herein called the Company)</P>

<P>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font-size: 8pt">
  <TR>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 84%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ITEM 1</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>INSURED:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ADVENT CONVERTIBLE AND INCOME FUND</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Principal Address:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">888 7TH AVE FL 31</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NEW YORK, NY 10106-3399</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 1.41pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(hereinafter, &#147;Insured&#148;)</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

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  <TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ITEM 2</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>POLICY PERIOD:</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inception Date: August 27, 2024</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Expiration Date: August 27, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12:01 A.M. local time as to both dates at the Principal Address stated in ITEM 1.</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

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  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ITEM 3</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0.01pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ALL NOTICES OF CLAIM OR LOSS MUST BE</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>SENT TO THE COMPANY BY EMAIL, FACSIMILE, OR</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>MAIL AS SET FORTH BELOW:</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Email: BSIclaims@travelers.com</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fax: 1-888-460-6622</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

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    <TD COLSPAN="2" STYLE="padding-left: 40pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 40pt; text-align: left; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mail: </FONT></TD>
    <TD STYLE="text-align: left; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Travelers Bond &amp; Specialty Insurance Claim</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 40pt; text-align: left; text-indent: 25.19pt">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">P.O. Box 2989</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 40pt; text-align: left; text-indent: 25.19pt">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hartford, CT 06104-2989</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P>&nbsp;</P>

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  <TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Overnight Mail: </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Travelers Bond &amp; Specialty Insurance Claim</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">One Tower Square, MN06</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hartford, CT 06183</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

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

<P>&nbsp;</P>

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<P></P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font-size: 8pt">
  <TR>
    <TD STYLE="text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 18%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 24%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 30%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ITEM 4</B></FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: left; text-indent: 1.41pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">If &#147;<I>Not Covered</I>&#148; is inserted opposite any specified Insuring Agreement below, or if no amount is included</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: left; text-indent: 1.42pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">in the Single Loss Limit of Insurance, such Insuring Agreement and any other reference thereto is</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 1.41pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">deemed to be deleted from this bond.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>SINGLE LOSS</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>SINGLE LOSS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 8.33pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>INSURING AGREEMENT</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>LIMIT OF</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>DEDUCTIBLE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>INSURANCE</B></FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMOUNT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>A. FIDELITY</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 18.09pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coverage A.1.</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Larceny or Embezzlement</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;3,000,000</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 18.36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coverage A.2.</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0.27pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Restoration Expenses</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Not Covered</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">IVBB-15001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 1 of 3</P>


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<P>&nbsp;</P>

<P><A NAME="page_5"></A>&nbsp;</P>

<P>&nbsp;</P>

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  <TR>
    <TD STYLE="padding-left: 40pt; width: 55%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 26%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 19%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 40pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>B. ON PREMISES</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;3,000,000</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;25,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 40pt; text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>C. IN TRANSIT</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;3,000,000</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;25,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 40pt; text-align: left; text-indent: 0.03pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>D. FORGERY OR ALTERATION</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;3,000,000</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;25,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 40pt; text-align: left; text-indent: 0.02pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>E. SECURITIES</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;3,000,000</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;25,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 40pt; text-align: left; text-indent: 0.02pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>F. COUNTERFEIT MONEY</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 40pt; text-align: left; text-indent: 13.91pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AND COUNTERFEIT MONEY ORDERS</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;3,000,000</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;25,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 40pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>G. CLAIM EXPENSE</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;25,000</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 40pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>H. STOP PAYMENT ORDERS OR</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 40pt; text-align: left; text-indent: 16.67pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>WRONGFUL DISHONOR OF CHECKS</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;25,000</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;5,000</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0"></P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 1.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>I. COMPUTER SYSTEMS</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coverage I.1.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.02pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Computer Fraud</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0.02pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;3,000,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;25,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coverage I.2.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fraudulent Instructions</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0.01pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;3,000,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;25,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coverage I.3.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Restoration Expense</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Not Covered</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 1.73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>J. UNCOLLECTIBLE ITEMS OF DEPOSIT</B></FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;25,000</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #000000 1px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#36;10,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ITEM 5</B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left; text-indent: 1.41pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>PREVIOUS BONDS OR POLICIES:</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: left; text-indent: 1.41pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Insured, by acceptance of this bond, gives notice to the Company canceling or terminating prior bond</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 1.41pt; width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">or policy numbers:</FONT></TD>
    <TD STYLE="text-align: left; width: 12%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 11%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 21%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 30%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 2.16pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Not Applicable</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 1.41pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">such cancellation or termination to be effective as of the time this bond becomes effective.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ITEM 6</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>DISCOVERY PERIOD:</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 1.41pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Additional Premium Percentage:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100% of the annualized premium</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Additional Months:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12 months</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1px; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(If exercised in accordance with section VI. CONDITIONS, S. DISCOVERY PERIOD)</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

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<TD STYLE="width: 35pt; text-align: left"><B>ITEM 7</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B> FORMS AND ENDORSEMENTS ATTACHED AT ISSUANCE:</B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left"></P>

<P STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>PRODUCER INFORMATION:</B></FONT><BR>
<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ARC EXCESS &amp; SURPLUS LLC</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">113 S SERVICE RD</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">JERICHO, NY 11753</FONT></P>

<P>&nbsp;</P>

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<P></P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-15001 Ed. 01-16</FONT></TD>
    <TD STYLE="text-align: right; width: 31%"><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="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#169; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>


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<P>&nbsp;</P>

<P><A NAME="page_6"></A>_____________________&nbsp;</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Countersigned By</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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; text-align: left">&nbsp;<IMG SRC="advent_convertibleandincx6x1.jpg" ALT=""></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="padding-left: 15pt; width: 75pt; text-align: left">President</TD><TD STYLE="width: 5pt"></TD><TD STYLE="padding-right: 50pt; text-align: right">Corporate Secretary</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">IVBB-15001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 3 of 3</P>


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<P>&nbsp;</P>

<P><A NAME="page_7"></A><IMG SRC="image_004.jpg" ALT=""><BR>
</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><B><I>Investment Company Bond<BR>
Table of Contents</I></B></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></P>

<P>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font-size: 8pt">
  <TR>
    <TD STYLE="text-align: left; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 15%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 71%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 4%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>I.</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>CONSIDERATION CLAUSE</I></B></FONT></TD>
    <TD STYLE="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; text-indent: 0.07pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>II.</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>INSURING AGREEMENTS</I></B></FONT></TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FIDELITY</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Coverage A.1.</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 4.39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Larceny or Embezzlement</B></FONT></TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Coverage A.2.</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 4.39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Restoration Expenses</B></FONT></TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ON PREMISES</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>IN TRANSIT</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FORGERY OR ALTERATION</B></FONT></TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.07pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0.07pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>SECURITIES</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>F.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="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="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">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>G.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>CLAIM EXPENSE</B></FONT></TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>H.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="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="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">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>I.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>COMPUTER SYSTEMS</B></FONT></TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Coverage I.1.</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Computer Fraud</B></FONT></TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Coverage I.2.</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fraudulent Instructions</B></FONT></TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Coverage I.3.</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Restoration Expenses</B></FONT></TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>J.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>UNCOLLECTIBLE ITEMS OF DEPOSIT</B></FONT></TD>
    <TD STYLE="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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>III.</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>GENERAL AGREEMENTS</I></B></FONT></TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ORGANIC GROWTH</B></FONT></TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>CONSOLIDATION - MERGER - PURCHASE OR ACQUISITION OF ASSETS</B></FONT></TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>REPRESENTATION OF INSURED</B></FONT></TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>JOINT INSURED</B></FONT></TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>COURT COSTS AND ATTORNEY&#146;S FEES - LEGAL PROCEEDINGS - ELECTION TO DEFEND</B></FONT></TD>
    <TD STYLE="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; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>IV.</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>DEFINITIONS</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="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; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>V.</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>EXCLUSIONS</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="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; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>VI.</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>CONDITIONS</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>19</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ADDITIONAL COMPANIES INCLUDED AS INSURED</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>19</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>DISCOVERY</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>19</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>C.</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>D.</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>SINGLE LOSS</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>E.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>SINGLE LOSS LIMIT OF INSURANCE</B></FONT></TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>F.</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>DEDUCTIBLE</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>G.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>NON-ACCUMULATION OF LIMITS</B></FONT></TD>
    <TD STYLE="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-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>H.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>NOTICE - PROOF OF LOSS - LEGAL PROCEEDINGS</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>20</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IVBB-16001 Ed. 01-16</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#169; 2016 The Travelers Indemnity Company. All rights
reserved.</FONT></P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page 1 of 25</FONT></P>

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

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

<P><A NAME="page_8"></A>&nbsp;</P>

<P>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font-size: 8pt">
  <TR>
    <TD STYLE="padding-left: 10pt; text-align: left; width: 4%">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: left; width: 81%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 15%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>I.</B></FONT></TD>
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>VALUATION</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.07pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>21</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>J.</B></FONT></TD>
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ASSIGNMENT</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.07pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>K.</B></FONT></TD>
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>SUBROGATION</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.07pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left; text-indent: 0.06pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>L.</B></FONT></TD>
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>RECOVERIES</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.07pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>M.</B></FONT></TD>
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>COOPERATION</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.07pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>N.</B></FONT></TD>
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ANTI-BUNDLING</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>O.</B></FONT></TD>
    <TD STYLE="padding-left: 10pt; 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="text-align: right; text-indent: 0.07pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>P.</B></FONT></TD>
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>OTHER INSURANCE OR INDEMNITY</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Q.</B></FONT></TD>
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>COVERED PROPERTY</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.07pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>24</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>R.</B></FONT></TD>
    <TD STYLE="padding-left: 10pt; 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="text-align: right; text-indent: 0.07pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>24</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>S.</B></FONT></TD>
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>DISCOVERY PERIOD</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.07pt"><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-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>T.</B></FONT></TD>
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>HEADINGS</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.07pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>25</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">IVBB-16001 Ed. 01-16</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 2 of 25</P>


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<P>&nbsp;</P>

<P><A NAME="page_9"></A><IMG SRC="image_005.jpg" ALT=""><BR>
</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><B><I>Investment Company Bond<BR>
with Extended Coverages</I></B></P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font-size: 8pt">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 90%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 0.03pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>I.</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid; text-indent: 0.03pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>CONSIDERATION CLAUSE</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.03pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>IN CONSIDERATION </B>of the payment of an agreed premium and subject to the Declarations and pursuant to all</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.01pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the terms, conditions, exclusions and limitations of this bond, the Company agrees to indemnify the Insured as set</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">forth in ITEM 1 of the Declarations (herein called Insured) for:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #000000 1px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>II.</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: #000000 1px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>INSURING AGREEMENTS</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.03pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>A.</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>FIDELITY</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coverage A.1. Larceny or Embezzlement</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 80pt; text-align: left">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-left: 60pt; text-align: left">Coverage A.2. Restoration Expenses</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 80pt; text-align: left"><B>Restoration Expenses </B>incurred by the Insured
and resulting directly from a <B>Computer Violation </B>by an <B>Employee</B>.</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>B.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.16pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ON PREMISES</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.16pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.09pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Loss of <B>Property </B>resulting directly from:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.09pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">a.</FONT></TD>
    <TD STYLE="text-align: left; width: 80%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">robbery, burglary, mysterious unexplainable disappearance or misplacement and</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">damage or destruction; or</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0.09pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">b.</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">theft, false pretenses, or common law or statutory larceny, committed by a person</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">physically present in an office of, or on the premises of, the Insured at the time the</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Property </B>was surrendered,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">while the <B>Property </B>is lodged or deposited within offices or premises located anywhere. The</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">premises of a <B>Depository </B>will be deemed premises of the Insured, but solely as respects loss of</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Certificated Securities</B>. Coverage for <B>Certificated Securities </B>held by such <B>Depository </B>is</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.04pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">limited to the extent of the Insured&#146;s interest therein as effected by the making of appropriate</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.04pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">entries on the books and records of such <B>Depository</B>. The Company will not be liable under</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.04pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Insuring Agreement B for loss in connection with the central handling of securities within the</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.03pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">systems established and maintained by any <B>Depository </B>unless the amount of such loss exceeds</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.03pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the amount recoverable or recovered under any bond or policy or participants&#146; fund insuring the</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.03pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Depository </B>against such loss.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.03pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This bond does not afford any coverage in favor of any <B>Depository </B>or exchange or any nominee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">in whose name is registered any security included within the <B>Depository&#146;s </B>systems.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Direct loss, through any hazard specified in Insuring Agreement B.1. of any <B>Property </B>while such</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.02pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Property </B>is within any of the Insured's or an <B>Investment Adviser&#146;s </B>offices and in the possession</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.04pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">of any customer of the Insured, any representative of such customer or any <B>Employee </B>whether</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.01pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">or not the Insured is liable for the loss thereof, and provided such loss, at the option of the</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0.01pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Insured, is included in the Insured's proof of loss, but excluding, in any event, loss caused by</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">such customer, any representative of such customer, or any <B>Employee</B>.</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0"></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 3 of 25</P>


<!-- Field: Page; Sequence: 11 -->
    <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 -->

<P>&nbsp;</P>

<P><A NAME="page_10"></A>&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: 35pt; text-align: right"><B>C.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>IN TRANSIT</B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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>

<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: 35pt; text-align: right"><B>D.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>FORGERY OR ALTERATION</B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">Loss resulting directly from the Insured having, in good faith, paid
or transferred any <B>Property </B>in reliance on any <B>Written, Original</B>:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">1. <B>Negotiable Instrument </B>(except an <B>Evidence of Debt</B>);</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">2. <B>Certificate of Deposit</B>;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">3. <B>Letter of Credit</B>;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">4. <B>Withdrawal Order</B>;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">5. <B>Acceptance</B>;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">6. receipt for the withdrawal of <B>Property</B>; or</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">7. 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 Institution</B>,</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">which (a) bears a handwritten
signature which is a <B>Forgery</B>; or (b) is altered, but only to the extent the <B>Forgery </B>or alteration causes the loss.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">Actual physical possession of the items listed in 1. through 7. above
by the Insured is a condition precedent to the Insured&#146;s having relied on the items.</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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: 35pt; text-align: right"><B>E.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>SECURITIES</B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">Loss resulting directly from the Insured having, in good faith, for
its own account or for the account of others:</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: center">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">acquired, sold, delivered, or given value, extended credit or assumed liability, on the faith
of any <B>Original Written </B>document that is a (an):</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">a.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Certificated Security</B>;</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.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Document of Title</B>;</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">c.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">deed, mortgage, or other instrument conveying title to, or creating or discharging a lien
on, real property;</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">d.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Certificate of Origin or Title</B>;</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">e.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Certificate of Deposit</B>;</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">f.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Evidence of Debt</B>;</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">g.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">corporate, partnership, or personal <B>Guarantee</B>;</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">h.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Security Agreement</B>;</TD>
</TR></TABLE>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"></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; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 4 of 25</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>
    <!-- Field: /Page -->

<P>&nbsp;</P>

<P><A NAME="page_11"></A>&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">i.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Instruction</B>;</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">j.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Statement of Uncertificated Security</B>, that</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: 75pt; text-align: right">(1)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 75pt; text-align: right">(2)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">is altered, but only to the extent the alteration causes the loss; or</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: 75pt; text-align: right">(3)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">is lost or stolen;</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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-left: 20pt; text-align: left">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>

<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: 15pt; text-align: right"><B>F.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">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>

<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: 15pt; text-align: right"><B>G.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>CLAIM EXPENSE</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">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>

<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: 15pt; text-align: right"><B>H.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF CHECKS</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Damages that the Insured becomes legally liable to pay its customers
resulting directly from the Insured or an <B>Investment Adviser </B>having:</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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">failed to comply with any notice of any customer of the Insured or any authorized representative
of such customer to stop payment on any check or draft made or drawn by such customer; or</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">wrongfully dishonored or wrongfully failed to certify any check or draft made or drawn by
the customer of the Insured or any authorized representative of such customer.</TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 5 of 25</P>


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<P>&nbsp;</P>

<P><A NAME="page_12"></A>&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: 15pt; text-align: right"><B>I.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>COMPUTER SYSTEMS</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Coverage I.1. Computer Fraud</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">Loss resulting directly from <B>Computer Fraud</B>.</P>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Coverage I.2. Fraudulent Instructions</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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>

<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">a.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">performed a <B>Callback Verification </B>with respect to such instruction; or</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.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">followed commercially reasonable <B>Security Procedures </B>applicable to the transaction
and instruction.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Coverage I.3. Restoration Expenses</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left"><B>Restoration Expenses </B>incurred by the Insured
or an <B>Investment Adviser </B>and resulting from a <B>Computer Violation </B>by someone other than an <B>Employee</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: 15pt; text-align: right"><B>J.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>UNCOLLECTIBLE ITEMS OF DEPOSIT</B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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-left: 60pt; text-align: left">1. redemptions or withdrawals to be permitted;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 60pt; text-align: left">2. shares to be issued; or</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 60pt; text-align: left">3. dividends to be paid.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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-left: 40pt; text-align: left"><B>Items of Deposit </B>will not be deemed to be uncollectible until
the Insured&#146;s or <B>Investment Adviser&#146;s </B>standard collection procedures have failed.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><B><I>III. GENERAL AGREEMENTS</I></B></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><B><I></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: 15pt; text-align: right"><B>A.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>ORGANIC GROWTH</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">If an Insured or <B>Investment Adviser</B>, while
this bond is in force, adds additional <B>Employees </B>other than by consolidation or merger with, or purchase or acquisition of the
assets, assets under management or</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0.25in"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 6 of 25</P>


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<P>&nbsp;</P>

<P><A NAME="page_13"></A>&nbsp;</P>

<P STYLE="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">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>

<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: 15pt; text-align: right"><B>B.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>CONSOLIDATION - MERGER - PURCHASE OR ACQUISITION OF ASSETS</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">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 &#147;Transaction&#148;), coverage under this
bond for loss which:</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">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">has occurred or will occur in the offices or premises of such institution;</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">2.</TD><TD STYLE="width: 5pt"></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>

<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">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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-left: 40pt; text-align: left">is provided as follows:</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: 75pt; text-align: right">a.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Automatic Loss Sustained Coverage</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 80pt; text-align: left">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" 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: 75pt; text-align: right">b.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Automatic Discovery Coverage</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 80pt; text-align: left">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>

<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: 15pt; text-align: right"><B>C.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>REPRESENTATION OF INSURED</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">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>

<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: 15pt; text-align: right"><B>D.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>JOINT INSURED</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">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="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">If two or more Insureds are covered under this
bond, the first named Insured will act for all Insureds. Payment by the Company to the first named Insured of loss sustained by any Insured
fully releases the Company on account of such loss. If the first named Insured ceases to be covered under this bond, the Insured next
named will thereafter be considered the first named Insured. In the absence of an Insured</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016
The Travelers Indemnity Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 7 of 25</P>


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<P>&nbsp;</P>

<P><A NAME="page_14"></A>&nbsp;</P>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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>

<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: 15pt; text-align: right"><B>E.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>COURT COSTS AND ATTORNEY&#146;S FEES - LEGAL PROCEEDINGS - ELECTION TO DEFEND</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">The Company will indemnify the Insured against court costs and reasonable
attorney&#146;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>

<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">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">an <B>Employee </B>admits to being guilty of <B>Larceny or Embezzlement</B>;</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">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">an <B>Employee </B>is adjudicated to be guilty of <B>Larceny or Embezzlement</B>; or</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">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">in the absence of 1. or 2. above, an arbitration panel agrees, after a review of an agreed
statement of facts, that an <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="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Such indemnity is in addition to the Single Loss Limit of Insurance
for the applicable Insuring Agreement or Coverage.</P>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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&#146;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&#146;s liability or alleged liability.
Any amount not recoverable by reason of the Insured&#146;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="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">If the Company pays court costs and attorney&#146;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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><B><I>IV. DEFINITIONS</I></B></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; text-align: left"></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">As used in this bond:</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: 15pt; 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>

<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: 15pt; 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>

<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: 15pt; text-align: right"><B>C.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><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.</TD>
</TR></TABLE>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"></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; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 8 of 25</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>
    <!-- Field: /Page -->

<P>&nbsp;</P>

<P><A NAME="page_15"></A>&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: 15pt; text-align: right"><B>D.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><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.</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: 15pt; 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>

<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: 15pt; 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>

<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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">represented by a <B>Written </B>instrument issued in bearer or registered form;</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 15pt; 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>

<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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>Property </B>to be transferred, paid, or delivered;</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">an account of the Insured, or of its customer, to be added, deleted, debited or credited;
or</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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">an unauthorized or fictitious account to be debited or credited.</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: 15pt; text-align: right"><B>H.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Computer System </I></B>means:</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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">any computer; and</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">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,</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">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></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: 15pt; text-align: right"><B>I.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Computer Violation </I></B>means:</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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the introduction of a <B>Computer Virus </B>into a <B>Computer System</B>; or</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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">a.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">gained unauthorized access to such <B>Computer System</B>; or</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.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">authorized access to such <B>Computer System </B>but uses such access to cause such damage
or destruction.</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: 15pt; 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>

<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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">electronic data used, or stored, in any <B>Computer System </B>or network; or</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">a computer network, any computer application software, or a computer operating system or
related network.</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: 15pt; text-align: right"><B>K.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><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 <B>Original</B>.</TD>
</TR></TABLE>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"></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; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 9 of 25</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>&nbsp;</P>

<P><A NAME="page_16"></A>&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: 15pt; text-align: right"><B>L.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><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&#146;s assets.</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: 15pt; 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 <B>Funds Transfer Agreement </B>with the Insured or with an <B>Investment Adviser</B>.</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: 15pt; text-align: right"><B>N.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Depository </I></B>means a clearing corporation that is:</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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">registered with the Securities Exchange Commission as a clearing agency under section 17A
of the Securities Exchange Act of 1934 (15 U.S.C. 78q-1); or</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 15pt; 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>

<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: 15pt; 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 Institution</B>, 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>

<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: 15pt; 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>

<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: 15pt; text-align: right"><B>R.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Employee </I></B>means:</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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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&#146;s termination of service, provided such termination is not due to employee fraud or dishonesty;</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">a guest student or intern pursuing studies or duties in any of the Insured&#146;s or an <B>Investment
Adviser&#146;s </B>offices or premises covered hereunder, while such person is performing services for the Insured;</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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">4.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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&#146;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&#146;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>

<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: 35pt; text-align: right">5.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">an employee of an institution merged or consolidated with the Insured prior to the effective
date of this bond, or, subject to General Agreement B., after the effective date of this bond, but only with respect to acts while an
employee of such institution and which acts caused said institution to</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 10 of 25</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>&nbsp;</P>

<P><A NAME="page_17"></A>&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">sustain a loss that was not known to the Insured
or to the institution at the time of the merger or consolidation;</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: 35pt; text-align: right">6.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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.);</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: 35pt; text-align: right">7.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">8.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">any natural person who is a volunteer, while such person is subject to the Insured&#146;s
direction and control and is performing services for the Insured;</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: 35pt; text-align: right">9.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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&#146;s direction and control and performing services for the
Insured; and</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: 35pt; text-align: right">10.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">any officer, partner, or employee of:</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">a.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">an <B>Investment Adviser</B>;</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.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">an underwriter (distributor);</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">c.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">a transfer agent or shareholder accounting record-keeper; or</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">d.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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-left: 40pt; text-align: left">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="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><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&#146;s direction and control during the time of leave.</P>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><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>

<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: 15pt; text-align: right"><B>S.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><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.</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: 15pt; text-align: right"><B>T.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Financial Institution </I></B>means:</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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">a bank, trust company, savings bank, credit union, savings and loan association, or similar
thrift institution; or</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">a stock brokerage firm, mutual fund, liquid assets fund or similar investment institution;</TD>
</TR></TABLE>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"></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; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 11 of 25</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>
    <!-- Field: /Page -->

<P>&nbsp;</P>

<P><A NAME="page_18"></A>&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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>

<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: 15pt; 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="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><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>

<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: 15pt; text-align: right"><B>V.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><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:</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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">transmitted via telefacsimile, and:</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">a.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">purports and reasonably appears to be from a <B>Customer</B>, a <B>Financial Institution</B>,
or another office of the Insured;</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.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">was in fact transmitted by someone other than a <B>Customer</B>, a <B>Financial Institution</B>,
or another office of the Insured; and</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">c.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">transmitted verbally, via telephone, and purports to be from:</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">a.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">an officer, director, partner or employee of a <B>Customer</B>, who is authorized by the
<B>Customer </B>to instruct the Insured or an <B>Investment Adviser </B>to make such a transfer;</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.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">a <B>Customer </B>who is a natural person; or</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">c.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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&#146;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-left: 40pt; text-align: left">but was in fact transmitted by someone other than a person described in paragraph V.2.; or</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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><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>

<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: 15pt; text-align: right"><B>W.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B><I>Funds Transfer Agreement </I></B>means an agreement, signed by the <B>Customer</B>,
that:</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: 35pt; text-align: right">a.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">b.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">provides the Insured or an <B>Investment Adviser </B>with the names of persons authorized
to initiate funds transfers.</TD>
</TR></TABLE>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"></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; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 12 of 25</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>&nbsp;</P>

<P><A NAME="page_19"></A>&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: 15pt; 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>

<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: 15pt; text-align: right"><B>Y.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><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.</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: 15pt; 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 &#167;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>

<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: 15pt; 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>

<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: 15pt; 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, &#167;37 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: 15pt; 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>

<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: 15pt; 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>

<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: 15pt; 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&#146;s
<B>Property </B>away from the Insured&#146;s or <B>Investment Adviser&#146;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>

<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: 15pt; 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>

<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: 15pt; 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>

<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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">is signed by the maker or drawer;</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">is payable on demand or at a definite time; and</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: 35pt; text-align: right">4.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">is payable to order or bearer.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 20pt; text-align: left"><B>Negotiable Instrument </B>also means a counterfeit check or <B>Substitute
Check</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: 15pt; 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>

<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: 15pt; 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>

<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: 15pt; 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>

<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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">was provided by the <B>Customer </B>when the <B>Customer </B>opened the account with the
Insured or an <B>Investment Adviser</B>;</TD>
</TR></TABLE>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"></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; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 13 of 25</P>


<!-- Field: Page; Sequence: 21 -->
    <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 -->

<P>&nbsp;</P>

<P><A NAME="page_20"></A>&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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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&#146;s or <B>Investment Adviser&#146;s </B>premises
and while presenting a government-issued photo identification;</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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">was provided in a <B>Funds Transfer Agreement</B>;</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: 35pt; text-align: right">4.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">replaced a telephone number previously provided for the <B>Customer&#146;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>

<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: 35pt; text-align: right">5.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">replaced a telephone number previously provided for the <B>Customer&#146;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 Instruction</B>.</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: 15pt; 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 Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; 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&#146;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 Violation</B>; 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&#146;s
prior written consent, to reach such determination.</TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><B>Restoration Expenses </B>do not include:</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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">expenses incurred as a result of the reconstruction of computer programs, software, or other
electronic data that the Insured did not have a license to use;</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">expenses incurred to design, update, improve, or perfect the operation or performance of
computer programs, software, or other electronic data; or</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: 35pt; text-align: right">4.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">expenses incurred to redo the work product, research, or analysis that was the basis of,
or resulted in, any computer programs, software, or other electronic data stored.</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: 15pt; 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>

<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: 15pt; 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&#146;s or <B>Investment Adviser&#146;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>

<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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">a general statement that the Insured or <B>Investment Adviser </B>may establish security
procedures;</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">a statement that the Insured or <B>Investment Adviser </B>may perform a callback or other
security procedure; or</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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 14 of 25</P>


<!-- Field: Page; Sequence: 22 -->
    <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 -->

<P>&nbsp;</P>

<P><A NAME="page_21"></A>&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: 15pt; 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>

<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: 15pt; 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>

<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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">a description of the issue of which the <B>Uncertificated Security </B>is a part;</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the number of shares or units:</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">a.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">transferred to the registered owner;</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.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">pledged by the registered owner to the registered pledgee;</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">c.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">released from pledge by the registered pledgee;</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">d.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">registered in the name of the registered owner on the date of the statement; or</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">e.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">subject to pledge on the date of the statement;</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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the name and address of the registered owner and registered pledgee;</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: 35pt; text-align: right">4.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">5.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the date:</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">a.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the transfer of the shares or units to the new registered owner of the shares or units was
registered;</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.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the pledge of the registered pledgee was registered; or</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">c.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">of the statement, if it is a periodic or annual statement.</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: 15pt; text-align: right"><B>QQ.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><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 21st Century Act of 2003, 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: 15pt; 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>

<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: 15pt; 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>

<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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 15pt; 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 <B>Instruction</B>, 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>

<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: 15pt; 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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 15 of 25</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>&nbsp;</P>

<P><A NAME="page_22"></A>&nbsp;</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><B><I>V. EXCLUSIONS</I></B></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; text-align: left"></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: 15pt; 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>

<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: 15pt; 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>

<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: 15pt; 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>

<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: 15pt; 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 Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; 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>

<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: 15pt; 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>

<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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">when covered under Insuring Agreement A.; or</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">when covered under Insuring Agreement B. or C. and resulting directly from mysterious unexplainable
disappearance or misplacement, or unintentional destruction of or damage to <B>Property</B>.</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: 15pt; 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>

<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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">in obtaining credit or funds;</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">in gaining access to any automated teller machine; or</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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">in gaining access to any point of sale terminal, customer-bank communication terminal, or similar electronic terminal of any electronic funds transfer system,</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">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></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: 15pt; 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>

<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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">to do damage to the premises or property of the Insured,</TD>
</TR></TABLE>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"></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; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 16 of 25</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>&nbsp;</P>

<P><A NAME="page_23"></A>&nbsp;</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">except when covered under Insuring Agreement A.</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: 15pt; 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>

<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: 15pt; 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&#146;s account.</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: 15pt; text-align: right"><B>K.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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.</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: 15pt; 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>

<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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">in the mail;</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">located on the premises of any <B>Transportation Company</B>,</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 20pt; text-align: left">except when covered under Insuring Agreement A.</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: 15pt; 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>

<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: 15pt; 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>

<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: 15pt; 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>

<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: 15pt; 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>

<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: 15pt; 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>

<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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">of any rule or regulation made pursuant to any such law, 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.</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: 15pt; 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>

<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: 15pt; text-align: right"><B>S.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 17 of 25</P>


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<P>&nbsp;</P>

<P><A NAME="page_24"></A>&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: 15pt; 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>

<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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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 Institution</B>,
or automated clearing house, except when covered under Insuring Agreement I.2.</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: 15pt; 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>

<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: 15pt; text-align: right"><B>V.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not cover under Insuring Agreement I.2., in addition to all of the other exclusions,
loss resulting directly or indirectly from the Insured&#146;s or an <B>Investment Adviser&#146;s </B>assumption of liability by contract
unless the liability arises from a loss covered by Insuring Agreement I.2. and would be imposed on the Insured regardless of the existence
of the contract.</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: 15pt; 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&#146;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 Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; 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&#146;s personally identifiable customer,
financial or medical information was stolen, accessed, downloaded, or misappropriated while in the Insured&#146;s care, custody, or control.</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: 15pt; 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>

<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: 15pt; 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>

<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: 15pt; 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>

<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: 15pt; 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 obtained customer login,
identification, password, or authentication information, except where such</TD>
</TR></TABLE>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 18 of 25</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>&nbsp;</P>

<P><A NAME="page_25"></A>&nbsp;</P>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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>

<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: 15pt; 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, "racketeering activity" 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: 15pt; 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>

<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: 15pt; 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>

<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: 15pt; 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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><B><I>VI. CONDITIONS</I></B></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><B><I></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: 15pt; text-align: right"><B>A.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>ADDITIONAL COMPANIES INCLUDED AS INSURED</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">If more than one corporation, co-partnership, or person, or any combination
of them are included as the Insured herein:</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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the Insured first named will be deemed authorized to make, adjust and receive and enforce
payment of all claims under the bond and will be deemed to be the agent of the others for such purposes and for the giving or receiving
of any notice required or permitted to be given by the terms of this bond, provided however that the Company will furnish each named
Insured with a copy of the bond and with any amendment to the bond, together with a copy of each formal filing of claim by any Insured
and notification of the terms of any settlement of a claim prior to the execution of such settlement;</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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the Company will not be responsible for the proper application of any payment made hereunder
to the first named Insured; and</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: 35pt; text-align: right">4.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 15pt; text-align: right"><B>B.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>DISCOVERY</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 19 of 25</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>&nbsp;</P>

<P><A NAME="page_26"></A>&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: 15pt; text-align: right"><B>C.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>BOND PERIOD</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><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>

<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: 15pt; text-align: right"><B>D.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>SINGLE LOSS</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><B>Single Loss </B>means all covered loss, including court costs and
attorney&#146;s fees incurred by the Company under General Agreement E., resulting from:</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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">any one act or series of related acts of burglary, robbery, or attempt thereat, in which
no <B>Employee </B>is implicated;</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">4.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">any one casualty or event not specified in 1., 2., or 3. above.</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: 15pt; text-align: right"><B>E.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>SINGLE LOSS LIMIT OF INSURANCE</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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>

<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: 15pt; text-align: right"><B>F.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>DEDUCTIBLE</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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>

<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: 15pt; text-align: right"><B>G.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>NON-ACCUMULATION OF LIMITS</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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>

<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: 15pt; text-align: right"><B>H.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>NOTICE - PROOF OF LOSS - LEGAL PROCEEDINGS</B></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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">At the earliest practicable moment not to exceed 90 days after discovery of loss, the Insured
or <B>Investment Adviser </B>must give the Company notice thereof.</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="margin-bottom: 0; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 20 of 25</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>&nbsp;</P>

<P><A NAME="page_27"></A>&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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">4.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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&#146;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>

<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: 35pt; text-align: right">5.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">6.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 15pt; text-align: right"><B>I.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>VALUATION</B></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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Money</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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>

<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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Securities</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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 Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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 Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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>

<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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Books of Account and Other Records</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">In case of loss of, or damage to, any books of account or other records
used by the Insured in its business, the Company will be liable under this bond only if such books or records are actually reproduced
and then for not more than the cost of the blank books, blank pages or other</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">IVBB-16001 Ed. 01-16</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 21 of 25</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>
    <!-- Field: /Page -->

<P>&nbsp;</P>

<P><A NAME="page_28"></A>&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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>

<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: 35pt; text-align: right">4.</TD><TD STYLE="width: 5pt"></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-left: 40pt; text-align: left">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-left: 40pt; text-align: left">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-left: 40pt; text-align: left">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>

<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: 15pt; text-align: right"><B>J.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>ASSIGNMENT</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">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>

<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: 15pt; text-align: right"><B>K.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>SUBROGATION</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">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>

<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: 15pt; text-align: right"><B>L.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>RECOVERIES</B></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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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">a.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">first, to the Insured to reimburse the Insured for loss sustained that would have been paid
under this bond but for the fact that such loss is in excess of the Single Loss Limit of Insurance, provided however, such loss does
not include claim expense payments made by the Insured in excess of the Single Loss Limit of Insurance of Insuring Agreement G and such
payments will not be deemed excess for purposes of establishing order of priority;</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.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">second, to the Company in satisfaction of amounts paid or to be paid to the Insured in settlement
of the Insured&#146;s claim;</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">c.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">third, to the Insured in satisfaction of any Single Loss Deductible Amount; and</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">d.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">fourth, to the Insured in satisfaction of any loss not covered under this bond.</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Recovery on account of loss of securities as set forth in Condition I.2., or recovery from
reinsurance or indemnity of the Company, will not be deemed a recovery as used herein.</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 22 of 25</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>&nbsp;</P>

<P><A NAME="page_29"></A>&nbsp;</P>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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>

<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: 15pt; text-align: right"><B>M.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>COOPERATION</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Upon the Company's request, and at reasonable times and places designated
by the Company, the Insured will:</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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">submit to examination by the Company and subscribe to the same under oath;</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">produce for the Company's examination all pertinent records; and</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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">cooperate with the Company in all matters pertaining to the loss.</TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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>

<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: 15pt; text-align: right"><B>N.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>ANTI-BUNDLING</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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>

<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: 15pt; text-align: right"><B>O.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>LIMIT OF INSURANCE UNDER THIS BOND AND PRIOR INSURANCE</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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>

<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: 15pt; text-align: right"><B>P.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>OTHER INSURANCE OR INDEMNITY</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Coverage afforded hereunder applies only as excess over any valid
and collectible insurance or indemnity obtained by:</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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the Insured;</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">anyone other than the Insured;</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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">a <B>Transportation Company</B>;</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: 35pt; text-align: right">4.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">another entity on whose premises the loss occurred or that employed the person causing the
loss; or</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: 35pt; text-align: right">5.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the messenger conveying the <B>Property </B>involved.</TD>
</TR></TABLE>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"></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; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 23 of 25</P>


<!-- Field: Page; Sequence: 31 -->
    <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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<P>&nbsp;</P>

<P><A NAME="page_30"></A>&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: 15pt; text-align: right"><B>Q.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>COVERED PROPERTY</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">This bond applies to loss of <B>Property</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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">that is owned by the Insured;</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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">that is held by the Insured in any capacity; or</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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">for which the Insured is responsible,</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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>

<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: 15pt; text-align: right"><B>R.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>CANCELATION, TERMINATION, CHANGE, OR MODIFICATION</B></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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Cancelation</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">a.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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&#146; 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>

<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.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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">c.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Termination</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">a.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond terminates in its entirety immediately upon the Expiration Date set forth in ITEM
2 of the Declarations.</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.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond terminates as to any Insured:</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: 75pt; text-align: right">(1)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">immediately upon the surrender of such Insured&#146;s charter to any governmental authority;
or</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: 75pt; text-align: right">(2)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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-left: 60pt; text-align: left">whichever occurs first.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 60pt; text-align: left">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>

<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">c.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Coverage terminates as to any <B>Employee</B>, or as to any partner, officer, or employee
of any <B>Electronic Data Processor</B>:</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: 75pt; text-align: right">(1)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">as soon as any Director or Officer or Insured not in collusion with such person, learns of
any dishonest or fraudulent employment related act, including <B>Larceny or Embezzlement</B>; or</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: 75pt; text-align: right">(2)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">60 days after any director or officer of the Insured not in collusion with such person, learns
of any dishonest or fraudulent non-employment related act,</TD>
</TR></TABLE>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"></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; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 24 of 25</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>
    <!-- Field: /Page -->

<P>&nbsp;</P>

<P><A NAME="page_31"></A>&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left; text-indent: 0.25in">including <B>Larceny or Embezzlement</B>, that
resulted in a loss of <B>Property </B>in excess of &#36;25,000,</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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 Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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>

<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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Change or Modification</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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>

<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: 15pt; text-align: right"><B>S.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>DISCOVERY PERIOD</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">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="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">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>

<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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">upon any takeover of the Insured&#146;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="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">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="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">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="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">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>

<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: 15pt; text-align: right"><B>T.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>HEADINGS</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">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 Arial, Helvetica, Sans-Serif; text-align: left"></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; text-align: left">IVBB-16001 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 25 of 25</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>
    <!-- Field: /Page -->

<P>&nbsp;</P>

<P><A NAME="page_32"></A></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center; border: Black 1pt solid; width: 100%"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></TD></TR>
</TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"></P>

<P STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><B>ADD OR DELETE INSUREDS ENDORSEMENT</B></P>

<P STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This endorsement changes the following:</FONT><BR>
<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Investment Company Bond</B></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="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B></B></FONT></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><B>It is agreed that:</B></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">The following amendments are made to ITEM 1 of the Declarations:</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: left">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The following entities are deleted from the list of Insureds:</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: left">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The following entities are added to the list of Insureds:</TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 60pt; text-align: left">Advent Claymore Convertible Securities and Income Fund</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 60pt; text-align: left">Advent Claymore
Enhanced Growth &amp; Income Fund</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 60pt; text-align: left">Advent Claymore Convertible Securities and Income Fund II</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, exclusions, or limitations of the above-mentioned policy, except as expressly stated herein. This endorsement
is part of such policy and incorporated therein.</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">Issuing Company: Travelers Casualty and Surety Company of America
Policy Number: 106723989</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">IVBB-19005 Ed. 01-16 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

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

<P><A NAME="page_33"></A></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center; border: Black 1pt solid; width: 100%"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><B>UNAUTHORIZED SIGNATURE ENDORSEMENT</B></P>

<P STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This endorsement changes the following:</FONT><BR>
<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Investment Company Bond</B></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="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B></B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><B>It is agreed that:</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: 15pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The following is added to section II. INSURING AGREEMENTS, D. FORGERY OR ALTERATION<B>:</B></TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">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&#146;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 Order</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: 15pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The following replaces section VI. CONDITIONS, N. ANTI-BUNDLING:</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: 35pt; text-align: right"><B>N.</B></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><B>ANTI-BUNDLING</B></TD>
</TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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; text-align: left"></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; text-align: left">Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, exclusions, or limitations of the above-mentioned policy, except as expressly stated herein. This endorsement
is part of such policy and incorporated therein.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"></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; text-align: left">Issuing Company: Travelers Casualty and Surety Company of America
Policy Number: 106723989</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">IVBB-19010 Ed. 01-16</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

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

<P><A NAME="page_34"></A>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center; border: Black 1pt solid; width: 100%"><B>THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.</B></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"></P>

<P STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><B>AUTOMATIC INCREASE IN INSURING AGREEMENT A.1. SINGLE LOSS LIMIT
OF INSURANCE ENDORSEMENT</B></P>

<P STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This endorsement changes the following:</FONT><BR>
<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Investment Company Bond</B></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="text-align: left"></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><B>It is agreed that:</B></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">The following is added to section VI. CONDITIONS, E. SINGLE LOSS LIMIT
OF INSURANCE:</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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" 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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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" 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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">an increase in assets under management due to the addition of new investment companies per
the terms of section III. GENERAL AGREEMENTS, B. CONSOLIDATION &#150; MERGER &#150; PURCHASE OR ACQUISTION OF ASSETS,</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, exclusions, or limitations of the above-mentioned bond, except as expressly stated herein. This endorsement
is part of such bond and incorporated therein.</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">Issuing Company: <B>Travelers Casualty and Surety Company of America</B></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Bond Number: <B>106723989</B></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">IVBB-19044 Ed. 05-18 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2018 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 1 of 1</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>
    <!-- Field: /Page -->

<P>&nbsp;<A NAME="page_35"></A>&nbsp;</P>

<P STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center; border: Black 1pt solid; width: 100%"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"></P>

<P STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><B>REPLACE GENERAL AGREEMENT A. ORGANIC GROWTH ENDORSEMENT</B></P>

<P STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This endorsement changes the following:</FONT><BR>
<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment Company Bond</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="text-align: left"></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><B>It is agreed that:</B></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">The following replaces section III. GENERAL AGREEMENTS, A. ORGANIC
GROWTH:</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, exclusions, or limitations of the above-mentioned policy, except as expressly stated herein. This endorsement
is part of such policy and incorporated therein.</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; text-align: left"></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Issuing Company: <B>Travelers Casualty and Surety Company of America</B></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Policy Number: <B>106723989</B></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; text-align: left"></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">IVBB-19045 Ed. 03-19</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2019 The Travelers Indemnity
Company. All rights reserved.</P>

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

<P><A NAME="page_36"></A>&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center; border: Black 1pt solid; width: 100%"><B>THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.</B></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"></P>

<P STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><B>GLOBAL COVERAGE COMPLIANCE ENDORSEMENT</B></P>

<P STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This endorsement changes the following:</FONT><BR>
<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Investment Company Bond</B></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="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B></B></FONT></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><B>It is agreed that:</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: 15pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The following is added to section IV. DEFINITIONS:</TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><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" 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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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" 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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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" 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: 35pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">election or obligation to obtain insurance for such Insured.</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: 15pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The following is added to section VI. CONDITIONS, M. COOPERATION:</TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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>

<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: 15pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The following are added to section VI. CONDITIONS:</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><B>TERRITORY COVERED</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: 35pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">This bond does not apply to:</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">a.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">loss sustained by an Insured domiciled; or</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.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">loss of or damage to property located,</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">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></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: 35pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><B>SANCTIONS</B></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, exclusions, or limitations of the above-mentioned bond, except as expressly stated herein. This endorsement
is part of such bond and incorporated therein.</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Issuing Company: <B>Travelers Casualty and Surety Company of America</B></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Bond Number: <B>106723989</B></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><B></B></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">IVBB-19038 Ed. 04-22 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2022 The Travelers Indemnity
Company. All rights reserved.</P>

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

<P><A NAME="page_37"></A>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center; border: Black 1pt solid; width: 100%"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><B>NEW YORK CANCELATION, TERMINATION, CHANGE, OR MODIFICATION
ENDORSEMENT</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">This endorsement changes the following:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><B>Investment Company Bond</B></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><B></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><B>It is agreed that:</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: 15pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The following replaces VI. CONDITIONS, R. CANCELATION, TERMINATION, CHANGE, OR MODIFICATION,
1.b.:</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: 35pt; text-align: right">b.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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 Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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" 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">(1)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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" 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">(2)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">conviction of the Insured of a crime arising out of acts increasing the hazard insured against;</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">(3)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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" 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">(4)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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" 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">(5)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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" 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">(6)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">a determination by the superintendent that continuation of the present premium volume of
the Company would jeopardize the Company&#146;s solvency or be hazardous to the interests of the Company&#146;s stockholders or creditors,
or to the public;</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">(7)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">a determination by the superintendent that continuation of the bond would violate, or would
place the Company in violation of, any provision of the New York State Insurance Law; or</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">(8)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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" 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: 75pt; text-align: right">(a)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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" 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: 75pt; text-align: right">(b)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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>

<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: 15pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The following are added to VI. CONDITIONS, R. CANCELATION, TERMINATION, CHANGE, OR MODIFICATION:</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: 35pt; text-align: right">4.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Nonrenewal</TD>
</TR></TABLE>

<P STYLE="margin-bottom: 0; font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 40pt; text-align: left">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>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Issuing Company: <B>Travelers Casualty and Surety Company of America</B></P>

<P STYLE="margin-bottom: 0; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Policy Number: <B>106723989</B></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">IVBB-18023 Rev. 12-17 </P>

<P STYLE="margin-bottom: 0; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2017 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 1 of 2</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>&nbsp;</P>

<P><A NAME="page_38"></A>&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: 15pt; text-align: right">5.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Renewal with Altered Terms:</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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&#146;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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, exclusions, or limitations of the above-mentioned policy, except as expressly stated herein. This endorsement
is part of such policy and incorporated therein.</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; text-align: left"></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">IVBB-18023 Rev. 12-17 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2017 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">Page 2 of 2</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>&nbsp;</P>

<P><A NAME="page_39"></A>&nbsp;</P>



<P STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center; border: Black 1pt solid; width: 100%"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><B>NEW YORK INSURANCE MANDATORY REGULATION 209 ENDORSEMENT</B></P>

<P STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This endorsement changes the following:</FONT><BR>
<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Investment Company Bond</B></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="text-align: left"></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"><B>It is agreed that:</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: 15pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The following is added to section <B>V. EXCLUSIONS</B>, <B>AA.</B>:</TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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>

<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: 15pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The following is added to section <B>VI. CONDITIONS</B>, <B>R. CANCELATION OR TERMINATION</B>,
2. Termination, c.:</TD>
</TR></TABLE>

<P STYLE="margin-left: 20pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">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="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">With respect to any <B>Employee</B>, upon the detection by any Insured
that such <B>Employee </B>(hereafter &#147;detected <B>Employee</B>&#148;) 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="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="margin-left: 20pt; text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">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="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, exclusions, or limitations of the above-mentioned policy, except as expressly stated herein. This endorsement
is part of such policy and incorporated therein.</P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">Issuing Company: <B>Travelers Casualty and Surety Company of America</B></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif">Policy Number: <B>106723989</B></P>

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif"></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; text-align: left">IVBB-17022 Rev. 10-19 </P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">&#169; 2019 The Travelers Indemnity
Company. All rights reserved.</P>

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



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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 7.9pt 0 0 10.75pt">This document is deemed part of the face of the Policy.</P>

<P STYLE="text-align: right; font: bold 9pt/14.65pt Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0 0.15in">New York Free Trade Zone Filing Exemption</P>

<P STYLE="text-align: right; font: 9pt/14.65pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 98.35pt"><B>And Class Code Disclosure</B></P>

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

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 8.9pt"><FONT STYLE="font-size: 8pt"></FONT></P>

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

<P STYLE="font: 9pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.1pt"><FONT STYLE="font-size: 9pt"><IMG SRC="image_002.gif" ALT="Text Box: NOTICE: THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE&#13;&#10;FILING REQUIREMENTS OF THE NEW YORK INSURANCE LAW AND REGULATIONS. HOWEVER, THE FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.&#13;&#10;" STYLE="width: 712px; height: 101px"></FONT></P>

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

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<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"><B>&nbsp;</B></P>

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

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

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<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"><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: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 3.25pt 0 0 10.4pt; text-indent: 1.75pt">2-14076 Investment Counselors,
Asset Managers and Venture Capital Professionals and Management Liability</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"><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: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 8.1pt"><FONT STYLE="font-size: 8pt"><IMG SRC="image_003.gif" ALT="" STYLE="width: 700px; height: 4px"></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 10.4pt">Issuing Company: <B>Travelers Casualty and Surety Company of
America</B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.75pt 0 0 10.4pt">Policy Number: <B>106968128</B></P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 8.1pt"><FONT STYLE="font-size: 8pt"><IMG SRC="image_004.gif" ALT="" STYLE="width: 700px; height: 4px"></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 10.75pt">AFE-19002 Rev. 01-19&#9;Page 1 of 1</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 10.75pt">&copy; 2019 The Travelers Indemnity Company. All rights reserved.</P>


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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 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_012.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">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 17, 2024</P>

<P STYLE="font: 9pt/11.6pt Calibri, Helvetica, Sans-Serif; margin: 6.5pt 355.75pt 0 8.4pt">ADVENT CONVERTIBLE AND INCOME FUND<BR> 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">&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">&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">&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_005.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_013.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">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">08/14/2024</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+
Online</B></FONT><B> <FONT STYLE="font-size: 6.5pt">&reg;</FONT> <FONT STYLE="font-size: 9pt">from Travelers Bond &amp; Specialty Insurance</FONT></B><FONT STYLE="font-size: 9pt">
<FONT STYLE="letter-spacing: -0.05pt">(<FONT STYLE="color: blue">www.rmplusonline.com</FONT>)</FONT></FONT></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 5.85pt 0 6.9pt">As a Travelers Bond &amp; Specialty Insured you receive
risk management services, at no cost, to help protect you and your business.</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 5.85pt 0 6.9pt">Risk Management PLUS+ Online, is a robust website to
assist you in the mitigation of risk relative to employment practices, directors and officers, fiduciary liability, cyber, crime, kidnap
&amp; ransom, and identity fraud exposures.</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 6.9pt">Highlights of Risk Management PLUS+ Online include:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0 43pt; text-indent: -16.15pt">&#8226;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Thousands of articles on a variety of risk management topics</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0 43pt; text-indent: -16.15pt">&#8226;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Topical webinars and podcasts on current issues</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0 43pt; text-indent: -16.15pt">&#8226;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Checklists to assist in managing risk</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0 43pt; text-indent: -16.15pt">&#8226;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</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_006.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;</P>

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

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<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"></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.&#9;</P>

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


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<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 2.15pt 0 0 7.8pt; text-align: justify; text-indent: -0.05pt">This notice
provides no coverage, nor does it change any policy terms. To determine the scope of coverage and the insured&#8217;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>

<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: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt/14.5pt Calibri, Helvetica, Sans-Serif; text-align: right; margin: 0 0 0 7.8pt">Independent Agent And Broker</P>

<P STYLE="font: 9pt/14.5pt Calibri, Helvetica, Sans-Serif; text-align: right; margin: 0 0 0 55.85pt"><B>Compensation Notice</B></P>

<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"></P>

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<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.9pt"><FONT STYLE="font-size: 8pt"></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 0 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/12pt Calibri, Helvetica, Sans-Serif; margin: 6.15pt 360.15pt 0 26.95pt">Travelers, Agency Compensation <BR>One Tower
Square</P>

<P STYLE="font: 9pt/10.3pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 26.95pt"><B>Hartford, Connecticut 06183</B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 7.8pt 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></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"><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"><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"><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"><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"><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"><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"><B>&nbsp;</B></P>

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

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 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_004.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: bold 9pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 2.25pt; margin-bottom: 0">MOCK REGULATORY EXAMINATION REIMBURSEMENT NOTICE</P>

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

<P STYLE="font: 9pt/4.5pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.2pt"><FONT STYLE="font-size: 8pt"><IMG SRC="image_009.gif" ALT="" STYLE="width: 732px; height: 7px"></FONT></P>

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

<P STYLE="font: 9pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 6.3pt"><FONT STYLE="font-size: 9pt"></FONT></P>

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

<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 3.2pt 6.05pt 0 8.95pt; text-align: justify"><B>This notice provides
no coverage, nor does it amend any provision of your policy. You should review your entire policy carefully for complete information
on the coverages provided and to determine your rights and duties under your policy. Please contact your agent or broker if you have
any questions about this notice or its contents. If there is any conflict between your policy and this notice, the provisions of the
policy prevail.</B></P>

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<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 3.2pt 6.05pt 0 8.95pt; text-align: justify"><B></B></P>

<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 3.2pt 6.05pt 0 8.95pt; text-align: justify">As part of the Mock Regulatory
Examination Coverage, Insureds are eligible for a premium reimbursement when they use any Pre- Approved Compliance Consulting Firm, listed
below, to conduct a mock regulatory examination of their organization. The Company&#8217;s prior consent is not required for such reimbursement
when using a Pre-Approved Compliance Consulting Firm. Once the firm has completed its examination, the Insured should contact its agent
or broker for a reimbursement form and additional instructions.</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 6pt 0 8.95pt; text-align: justify">Premium reimbursement is calculated
by the lesser of: 50% of the cost of the examination, or 10% of the annual premium; up to a maximum reimbursement of $25,000. Please see
the Mock Regulatory Examination Endorsement for details.</P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 8pt 0 0 8.95pt; text-align: justify">Pre-Approved Compliance Consulting
<FONT STYLE="letter-spacing: -0.05pt">Firms*<FONT STYLE="font-weight: normal">:</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 4.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.55pt"></TD><TD STYLE="width: 18.35pt">&#8226;</TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">ACA Compliance Group</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.55pt"></TD><TD STYLE="width: 18.35pt">&#8226;</TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Blue River Partners LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.55pt"></TD><TD STYLE="width: 18.35pt">&#8226;</TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Compliance Solutions Strategies</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.55pt"></TD><TD STYLE="width: 18.35pt">&#8226;</TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Frontline Compliance</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.55pt"></TD><TD STYLE="width: 18.35pt">&#8226;</TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">IQ-EQ</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.55pt"></TD><TD STYLE="width: 18.35pt">&#8226;</TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Kroll, LLC</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.55pt"></TD><TD STYLE="width: 18.35pt">&#8226;</TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">National Regulatory Services, Inc.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.55pt"></TD><TD STYLE="width: 18.35pt">&#8226;</TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Oyster Consulting</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.55pt"></TD><TD STYLE="width: 18.35pt">&#8226;</TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">SEC3 Compliance Consultants</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.55pt"></TD><TD STYLE="width: 18.35pt">&#8226;</TD><TD><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Securities Compliance Advisors, LLC</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 6.95pt 0 0 8.95pt; text-align: justify">*The Company reserves the right to
modify this list without notice and assumes no liability for these firms.</P>

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

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

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 6.3pt"><FONT STYLE="font-size: 8pt"><IMG SRC="image_011.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/9.65pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9pt">NTC-19062 Rev. 03-23&#9;</P>

<P STYLE="font: 9pt/9.65pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9pt">&copy; 2023 The Travelers Indemnity Company. All rights
reserved.</P>

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


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<P STYLE="font: bold 9pt/104% Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 2.15pt; margin-bottom: 0">NEW YORK APPLICATION
AND DECLARATION PAGE ADDENDUM CLAIMS-MADE DISCLOSURE NOTICE</P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.4pt"></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 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

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

<P STYLE="font: bold 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.7pt 5.15pt 0 8.9pt; text-align: center">This notice contains important
information about the policy. Please read this notice carefully. This notice provides no coverage, nor does it amend any provision of
the application or policy to which this notice is attached. If the policy is issued, you should review the entire policy carefully for
complete information on the coverages provided and to determine your rights and duties under the policy. Please contact your agent or
broker if you have any questions about this notice or its contents. If there is any conflict between the policy and this notice, the provisions
of the policy prevail.</P>

<P STYLE="font: 9pt Arial, 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 5.4pt"></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 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

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

<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/101% Arial, Helvetica, Sans-Serif; margin-top: 3.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.9pt"></TD><TD STYLE="width: 36.1pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">The policy, subject to its terms, conditions, and exclusions, applies only to claims
first made during the policy period or any applicable extended reporting period. The policy does not apply to any claim first made after
the policy period or any applicable extended reporting period ends.</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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.15pt">The policy provides no coverage for claims arising out of incidents, occurrences,
or wrongful acts which took place prior to any retroactive date stated in the policy.</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/101% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">During the first several years of a claims-made relationship, claims-made rates
are comparatively lower than occurrence rates. You can expect substantial annual premium increases, independent of overall rate level
increases, until the claims-made relationship reaches maturity.</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: 8pt"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">Upon termination of coverage, a 60-day automatic extended reporting period will
apply to the policy. An optional extended reporting period is also available to the policy. The optional extended reporting period option(s)
and premium charge(s) will be stated in the Declarations. The cost for the optional extended reporting period is based on the rates in
effect as of the date the policy was issued or last renewed.</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/101% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.95pt"></TD><TD STYLE="width: 36.05pt">5.</TD><TD STYLE="text-align: justify; padding-right: 7.8pt">As with any claims-made coverage, gaps in coverage may arise upon the expiration
of any applicable extended reporting period. Within 30 days after termination of coverage, we will advise you in writing of the automatic
extended reporting period coverage and the availability of, the premium for, and the importance of purchasing additional extended reporting
period coverage.</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NTC-19032 Ed. 01-15</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2015 The Travelers
Indemnity Company. All rights reserved.</FONT></P>

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

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page
1 of 1</FONT></P>


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<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 1.75pt 332.1pt 0 7.95pt; text-align: left">This notice provides no coverage,
nor does it change any policy terms. To determine the scope of coverage and the insured'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.&#9;</P>

<P STYLE="font: 9pt/13.1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 8pt; text-align: right"><B>New
York Defense Within Limits Disclosure Notice</B></P>

<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 6.1pt"></P>

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<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 6.1pt"><FONT STYLE="font-size: 8pt"></FONT></P>

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

<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 3.2pt 0 0 7.95pt">This notice applies to any Broad Form Plus+ Directors
and Officers Liability, CyberRisk, Insurance Company Professional Liability, Investment Advisers and Funds, or Public Company Directors
and Officers Liability coverage.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8pt"></TD><TD STYLE="width: 18.7pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">The limit of liability
contained in the policy will be reduced, and may be completely exhausted, by defense expenses. The Company/Insurer will not be liable
for defense expenses plus the amount of any judgment or settlement exceeding the limit of liability of the policy. Defense expenses will
be applied against the deductible/retention amount.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8pt"></TD><TD STYLE="width: 18.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">The insured has the right
to obtain, upon written request, an accounting of legal defense costs actually expended in the event of a claim.</FONT></TD></TR></TABLE>

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

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

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

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

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<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">&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">&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">&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>

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

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.3pt"><FONT STYLE="font-size: 8pt"></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 8pt">Issuing Company: <B>Travelers Casualty and Surety Company of America</B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.65pt 0 0 8pt">Policy Number: <B>106968128</B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 4.25pt 0 0 8pt"></P>

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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 4.25pt 0 0 8pt">NTC-19086 Ed. 11-21</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 4.25pt 0 0 8pt">&copy; 2021 The Travelers Indemnity Company. All rights reserved.&#9;</P>

<P STYLE="text-align: right; font: 9pt Calibri, Helvetica, Sans-Serif; margin: 4.25pt 0 0 8pt">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 7pt"><IMG SRC="image_014.jpg" ALT="" STYLE="height: 40px; width: 200px">&#9;</P>

<P STYLE="font: 9pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7pt; text-align: right"><IMG SRC="image_015.jpg" ALT="" STYLE="height: 25px; width: 147px"></P>

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

<P STYLE="font: italic bold 9pt Arial, Helvetica, Sans-Serif; margin: 3.7pt 17.4pt 0 0; text-align: right; text-indent: 0in">Investment
Advisers and Funds</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 17.4pt 0 0; text-align: right"><B><I>Declarations</I></B></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 17.4pt 0 0; text-align: right"><B><I></I></B></P>

<P STYLE="font: 9pt/5pt 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 19.6pt 0 0; text-align: right"><FONT STYLE="font-size: 9pt"><B>POLICY NO.
</B></FONT> 106968128</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 7.45pt 148.6pt 0 145.35pt; text-align: center">Travelers Casualty and Surety
Company of America <BR>Hartford, Connecticut</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 148.6pt 0 145.4pt; text-align: center">(A Stock Insurance Company, herein
called the Company)</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 11.6pt 0 8.35pt; text-align: justify">THE LIABILITY COVERAGES ARE
WRITTEN ON A CLAIMS-MADE BASIS AND ONLY COVER CLAIMS MADE AGAINST INSUREDS DURING THE POLICY PERIOD, OR APPLICABLE EXTENDED REPORTING
PERIOD. THE LIMITS OF LIABILITY AVAILABLE TO PAY SETTLEMENTS OR JUDGMENTS ARE REDUCED AND MAY BE EXHAUSTED BY DEFENSE EXPENSES, AND DEFENSE
EXPENSES ARE APPLIED AGAINST THE RETENTION. THE COMPANY HAS NO DUTY TO DEFEND ANY CLAIM.</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.4pt; text-align: justify">ITEM 1</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 8.4pt; text-align: justify"><B>NAMED INSURED / INSURANCE REPRESENTATIVE</B></P>

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

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0 8.4pt; text-align: justify">D/B/A:</P>

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

<P STYLE="font: 9pt/105% Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 8.4pt">Principal Address:</P>

<P STYLE="font: 9pt/105% Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 8.4pt">888 7TH AVE FL 31</P>

<P STYLE="font: 9pt/11.35pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.4pt; text-align: justify">NEW YORK, NY 10106-3399</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: bold 9pt Arial, Helvetica, Sans-Serif; margin: 8.9pt 0 0 8.4pt; text-align: justify">ITEM 2</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 8.4pt; text-align: justify"><B>POLICY PERIOD</B></P>

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

<P STYLE="font: 9pt/111% Arial, Helvetica, Sans-Serif; margin: 0 136.45pt 0 8.4pt; text-indent: 0.7pt">Inception Date: August 27,
2024&#9; &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Expiration Date: August 27, 2025</P>

<P STYLE="font: 9pt/111% Arial, Helvetica, Sans-Serif; margin: 0 136.45pt 0 8.4pt; text-indent: 0.7pt">12:01 A.M. local time for both dates at the Principal Address stated in ITEM 1.</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>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.4pt; text-align: justify">ITEM 3</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 8.4pt; text-align: justify"><B>COMPANY INFORMATION</B></P>

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

<P STYLE="font: 9pt/142% Arial, Helvetica, Sans-Serif; margin: 0 56.65pt 0 8.4pt">All notices of Claim or Loss must be sent to the Company
by Mail, Email, or Facsimile as set forth below: Email: BSIclaims@travelers.com</P>

<P STYLE="font: 9pt/10.3pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.4pt; text-align: justify">Fax: 1-888-460-6622</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 8.4pt; text-align: justify">Mail: Travelers Bond &amp; Specialty Insurance
Claim</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1.3pt 0 0 35.4pt">P.O. Box 2989</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1.3pt 0 0 35.4pt">Hartford, CT 06104-2989</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1.3pt 0 0 35.4pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 1.3pt; margin-right: 0; margin-bottom: 0; text-align: left"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 1.3pt; margin-right: 0; margin-bottom: 0; text-align: left">IV-15001 Rev. 02-22</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 1.3pt; margin-right: 0; margin-bottom: 0; text-align: left">&copy; 2022 The Travelers Indemnity Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 1.3pt; margin-right: 0; margin-bottom: 0; text-align: right">Page 1 of 3</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1.3pt 0 0 35.4pt">&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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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/111% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 95pt; text-align: left">Overnight Mail:</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">Travelers Bond &amp; Specialty Insurance Claim</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">One Tower Square, MN06</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Hartford, CT 06183</P></TD>
</TR></TABLE>

<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 8.4pt; text-align: left">For questions related to claim reporting or handling, please call
1-800-842-8496.</P>

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

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

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">ITEM 4</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0.5pt; margin-right: 0; margin-bottom: 0; text-align: left"><B>COVERAGES INCLUDED IN THIS POLICY</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><B>Liability Coverage(s)</B>:</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">Mutual Fund Liability</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 5.05pt 0 0 0; text-align: left">ITEM 5</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0.5pt; margin-right: 0; margin-bottom: 0; text-align: left"><B>COVERAGE
DETAILS&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD STYLE="width: 26%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 74%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif"><B>MUTUAL FUND LIABILITY</B></TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Limit of Liability:</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">$7,500,000</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">for all&nbsp;<B>Claims</B></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Derivative Investigation Expense Limit of Liability:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 26%">$500,000</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 74%">for all&nbsp;<B>Security Holder Derivative Demands</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Supplemental Independent Director Personal Indemnification Coverage:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Applicable</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Supplemental Independent Director Personal Indemnification Limit of Liability:</TD></TR>
  </TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 27%">$100,000</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 73%">for all&nbsp;<B>Claims&nbsp;</B>under Insuring Agreement C</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Retention:</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">$250,000</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">for each&nbsp;<B>Claim</B></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">Prior or Pending Proceeding Date: August 27, 2018</P>

<P STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>ITEM 6</B></P>

<P STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>PREMIUM FOR THE POLICY PERIOD FOR ALL COVERAGES</B><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
<TR STYLE="vertical-align: bottom"><TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 27%">$97,250.00</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 73%">Policy Premium for all purchased Coverages listed in ITEM 4</TD></TR>
</TABLE>

<P STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>ITEM 7</B></P>

<P STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>EXTENDED REPORTING PERIOD FOR LIABILITY COVERAGES</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 27%">Additional Premium Percentage:</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 73%">75%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Additional Months:</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">12</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 27%"><B>ITEM 8</B></TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 73%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif"><B>SHARED LIMIT OF LIABILITY / LIMIT OF INSURANCE</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Not Applicable</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">for all&nbsp;<B>Claims&nbsp;</B>under the following&nbsp;<B>Shared Coverages</B>:</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>ITEM 9</B></P>

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



<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0.5pt; margin-right: 0; margin-bottom: 0; text-align: left">FORMS ATTACHED AT ISSUANCE FOR ALL COVERAGES</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 8.85pt; margin-right: 16.25pt; margin-bottom: 0; text-align: left">AFE-19002-0119;
AFE-19029-0719; AFE-19030-0920; IV-16001-0116; IV-19003-0116; IV-19043-0116; IV-19060-0116; IV-17022-0320; IVMF-17002-0116; IVMF-16001-0716;
IV-19071-0716; IV-10044-0816; IV-19081-0417; IV-19077-0317</P>

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<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 8.85pt; margin-right: 16.25pt; margin-bottom: 0; text-align: left">IV-15001 Rev. 02-22</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 8.85pt; margin-right: 16.25pt; margin-bottom: 0; text-align: left">&copy; 2022 The Travelers Indemnity Company. All rights reserved.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 8.85pt; margin-right: 16.25pt; margin-bottom: 0; text-align: right">Page
2 of 3</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 8.85pt; margin-right: 16.25pt; margin-bottom: 0; text-align: left">&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: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0 8.4pt">PRODUCER INFORMATION:</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 6.45pt 384.75pt 0 8.4pt">ARC EXCESS &amp; SURPLUS LLC 113 S SERVICE RD</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8.4pt">JERICHO, NY 11753</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 7.9pt 0 0 8.4pt">IN WITNESS WHEREOF, the Company has caused this policy to be
signed by its authorized officers.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 7.9pt 0 0 8.4pt">&nbsp;&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 7.9pt 0 0 8.4pt">&nbsp;</P>

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

<P STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><IMG SRC="image_017.gif" ALT="" STYLE="height: 58px; width: 217px">&#9;</P>

<P STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7pt; text-align: left">President</P>

<P STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7pt; text-align: left">&nbsp;</P>

<P STYLE="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7pt; text-align: left"><IMG SRC="image_016.jpg" ALT="" STYLE="height: 77px; width: 167px"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1.35pt 78.85pt 0 0; text-align: center">&#9;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1.35pt 78.85pt 0 0; text-align: left">Corporate Secretary</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1.35pt 78.85pt 0 0; text-align: left">&nbsp;</P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1.35pt 78.85pt 0 0; text-align: left"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1.35pt 78.85pt 0 0; text-align: left">IV-15001 Rev. 02-22</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1.35pt 78.85pt 0 0; text-align: left">&copy; 2022 The Travelers Indemnity Company. All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1.35pt 78.85pt 0 0; text-align: right">Page 3 of 3</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1.35pt 78.85pt 0 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 2.15pt 0 0 7.75pt; text-align: justify">This endorsement modifies any
Coverage Part or Coverage Form included in this Policy that is subject to the federal Terrorism Risk Insurance Act of 2002 as amended.</P>

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

<P STYLE="text-align: right; font: bold 9pt/14.65pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7.75pt">Cap On Losses From Certified
Acts Of <B>Terrorism Endorsement</B></P>

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

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

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.9pt"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 3.2pt 7.7pt 0; text-align: justify">The following is added to this Policy.
This provision can limit coverage for any loss arising out of a <I>Certified Act Of Terrorism</I> if such loss is otherwise covered by
this Policy. This provision does not apply if and to the extent that coverage for the loss is excluded or limited by an exclusion or other
coverage limitation for losses arising out of <I>Certified Acts Of Terrorism</I> in another endorsement to this policy.</P>

<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 6.85pt 7.7pt 0; text-align: justify; text-indent: -0.05pt">If aggregate
insured losses attributable to <I>Certified Acts Of Terrorism</I> exceed $100 billion in a calendar year and the Insurer has met its insurer
deductible under <I>TRIA</I>, the Insurer will not be liable for the payment of any portion of the amount of such losses that exceeds
$100 billion, and in such case, insured losses up to that amount are subject to pro rata allocation in accordance with procedures established
by the Secretary of the Treasury.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 6.9pt 7.75pt 0 7.7pt"><I>Certified Act Of Terrorism</I> means an act that
is certified by the Secretary of the Treasury, in accordance with the provisions of <I>TRIA</I>, to be an act of terrorism pursuant to
<I>TRIA</I>. The criteria contained in <I>TRIA </I>for a <I>Certified Act Of Terrorism </I>include the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 1.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">The act resulted in insured
losses in excess of $5 million in the aggregate, attributable to all types of insurance subject to TRIA; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 1.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">The act is a violent act
or an act that is dangerous to human life, property or infrastructure and is committed by an individual or individuals as part of an effort
to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government
by coercion.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 6.75pt 0 0 7.7pt; text-align: justify"><I>TRIA </I>means the federal Terrorism
Risk Insurance Act of 2002 as amended.</P>

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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 6.75pt 0 0 7.7pt; text-align: justify"></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: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Issuing Company:&nbsp;<B>Travelers Casualty and Surety Company of America</B></TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt">Policy Number:&nbsp;<B>106968128</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">AFE-19029 Rev. 07-19</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Page 1 of 1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2019 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 6.75pt 0 0 7.7pt; text-align: justify">&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/12pt Calibri, Helvetica, Sans-Serif; margin: 2.35pt 0 0 7.75pt; text-align: justify; color: #211E1F">This endorsement
modifies any Coverage Part or Coverage Form included in this Policy that is subject to the federal Terrorism Risk Insurance Act of 2002
as amended.</P>

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

<P STYLE="text-align: right; font: bold 9pt/14.5pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7.75pt; color: #211E1F">Federal Terrorism Risk Insurance
Act <B>Disclosure Endorsement</B></P>

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

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.9pt"></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/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.9pt"></P>

<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 7.85pt 0 7.75pt; text-align: justify">The federal Terrorism Risk
Insurance Act of 2002 as amended (&#8220;TRIA&#8221;), establishes a program under which the Federal Government may partially reimburse
&#8220;Insured Losses&#8221; (as defined in TRIA) caused by &#8220;Acts Of Terrorism&#8221; (as defined in TRIA). Act Of Terrorism is
defined in Section 102(1) of TRIA to mean any act that is certified by the Secretary of the Treasury - in consultation with the Secretary
of Homeland Security and the Attorney General of the United States - to be an act of terrorism; to be a violent act or an act that is
dangerous to human life, property, or infrastructure; to have resulted in damage within the United States, or outside the United States
in the case of certain air carriers or vessels or the premises of a United States Mission; and to have been committed by an individual
or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct
of the United States Government by coercion.</P>

<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 8.8pt 7.85pt 0 7.8pt; text-align: justify">The Federal Government's share
of compensation for such Insured Losses is 80% of the amount of such Insured Losses in excess of each Insurer's &#8220;Insurer Deductible&#8221;
(as defined in TRIA), subject to the &#8220;Program Trigger&#8221; (as defined in TRIA).</P>

<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 7.9pt 7.85pt 0 7.8pt; text-align: justify">In no event, however, will
the Federal Government be required to pay any portion of the amount of such Insured Losses occurring in a calendar year that in the aggregate
exceeds $100 billion, nor will any Insurer be required to pay any portion of such amount provided that such Insurer has met its Insurer
Deductible. Therefore, if such Insured Losses occurring in a calendar year exceed $100 billion in the aggregate, the amount of any payments
by the Federal Government and any coverage provided by this policy for losses caused by Acts Of Terrorism may be reduced.</P>

<P STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin: 7pt 7.9pt 0 7.75pt; text-align: justify">For each coverage provided
by this policy that applies to such Insured Losses, the charge for such Insured Losses is no more than one percent of your premium, and
does not include any charge for the portion of such Insured Losses covered by the Federal Government under TRIA. Please note that no
separate additional premium charge has been made for coverage for Insured Losses covered by TRIA. The premium charge that is allocable
to such coverage is inseparable from and imbedded in your overall premium.&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>

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<P STYLE="font: 9pt Calibri, 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: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 70%">Issuing Company:&nbsp;<B>Travelers Casualty and Surety Company of America</B></TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 30%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt">Policy Number:&nbsp;<B>106968128</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">AFE-19030 Rev. 09-20</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Page 1 of 1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2020 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.1pt"></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; margin: 0 0 0 9.9pt"><FONT STYLE="font-size: 9pt"><IMG SRC="image_017.jpg" ALT="" STYLE="height: 48px; width: 193px"></FONT></P>

<P STYLE="font: italic bold 9pt/106% Arial, Helvetica, Sans-Serif; margin: 5.05pt 12.7pt 0 399pt; text-align: right; text-indent: -6.2pt">Investment
Advisers and Funds General Terms and Conditions</P>

<P STYLE="font: 9pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_024.gif" ALT="" STYLE="width: 748px; height: 22px"></FONT></P>

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

<P STYLE="font: italic bold 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.7pt 100.65pt 0 120.05pt; text-indent: -16.7pt">THIS IS A
CLAIMS MADE COVERAGE WITH DEFENSE EXPENSES INCLUDED IN THE LIMIT OF LIABILITY. PLEASE READ THE POLICY CAREFULLY.</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 16pt; text-align: justify"><B><I>CONSIDERATION CLAUSE</I></B></P>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_025.gif" ALT="" STYLE="width: 726px; height: 2px"></FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.05pt 15.9pt 0 15.95pt; text-align: justify">IN CONSIDERATION of the payment
of the premium, in reliance on the statements in the <FONT STYLE="letter-spacing: -0.05pt"><B>Application</B>,</FONT> subject to the Declarations,
and pursuant to all the terms, conditions, exclusions, and limitations of this <B>Liability Policy</B>, the Company and the <B>Insureds
</B>agree as follows:</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 Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt"></TD><TD STYLE="width: 17.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>I.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>GENERAL</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_025.gif" ALT="" STYLE="width: 726px; height: 2px"></FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.75pt 15.85pt 0 16pt; text-align: justify">These General Terms and Conditions
apply to all <B>Liability Coverages</B>. Unless otherwise stated to the contrary, the terms and conditions contained in each <B>Liability
Coverage</B> apply only to that particular <B>Liability Coverage</B>. If any provision in these General Terms and Conditions is inconsistent
or in conflict with the terms and conditions of a particular <B>Liability Coverage</B>, such <B>Liability Coverage&#8217;s</B> terms,
conditions, and limitations will control for purposes of that <B>Liability Coverage</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: italic bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt"></TD><TD STYLE="width: 20.4pt">II.</TD><TD STYLE="text-align: justify">DEFINITIONS</TD></TR></TABLE>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_025.gif" ALT="" STYLE="width: 726px; height: 2px"></FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.75pt 15.9pt 0 15.95pt; text-align: justify">Where appearing in this <B>Liability
Policy</B>, in either the singular or plural, words and phrases appearing in bold type have the following meanings:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 33.95pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 15.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Advisory Board Member</I></B>
means a natural person, not otherwise an <B>Insured Person</B>, who is entitled to indemnification by the <B>Insured Organization</B>
and is a member of the <B>Insured Organization&#8217;s</B> advisory board, advisory committee, limited partner committee, investment committee,
or functional or foreign equivalent board or committee, formed pursuant to <B>Insured Organization&#8217;s Operating <FONT STYLE="letter-spacing: -0.05pt">Documents</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 15.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Affiliated Non-Insured
Fund</I></B> means an investment company, trust, or pooled investment vehicle that is directly or indirectly sponsored or controlled by
one or more <B>Insureds</B>, but is not itself an <B>Insured</B> under this <B>Liability Policy</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 4.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 33.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Application</I></B> means: (i) all signed applications for this <B>Liability
Policy</B>, or for any policy that this <B>Liability Policy</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 51.95pt; text-align: justify">directly or indirectly renews or
replaces, including material submitted with or requested in such applications; and (ii) all public documents, including
certifications related to the accuracy of such public documents, filed with the Securities and Exchange Commission (SEC), or similar
domestic or foreign regulatory body, by an <B>Insured Organization</B> during the 12 months preceding the <B>Policy <FONT STYLE="letter-spacing: -0.05pt">Period</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 5.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>D.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Claim </I></B>has the meaning set forth in the applicable <B>Liability
Coverage</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt"><B>E.</B></TD><TD STYLE="text-align: justify; padding-right: 15.9pt"><B><I>Defense Expenses</I></B> mean the necessary costs, charges, expenses, and
fees, including attorney&#8217;s, expert&#8217;s, mediator&#8217;s, and arbitrator&#8217;s fees, incurred in defending a <B>Claim</B>,
and the premium for appeal, attachment, or similar bond.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6.4pt 0 0 52pt; text-align: justify"><B>Defense Expenses </B>do not include
regular or overtime wages, salaries, or fees of an <B>Insured</B>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Executive Officer </I></B>has the meaning set forth in the applicable
<B>Liability Coverage</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>G.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 15.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Financial Insolvency</I></B>
means: (i) the court appointment of an examiner, receiver, conservator, liquidator, trustee, rehabilitator, or functional equivalent position,
to take control of, supervise, manage, or liquidate the <B>Insured Organization</B> or <B>Outside Entity</B>; or (ii) the <B>Insured Organization</B>
or <B>Outside Entity</B> becoming a debtor in possession under the U.S. Bankruptcy Code, Chapter 11, or its foreign equivalent.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 5.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 33.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>H.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Fund</I></B> means <B>Hedge Fund</B>, <B>Private Equity <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
or <B>Mutual <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>I.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 15.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>General Partner</I></B>
means an entity designated as a general partner, administrative general partner, managing member, or functional or foreign equivalent
of the <B>Insured Organization</B> by the <B>Insured Organization&#8217;s Operating Documents</B>.</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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    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 70%">IV-16001 Ed. 01-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 30%">Page 1 of 11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>

<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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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 2.65pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>J.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Hedge Fund</I></B> means:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">a pooled investment vehicle, other than a <B>Private Equity <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
that is exempt from registration under the Investment Company Act of 1940, and: (i) is named as such in by endorsement to this <B>Liability
Policy</B>; (ii) qualifies for coverage under this <B>Liability Policy</B> pursuant to III. CONDITIONS, Q. CREATION, SPONSORSHIP, AND
ACQUISITION OF FUNDS; or (iii) exists to invest proportionately on the same terms (<I>pari passu</I>) with a <B>Hedge Fund</B> described
in (i) or (ii); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">an investment holding company that is owned and controlled by a pooled investment
vehicle described in 1 that is created for the sole purpose of making investments on its behalf.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 6.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>K.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Insured </I></B>has the meaning set forth in the applicable <B>Liability
Coverage</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>L.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Insured Organization</I></B> has the meaning set forth in the applicable
<B>Liability Coverage</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>M.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Insured Person </I></B>has the meaning set forth in the applicable <B>Liability
Coverage</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><B>N.</B></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><B><I>Investment Adviser</I></B> means an entity as defined in the Investment Advisers
Act of 1940 &sect; 202(a)(11) that is: (i) named in ITEM 1 of the Declarations; or (ii) named as such by endorsement to this <B>Liability
<FONT STYLE="letter-spacing: -0.05pt">Policy</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><B>O.</B></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><B><I>Liability Coverage </I></B>means, individually or collectively, the Liability
Coverage(s) purchased, as indicated in ITEM 4 of the Declarations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 5.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>P.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Liability Policy</I></B>
means collectively the Declarations, <FONT STYLE="letter-spacing: -0.05pt"><B>Application</B>,</FONT> General Terms and Conditions, each
purchased <B>Liability Coverage</B>, and attached endorsements, which constitute the entire agreement between the Company and the <B>Insured</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 6.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Q.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Loss </I></B>has the meaning set forth in the applicable <B>Liability
Coverage</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>R.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Mutual
                                            Fund</I></B> means an investment company or trust registered under the Investment Company
                                            Act of 1940, including series or portfolios of such investment company or trust, that: (i)
                                            is named as such by endorsement to this <B>Liability Policy</B>; or (ii) qualifies for coverage
                                            under the <B>Liability Policy</B> pursuant to III. CONDITIONS, Q. CREATION, SPONSORSHIP,
                                            AND ACQUISITION OF FUNDS.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 5.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>S.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Named
                                            Insured </I></B>means the entity named in ITEM 1 of the Declarations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 3.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>T.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Operating
                                            Documents</I></B> mean bylaws, charters, operating agreements, partnership agreements, board
                                            resolutions, or amendments to such documents, including functional and foreign equivalents.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>U.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Outside
                                            Entity</I></B> has the meaning set forth in the applicable <B>Liability Coverage</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>V.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Outside
                                            Position</I></B> has the meaning set forth in the applicable <B>Liability Coverage</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>W.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Policy
                                            Period</I></B> means the period from the Inception Date to the Expiration Date set forth
                                            in ITEM 2 of the Declarations, subject to prior termination in accordance with III. CONDITIONS,
                                            T. TERMINATION OF POLICY.</FONT></TD></TR></TABLE>

<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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>X.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Pollutant
                                            </I></B>means: (i) a solid, liquid, gaseous, or thermal irritant or contaminant; (ii) an
                                            electric, magnetic, or electromagnetic field; (iii) an odor or noise; or (iv) the actual
                                            or alleged presence, or actual, alleged, or threatened dispersal, of asbestos, asbestos fibers,
                                            or products containing asbestos; and includes materials to be recycled, reconditioned, or
                                            reclaimed.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Y.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Portfolio
                                            Company </I></B>means an entity in which a <FONT STYLE="letter-spacing: -0.05pt"><B>Fund</B>,
                                            </FONT>whether directly or through an investment vehicle, acquires or maintains a debt, equity,
                                            or convertible security interest as part of such <B>Fund&#8217;s</B> portfolio.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Z.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Private
                                            Equity Firm</I></B> means a partnership or entity that manages one or more <B>Private Equity
                                            Funds</B> and is: (i) named in ITEM 1 of the Declarations; or (ii) named as such by endorsement
                                            to this <B>Liability <FONT STYLE="letter-spacing: -0.05pt">Policy</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 6.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 25.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AA.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Private
                                            Equity Fund</I></B> means an investment vehicle that is exempt from registration under the
                                            Investment Company Act of 1940, and: (i) is named as such by endorsement to this <B>Liability
                                            Policy</B>; (ii) qualifies for coverage under this <B>Liability Policy</B> pursuant to III.
                                            CONDITIONS, Q. CREATION, SPONSORSHIP, AND ACQUISITION OF FUNDS; or (iii) exists to invest
                                            proportionately on the same terms (<I>pari passu</I>) with a <B>Private Equity Fund</B> described
                                            in (i) or (ii).</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 25.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BB.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Related
                                            Wrongful Acts</I></B> mean all <B>Wrongful Acts</B> that have as a common nexus a fact, circumstance,
                                            situation, event, transaction, cause, or a series of related facts, circumstances, situations,
                                            events, transactions, or causes; all <B>Related Wrongful Acts</B> are a single <B>Wrongful
                                            Act</B> for the purposes of this <B>Liability Policy</B>, which will be deemed to have occurred
                                            at the time the first of such <B>Wrongful Acts </B>occurred.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 6.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 25.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CC.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Shared
                                            Coverages </I></B>mean the coverages set forth in ITEM 8 of the Declarations.</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 70%">IV-16001 Ed. 01-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 30%">Page 2 of 11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 17.3pt">&nbsp;</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%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR></TABLE></DIV>
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<TD STYLE="width: 34pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>DD.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Shared
                                            Limit</I></B> means the Company&#8217;s maximum liability for all <B>Claims </B>for all <B>Shared
                                            Coverages</B> set forth in ITEM 8 of the Declarations.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 34pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EE.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Spouse
                                            </I></B>means a natural person who is a legal spouse, party to a civil union, or otherwise
                                            qualifies as a domestic partner under the provisions of an applicable domestic or foreign
                                            law or regulation, or under the provisions of a formal program established by the <B>Insured
                                            <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 34pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>FF.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Subsidiary
                                            </I></B>means an entity in which the <B>Named Insured</B> directly or indirectly owns more
                                            than 50% of the outstanding voting securities representing the present right to vote for
                                            the election or appointment of directors, trustees, members of the board of managers, or
                                            functional or foreign equivalents, or, in the case of a non-profit entity, over which the
                                            <B>Named Insured</B> exercises management control: (i) as of the Inception Date set forth
                                            in ITEM 2 of the Declarations; or (ii) subject to III. CONDITIONS, P. CREATION, ACQUISITION,
                                            OR CESSATION OF SUBSIDIARIES.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 2.95pt 0 0 60pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Subsidiary
</B>does not mean a <FONT STYLE="letter-spacing: -0.05pt"><B>Fund</B>,</FONT> <B>General Partner</B>, <B>Portfolio Company</B>, <B>Affiliated
Non-Insured <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT> or entity in which an
<B>Affiliated Non-Insured Fund</B> holds a debt, equity, or convertible security interest.</FONT></P>

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<TD STYLE="width: 34pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>GG.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Whistleblower
                                            Activity</I></B> means activity protected by the Sarbanes-Oxley Act of 2002 &sect; 806, Dodd-Frank
                                            Wall Street Reform and Consumer Protection Act of 2010 &sect; 922, or similar domestic or
                                            foreign law.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 34pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>HH.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Wrongful
                                            Act</I></B> has the meaning set forth in the applicable <B>Liability Coverage</B>.</FONT></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: italic bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8pt"></TD><TD STYLE="width: 20.4pt">III.</TD><TD>CONDITIONS</TD></TR></TABLE>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 6.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_026.gif" ALT="" STYLE="width: 725px; height: 2px"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 5.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 18.3pt">A.</TD><TD>ESTATES, LEGAL REPRESENTATIVES, AND SPOUSAL LIABILITY COVERAGE</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Subject to the applicable Insuring Agreement, this <B>Liability Policy</B>
will afford coverage for a <B>Claim</B> for the</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 61.95pt"><B>Wrongful Acts</B> of an <B>Insured Person </B>made against:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 5.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.95pt"></TD><TD STYLE="width: 18.05pt">a.</TD><TD STYLE="padding-right: 7.95pt">an estate, heir, legal representative, or assignee of the <B>Insured Person</B> in the event of death,
incapacity, insolvency, or bankruptcy of such <B>Insured Person</B>; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.95pt"></TD><TD STYLE="width: 18.05pt"><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">such <B>Insured Person&#8217;s Spouse</B> solely
because of his or her legal status as a <B>Spouse</B>, or because of such <B>Spouse&#8217;s </B>ownership interest in property that the
claimant seeks as recovery for such <B>Claim</B>.</FONT></TD></TR></TABLE>

<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: 44pt"></TD><TD STYLE="width: 17.95pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt"><B>Loss</B> that such estate, heir, legal representative, assignee, or <B>Spouse</B>
is legally obligated to pay for such <B>Claim</B> will be treated as <B>Loss</B> that the <B>Insured Person</B> is legally obligated to
pay for a <B>Claim</B> made against him or her.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="padding-right: 7.95pt">The coverage afforded by this section will not apply to the extent a <B>Claim</B> alleges wrongful actions
or omissions by an <B>Insured Person&#8217;s </B>estate, heir, legal representative, assignee, or <B>Spouse</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 7.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18.3pt">B.</TD><TD>EXTENDED REPORTING PERIOD</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 17.95pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">The <B>Named Insured</B> may give the Company written notice to purchase an Extended
Reporting Period up to 60 days after the effective date of termination or cancelation of a <B>Liability Coverage</B> for any reason other
than nonpayment of premium.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">The Extended Reporting Period, as set forth in ITEM 7 of the Declarations, will
be no less than 12 months, and will begin on the effective date of such termination or cancelation.</TD></TR></TABLE>

<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: 43.95pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">The Extended Reporting period provides the <B>Insured</B> with the ability to report
<B>Claims</B> or circumstances made during the Extended Reporting Period for <B>Wrongful Acts</B> occurring prior to such termination
or cancelation that would have been covered by such <B>Liability Coverage</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">The Extended Reporting Period will not provide new, additional, or renewed limits
of liability. The Company&#8217;s maximum liability for all <B>Claims</B> made during the Extended Reporting Period is the remaining portion
of the applicable Limits of Liability set forth in ITEM 5 of the Declarations as of the effective date of the termination or cancelation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 3.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt">5.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">The premium due for the Extended Reporting Period will equal the percentage set
forth in ITEM 7 of the Declarations of the annualized premium of the applicable <B>Liability Coverage</B>, including the fully annualized
amount of any additional premium charged by the Company during the <B>Policy Period</B> prior to such termination or cancelation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt">6.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">The entire premium for the Extended Reporting Period will be deemed fully earned
at the commencement of such Extended Reporting Period.</TD></TR></TABLE>

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

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

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 70%">IV-16001 Ed. 01-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 30%">Page 3 of 11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&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/104% Arial, Helvetica, Sans-Serif; margin-top: 2.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">7.</TD><TD STYLE="padding-right: 7.85pt">The right to elect the Extended Reporting Period terminates unless written notice of such election is
received by the Company within 60 days of the effective date of the termination or cancelation.</TD></TR></TABLE>

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<TD STYLE="width: 26pt"></TD><TD STYLE="width: 18.35pt">C.</TD><TD>LIMITS OF LIABILITY</TD></TR></TABLE>

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<TD STYLE="width: 44pt"></TD><TD STYLE="width: 16.7pt">1.</TD><TD>Liability Coverage Limits of Liability</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 17.95pt"><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">The Limits of Liability
set forth in ITEM 5 of the Declarations for each applicable <B>Liability Coverage</B> are the maximum amounts the Company will pay under
this <B>Liability Policy</B> for all <B>Loss</B>, including <B>Defense Expenses</B> under each applicable <B>Liability Coverage</B>, regardless
of the number of <B>Claims</B> or <B>Insureds</B>, and regardless of when payment is made by the Company, or when an <B>Insured&#8217;s</B>
legal obligation with regard to a <B>Claim </B>arises or is established.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 3.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 17.95pt"><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">In the event that a <B>Claim
</B>triggers more than one <B>Liability Coverage</B>, the Company&#8217;s maximum liability for all <B>Loss</B>, including <B>Defense
Expenses</B>, for such <B>Claim</B> will not exceed the largest of the remaining applicable Limits of Liability for the applicable <B>Liability
Coverages</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 17.95pt">c.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">If <B>Loss</B> arising from a single <B>Claim</B> is covered under more than one
<B>Liability Coverage</B>, the applicable Limits of Liability for such <B>Liability Coverages</B> will apply separately to each part of
such <B>Loss</B>, provided that the Company&#8217;s maximum liability for such <B>Loss</B> will not exceed the amount of the largest applicable
Limit of Liability, which will be the maximum amount applicable to all <B>Loss </B>arising from such <B>Claim</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 5.65pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 17.95pt">d.</TD><TD>Payment of <B>Defense Expenses </B>will reduce and may exhaust all applicable Limits of Liability.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 17.95pt">e.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">In no event will the Company be obligated to make a payment for <B>Loss</B>, including
<B>Defense Expenses</B>, with regard to a <B>Claim</B> after the applicable Limit(s) of Liability has been exhausted by payment or tender
of payment of <B>Loss</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 17.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">f.</FONT></TD><TD STYLE="text-align: justify; padding-right: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If a <B>Liability Coverage&#8217;s</B>
Limit of Liability is exhausted by the payment of covered amounts, the premium for such <B>Liability Coverage</B> is considered fully
earned and all obligations of the Company under such <B>Liability Coverage </B>are completely fulfilled and exhausted.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 16.65pt">2.</TD><TD>Shared Limit</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If ITEM 8 of the Declarations
indicates a <B>Shared Limit</B> has been elected, then the Company&#8217;s maximum liability for all <B>Loss</B>, including <B>Defense
Expenses</B>, for all <B>Claims</B> under all <B>Shared Coverages</B> will not exceed the <B>Shared Limit</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 17.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The <B>Shared Limit</B>
will be reduced, and may be exhausted, by payment of <B>Loss</B> under any <B>Shared Coverage</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">c.</FONT></TD><TD STYLE="padding-right: 7.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Defense Expenses</B> are part of, and not
in addition to, the <B>Shared Limit</B>, and the payment of <B>Defense Expenses </B>will reduce, and may exhaust, the <B>Shared Limit</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/12.5pt Arial, Helvetica, Sans-Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 17.9pt">d.</TD><TD>If <B>Loss</B> is covered under more than one <B>Shared Coverage</B>, the applicable Limit of Liability for each of the</TD></TR></TABLE>

<P STYLE="font: 9pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 79.9pt"><B>Shared Coverages </B>will apply separately to each part
of such <B>Loss</B>, subject to the <B>Shared Limit</B>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 5.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 17.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">e.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Company&#8217;s obligations
for all <B>Loss</B>, including <B>Defense Expenses</B>, under each <B>Shared Coverage</B> will cease once the applicable amount of the
Limit of Liability for such <B>Shared Coverage</B>, or the amount of the <B>Shared Limit</B>, has been exhausted by payment of <B>Loss</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 18pt">f.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">The Limit of Liability for any applicable Extended Reporting Period for a <B>Shared
Coverage</B> is part of, and not in addition to, the <B>Shared Limit</B>. The purchase of an Extended Reporting Period will not increase
or reinstate the <B>Shared Limit</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 18.3pt">D.</TD><TD>RETENTION</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">The Company&#8217;s liability with respect to <B>Loss</B> for each <B>Claim</B>
applies only to the portion of <B>Loss</B> that is excess of the applicable Retention set forth in ITEM 5 of the Declarations. Such Retention
will be borne by the <B>Insured Organization</B> at its own risk, and in satisfaction of <B>Loss</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.8pt">If <B>Loss</B> arising from a single <B>Claim</B> is subject to multiple Retentions,
then each Retention will be applied separately to the part of such <B>Loss</B> to which it corresponds, and the largest applicable Retention
set forth in ITEM 5 of the Declarations will be the maximum Retention applicable to all <B>Loss </B>arising from such <B>Claim</B>.</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: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 70%">IV-16001 Ed. 01-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 30%">Page 4 of 11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&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/104% Arial, Helvetica, Sans-Serif; margin-top: 2.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18.05pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">If <B>Loss</B> arising from a single <B>Claim</B> is subject to a Retention under
this <B>Liability Policy</B> and a retention or deductible under any other insurance issued by the Company or its affiliated companies,
then any payment by an <B>Insured</B> of such retention or deductible will reduce the applicable Retention by the amount that would otherwise
be covered under this <B>Liability <FONT STYLE="letter-spacing: -0.05pt">Policy</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">No Retention will apply
to an <B>Insured Person</B> if indemnification by the <B>Insured Organization</B> is not permitted by law or if the <B>Insured Organization</B>
is unable to make such indemnification solely by reason of <B>Financial Insolvency</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18.05pt">5.</TD><TD>If a single Retention applies to multiple <B>Insureds</B>, the Retention will be prorated among such <B>Insureds</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 17.75pt">E.</TD><TD>NOTICE</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.65pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As a condition precedent
to exercising rights under this <B>Liability Policy</B>, the <B>Insured</B> must provide the Company written notice of a <B>Claim</B>
made against an <B>Insured</B> as soon as practicable after an <B>Executive Officer</B> first becomes aware of such <B>Claim</B>, but
in no event later than 90 days from the expiration of the <B>Policy <FONT STYLE="letter-spacing: -0.05pt">Period</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
or Extended Reporting Period if applicable.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 3.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18.05pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">If an <B>Insured</B> becomes aware of any circumstance that could reasonably be
expected to give rise to a <B>Claim </B>for a <B>Wrongful Act</B> occurring before or during the <B>Policy Period</B>, and provides written
notice of such circumstance to the Company during the <B>Policy Period</B> or any Extended Reporting Period, and such written notice of
circumstances includes a description of the circumstances, including the anticipated allegations of <B>Wrongful Acts</B>, potential damages,
names of potential claimants and <B>Insureds</B> involved, and a description of how the <B>Insured</B> became aware of such circumstances,
then a <B>Claim</B> subsequently arising from such circumstance will be deemed made during the <B>Policy <FONT STYLE="letter-spacing: -0.05pt">Period</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 2.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18.05pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">All notices of <B>Claims </B>and circumstances must be sent or delivered to the
Company, at the address set forth in ITEM 3 of the Declarations, and will be deemed received and effective upon the earliest of actual
receipt by the addressee, or one day following the date such notice is sent.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 17.2pt">F.</TD><TD>RELATED CLAIMS</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.05pt 7.85pt 0 44pt; text-align: justify; text-indent: -0.05pt">All <B>Claims</B>
arising out of the same <B>Wrongful Act</B> or <B>Related Wrongful Act</B> are considered one <B>Claim</B> that is deemed first made on
the date that the earliest of such <B>Claims</B> is first made, or deemed to be made against an <B>Insured</B> pursuant to III. CONDITIONS,
E. NOTICE, 2, regardless of whether such date is before or during the <B>Policy <FONT STYLE="letter-spacing: -0.05pt">Period</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 5.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 18.9pt">G.</TD><TD>DEFENSE AND SETTLEMENT</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Company has no duty
under this <B>Liability Policy</B> to defend any <B>Claim</B>. The <B>Insured</B> has the duty to defend all <B>Claims </B>made against
it.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.8pt">The <B>Insured</B> agrees not to settle or offer to settle a <B>Claim</B>, or otherwise
incur <B>Defense Expenses</B>, assume contractual obligations, stipulate to judgments, or admit liability with respect to a <B>Claim</B>,
without the Company&#8217;s written consent; provided that if the <B>Insured</B> reasonably believes it is able to fully and finally settle,
or otherwise dispose of, a <B>Claim</B>, including <B>Defense Expenses</B>, for an amount not exceeding 50% of the applicable Retention
set forth in ITEM 5 of the Declarations, and the <B>Insured</B> has provided the Company with notice of such <B>Claim</B> pursuant to
III. CONDITIONS, E. NOTICE, then the Company&#8217;s consent is not required.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 2.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18.1pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">The Company is not liable for settlements, <B>Defense Expenses</B>, assumed obligations,
stipulated judgments, or admissions to which it has not consented when such consent is required.</TD></TR></TABLE>

<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: 43.95pt"></TD><TD STYLE="width: 18.05pt">4.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">With respect to a <B>Claim </B>submitted for coverage under this <B>Liability Policy</B>,
the Company has the right to, and will be given the opportunity to, effectively associate and consult with the <B>Insured</B> in advance
regarding: (i) the selection of appropriate defense counsel; (ii) settlement negotiations; and (iii) substantive defense strategies, including
decisions concerning the filing and content of substantive motions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18.05pt">5.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">The <B>Insured</B> agrees to provide the Company with all information, assistance,
and cooperation that the Company reasonably requests, but the failure of an <B>Insured Person</B> to provide the Company with such information,
assistance, or cooperation will not impair the rights of another <B>Insured Person</B> under this <B>Liability <FONT STYLE="letter-spacing: -0.05pt">Policy</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/103% Arial, Helvetica, Sans-Serif; margin-top: 5.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt">6.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">The <B>Insured</B> will do nothing to prejudice the Company&#8217;s position or
its potential or actual rights of subrogation or recovery, and the Company may make any investigations it deems necessary.</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: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 70%">IV-16001 Ed. 01-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 30%">Page 5 of 11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&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/104% Calibri, Helvetica, Sans-Serif; margin-top: 2.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Subject to any applicable
Retention, the Company will advance <B>Defense Expenses</B>, on behalf of the <B>Insured</B>, that are covered under this <B>Liability
Policy</B> and were incurred in connection with a <B>Claim</B> for a <B>Wrongful Act</B> occurring before or during the <B>Policy Period</B>
that is made against the <B>Insured</B> during the <B>Policy Period</B>, or any applicable Extended Reporting Period. Such <B>Defense
Expenses</B> will be advanced within 90 days of the date when the Company&#8217;s Claims department receives: (i) the invoices documenting
that such <B>Defense Expenses</B> have been incurred; and (ii) any additional information or documentation reasonably requested by the
<B>Company</B> related to such <B>Defense Expenses</B>. To the extent it is finally established that any advanced <B>Defense Expenses</B>
are not covered under this <B>Liability Policy</B>, the <B>Insureds</B> agrees to repay the Company such <B>Defense Expenses </B>severally.</FONT></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: 44pt"></TD><TD STYLE="width: 18pt">8.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">With the written consent of the <B>Insured</B>, the Company may settle a <B>Claim</B>
for a monetary amount that it deems reasonable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">9.</TD><TD>Neither the Company, nor the <B>Insured </B>will unreasonably withhold any consent referenced in this section.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 18.35pt">H.</TD><TD>PRESUMPTIVE INDEMNIFICATION</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.95pt 7.85pt 0 44pt; text-align: justify; text-indent: -0.05pt">Regardless
of whether <B>Loss</B> for a <B>Claim</B> against an <B>Insured Person</B> is actually indemnified, the applicable Retention set forth
in ITEM 5 of the Declarations will apply to <B>Loss</B> that the <B>Insured Organization</B> or <B>Outside Entity</B> is legally permitted
to indemnify, unless such <B>Insured Organization</B> or <B>Outside Entity</B> fails to provide indemnification solely because of its
<B>Financial <FONT STYLE="letter-spacing: -0.05pt">Insolvency</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.05pt"></TD><TD STYLE="width: 18pt">I.</TD><TD>ADVANCEMENT OF LOSS WITHIN RETENTION</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If the <B>Insured Organization</B>
is legally permitted, but refuses or fails to advance <B>Defense Expenses</B> or indemnify an <B>Insured Person</B> for <B>Loss</B> within
the applicable Retention, then the Company will advance such amounts on behalf of the <B>Insured Person</B> until either the <B>Insured
Organization </B>agrees to pay such amounts, or the Retention has been satisfied. Such advancement of <B>Loss </B>is subject to the following:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 3.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 18pt">a.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">advancement of <B>Loss</B> will reduce and may exhaust the Limits of Liability
set forth in Item 5 of the Declarations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 5.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 18pt">b.</TD><TD STYLE="text-align: justify">advancement of <B>Loss </B> does not waive or modify the provisions set forth in III. CONDITIONS, H.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 80pt">PRESUMPTIVE INDEMNIFICATION; and</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 5.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">c.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the Company will be subrogated
to the <B>Insured Person&#8217;s</B> rights of recovery against the <B>Insured Organization</B> for any amounts it owes to the <B>Insured
Person</B> that the Company has advanced pursuant to this Condition.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt"><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">The <B>Insured Organization&#8217;s</B>
or <B>Outside Entity&#8217;s</B> failure to indemnify an <B>Insured Person</B> occurs when the <B>Insured Organization</B> or <B>Outside
Entity</B> has neither paid <B>Loss</B> on behalf of the <B>Insured Person</B>, nor acknowledged its obligation to do so, within 60 days
of the <B>Insured Person&#8217;s</B> written demand to the <B>Insured Organization</B> for such indemnification payment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 3.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Advancement of <B>Loss</B>
by the Company pursuant to this Condition does not relieve the <B>Insured Organization </B>or <B>Outside Entity</B> of its obligation
to provide indemnification to such <B>Insured Person</B>, or the <B>Insured Organization&#8217;s</B> obligation to satisfy the applicable
Retention on behalf of such <B>Insured Person</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 16.7pt">J.</TD><TD>ALLOCATION</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If an <B>Insured</B> covered
for a <B>Claim</B> under this <B>Liability Policy</B> either: (i) incurs <B>Loss</B> jointly with others, including an <B>Insured</B>
who is not covered for such <B>Claim</B> under this <B>Liability Policy</B>, or (ii) incurs both <B>Loss </B>covered by this <B>Liability
Policy</B> and loss not covered by this <B>Liability Policy</B> because the <B>Claim</B> includes both covered and uncovered matters,
then the <B>Insured</B> and the Company will use their best efforts to allocate such amount between <B>Loss</B> and uncovered loss based
upon the relative legal and financial exposures of the parties to covered and uncovered matters.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt"><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">For that part of <B>Loss</B>
consisting of <B>Defense Expenses</B>, if the parties agree on an allocation of <B>Defense Expenses</B>, then the Company, on a current
basis and prior to disposition of the <B>Claim</B>, will advance <B>Defense Expenses</B> allocated to <B>Loss</B>. If there is no agreement
on the allocation of <B>Defense Expenses</B>, the Company, on a current basis and prior to disposition of the <B>Claim</B>, will advance
<B>Defense Expenses</B> that the Company believes are covered under this <B>Liability Policy </B>until a different allocation is negotiated,
arbitrated, or judicially determined.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A negotiated, arbitrated, or judicially determined allocation of <B>Defense
Expenses</B> in connection with a <B>Claim</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 62pt">will apply retroactively to all <B>Defense Expenses </B>in connection
with such <B>Claim</B>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 62pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; margin: 0.5pt 0 0 62pt"></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 62pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 70%">IV-16001 Ed. 01-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 30%">Page 6  of 11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 20 -->
    <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/104% Arial, Helvetica, Sans-Serif; margin-top: 2.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="padding-right: 7.95pt">An allocation or advancement of <B>Defense Expenses</B> in connection with a <B>Claim</B> will not apply
to, or create a presumption with respect to the allocation of other <B>Loss </B>for such <B>Claim</B>, or any other <B>Claim</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 18.3pt">K.</TD><TD>OTHER INSURANCE</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">If <B>Loss</B> arising from a <B>Claim</B> made against an <B>Insured</B> under
one or more <B>Liability Coverages</B> is covered under any other valid and collectible insurance of the same type, prior or current,
then this <B>Liability Policy </B>covers such <B>Loss</B> only to the extent that the amount of such <B>Loss</B> is in excess of the amount
of such other insurance, whether such other insurance is stated to be primary, contributory, excess, contingent, or otherwise, unless
such other insurance is written as specific excess insurance over the Limits of Liability set forth in ITEM 5 of the Declarations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 4.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>This <B>Liability Policy</B> is not subject to the terms, conditions, exclusions, or limitations of any other insurance.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This <B>Liability Policy</B>
covers <B>Loss</B> on account of a <B>Claim</B> made against an <B>Insured Person</B> in an <B>Outside Position</B> only to the extent
that the amount of such <B>Loss</B> exceeds all valid and collectible indemnity and insurance, available from, or provided by, the <B>Outside
<FONT STYLE="letter-spacing: -0.05pt">Entity</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 17.25pt">L.</TD><TD>ORDER OF PAYMENTS</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 3.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 17.95pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">If <B>Loss</B> for a <B>Claim</B> exceeds, or may exceed, the remaining applicable
Limit(s) of Liability set forth in ITEM 5 of the Declarations, the Company will first pay non-indemnified <B>Loss</B> on behalf of an
<B>Insured Person</B>, then, with respect to any remaining amount of the applicable Limit(s) of Liability, at the request of a majority
of the members of the board of directors, board of managers, or functional equivalent board of the <B>Insured Organization</B> who are
not named defendants in such <B>Claim</B>, the Company will either pay or withhold payment of any other <B>Loss</B>.</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: 44pt"></TD><TD STYLE="width: 17.9pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">Except as provided in this section, the Company will pay <B>Loss</B> as it becomes
due without regard to the potential for other future payment obligations under this section.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 7.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 19.45pt">M.</TD><TD>SUBROGATION</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 17.9pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">In the event of payment under this <B>Liability Policy</B>, the Company is subrogated
to all of the <B>Insured&#8217;s</B> rights of recovery against any person or entity to the extent of such payment.</TD></TR></TABLE>

<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: 44pt"></TD><TD STYLE="width: 17.85pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">The Company will not exercise its rights of subrogation against an <B>Insured Person</B>,
unless there is a final nonappealable adjudication adverse to such <B>Insured Person</B> in any underlying action establishing that such
<B>Insured Person</B>: (i) engaged in a dishonest, criminal, or fraudulent act or omission; (ii) willfully violated a statute or regulation;
or (iii) improperly gained a profit, remuneration, or financial advantage to which he or she was not legally entitled.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 3.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 17.9pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">The <B>Insured</B> agrees to execute and deliver instruments and papers, and do
whatever else is necessary, to secure the Company&#8217;s subrogation rights, and agrees to do nothing to prejudice such rights.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18.35pt">N.</TD><TD>RECOVERIES</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="padding-right: 7.9pt">All recoveries from third parties for payments made under this <B>Liability Policy</B> will be applied,
after the deduction of costs and expenses incurred in obtaining such recovery, in the following order of priority:</TD></TR></TABLE>

<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: 62pt"></TD><TD STYLE="width: 18pt">a.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">first, to the <B>Insured</B>, to reimburse the <B>Insured</B> for <B>Loss</B> paid
that would have been covered by this <B>Liability Policy</B>, but for the fact that such <B>Loss</B> is in excess of the applicable Limits
of Liability set forth in ITEM 5 of the Declarations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 18.05pt">b.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">second, to the Company, to reimburse the Company for amounts paid under this <B>Liability
Policy</B>; provided the Company will reinstate the applicable Limits of Liability set forth in ITEM 5 of the Declarations to the extent
of such recovery, less any recovery costs incurred by the Company; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62.05pt"></TD><TD STYLE="width: 18pt">c.</TD><TD>third, to the <B>Insured</B>, in satisfaction of any applicable Retention.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt"><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">Pursuant to N.1.b, if the
recovery reimburses <B>Loss </B>paid under two or more <B>Liability Coverages</B>, the Company will reinstate the Limit of Liability for
each of those <B>Liability Coverages</B> in proportion to how the <B>Loss </B>was allocated among those <B>Liability Coverages </B>in
the underlying <B>Claim</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">Recoveries do not include any recovery from insurance, suretyship, reinsurance,
security, or indemnity taken for the Company&#8217;s benefit.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>The Company assumes no duty to seek a recovery of any amounts paid under this <B>Liability <FONT STYLE="letter-spacing: -0.05pt">Policy</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</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: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 70%">IV-16001 Ed. 01-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 30%">Page 7 of 11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&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: 2.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 18.9pt">O.</TD><TD>CHANGE OF CONTROL</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 5.65pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If during the <B>Policy Period</B>:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the <B>Named Insured</B>
merges into or consolidates with another entity, such that the <B>Named Insured</B> is not the surviving entity; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 5.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 18pt">b.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">another entity, person, or affiliated group of entities or persons acting in concert
obtains the right to: (i) elect, appoint, or designate more than 50% of the board of directors, board of trustees, board of managers,
or functional equivalent of the <B>Named Insured</B>; or (ii) exercise a majority control of the board of directors, board of trustees,
board of managers, or a functional equivalent of the <B>Named Insured</B>,</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 0 62pt">then coverage will continue until termination of this <B>Liability
Policy</B>, but only with respect to <B>Claims</B> for</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 62.05pt"><B>Wrongful Acts</B> committed before such event.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 5.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18.05pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">As soon as practicable, the <B>Named Insured</B> must provide the Company with written
notice of such event and any related information the Company may reasonably request.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18.05pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.8pt">Upon receipt of such notice and information and at the <B>Named Insured&#8217;s</B>
request, the Company will provide the <B>Named Insured</B> with a quotation for a six-year (or shorter period as may be negotiated) extension
of coverage from such merger, consolidation, or acquisition. Any such coverage extension will be conditioned upon the <B>Named Insured</B>
completing the following within 60 days after receipt of such quotation: (i) providing written notice to the Company of the election of
such coverage extension; (ii) paying additional premium required by the Company, which is deemed fully earned upon inception of such coverage
extension; and (iii) accepting any additional terms, conditions, exclusions, or limitations required by the Company. If the <B>Named Insured</B>
elects such coverage extension, then it is not entitled to elect coverage under III. CONDITIONS, B. EXTENDED REPORTING PERIOD.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 3.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.05pt"></TD><TD STYLE="width: 17.8pt">P.</TD><TD>CREATION, ACQUISITION, OR CESSATION OF SUBSIDIARIES</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 17.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If during the <B>Policy Period</B>, an <B>Insured Organization </B>that is
an <B>Investment Adviser</B> or <B>Private Equity Firm</B>:</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0.45pt 7.75pt 0 61.95pt; text-align: justify; text-indent: 0.05pt">(i)
creates or acquires a <B>Subsidiary</B>; or acquires an entity, other than a <B>Portfolio Company</B>, <B>Affiliated Non- Insured <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
or <FONT STYLE="letter-spacing: -0.05pt"><B>Fund</B>,</FONT> by such entity&#8217;s merger into or consolidation with an <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
and the <B>Insured Organization</B> is the surviving entity; and (ii) the total assets, gross annual fees, and assets under management
of such <B>Subsidiary</B> or entity are each less than 25% of the total assets, gross annual fees, and assets under management of the
<B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT> respectively, as
reflected in financial statements as of the inception of the <B>Policy Period</B>, then such <B>Subsidiary </B>or entity and its <B>Insured
Persons </B>will be covered automatically for <B>Claims</B> under the applicable <B>Liability Coverage</B>, but only with respect to <B>Wrongful
Acts </B>occurring after such creation or acquisition; coverage for a <B>Subsidiary</B> is limited to the <B>Subsidiary&#8217;s Wrongful
Acts</B> at the time it was a <B>Subsidiary</B>.</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: 44pt"></TD><TD STYLE="width: 17.9pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">If during the <B>Policy Period</B>, an <B>Insured Organization</B> that is an <B>Investment
Adviser</B> or <B>Private Equity Firm </B>creates or acquires entity that is not a <B>Portfolio Company</B>, <B>Affiliated Non-Insured
<FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT> or <FONT STYLE="letter-spacing: -0.05pt"><B>Fund</B>,</FONT>
and such entity does not meet the requirements of P.1, then such entity and its <B>Insured Persons</B> will be covered automatically for
<B>Claims</B> under the applicable <B>Liability Coverage</B> for the lesser of the remainder of the <B>Policy Period </B>or 90 days, but
only with respect to <B>Wrongful Acts</B> occurring after such creation or acquisition. If additional coverage is sought, the <B>Named
Insured</B> must provide written notice of the creation or acquisition of the entity to the Company within 60 days of such creation or
acquisition, and promptly provide any additional information the Company may request. Upon receipt of such notice and information, the
Company, in its discretion, may provide the <B>Named Insured</B> a quotation for additional coverage for such created or acquired entity
under the applicable <B>Liability Coverage</B>. If the <B>Named</B> Insured fails to pay any additional premium, or fails to agree to
any additional coverage terms, conditions, exclusions, or limitation set forth in the quotation, no further coverage will be provided.</TD></TR></TABLE>

<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: 44pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If an entity ceases to be
a <B>Subsidiary</B>, then coverage with respect to such entity and its <B>Insured Persons</B> will continue until the termination of this
<B>Liability Policy</B>, but only with respect to <B>Claims</B> for <B>Wrongful Acts</B> that occurred during the time that such entity
was a <B>Subsidiary</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18.9pt">Q.</TD><TD>CREATION, SPONSORSHIP, OR ACQUISITION OF FUNDS</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If during the <B>Policy
Period</B>, an <B>Investment Adviser</B> creates or sponsors a new <B>Mutual Fund</B> or <B>Hedge <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
then such new <B>Mutual Fund</B> or <B>Hedge Fund</B> and its respective <B>Insured Persons</B> will be automatically covered under the
applicable <B>Liability Coverage</B>, but only with respect to <B>Wrongful Acts</B> occurring after such creation or sponsorship.</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: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 70%">IV-16001 Ed. 01-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 30%">Page 8 of 11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&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/104% Calibri, Helvetica, Sans-Serif; margin-top: 2.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt"><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">If during the <B>Policy
Period</B>, an <B>Investment Adviser</B> acquires control of a <B>Mutual Fund</B> or <B>Hedge <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
and the assets of such <B>Mutual Fund</B> or <B>Hedge Fund</B> are less than 25% of the total assets for all <B>Mutual Funds</B>, <B>Hedge
Funds</B>, and <B>Affiliated Non-Insured Funds</B> managed by the <B>Investment Adviser</B>, as reflected in its financial statements
as of the inception of the <B>Policy Period</B>, then such <B>Mutual Fund</B> or <B>Hedge Fund</B> and its <B>Insured Persons</B> will
be automatically covered for <B>Claims</B> under the applicable <B>Liability Coverage</B>, but only with respect to <B>Wrongful Acts</B>
occurring after acquiring such control.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If during the <B>Policy
Period</B>, an <B>Investment Adviser</B> acquires control of a <B>Mutual Fund</B> or <B>Hedge <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
that does not meet the requirements of Q.2, then such <B>Mutual Fund</B> or <B>Hedge Fund</B> and its <B>Insured Persons</B> will be automatically
covered for <B>Claims</B> under the applicable <B>Liability Coverage</B> for the lesser of the remainder of the <B>Policy Period</B> or
60 days, but only with respect to <B>Wrongful Acts</B> occurring after the acquisition of such <B>Mutual Fund </B>or <B>Hedge <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT>
If additional coverage is sought, the <B>Named Insured </B>must provide written notice of the acquisition to the Company within 60 days
of such acquisition, and provide any additional information the Company may request. Upon receipt of such notice and information, the
Company may, within its discretion, provide the <B>Named Insured</B> a quotation for additional coverage for such <B>Mutual Fund</B> or
<B>Hedge Fund</B> under the applicable <B>Liability Coverage</B>. If the <B>Named Insured</B> fails to pay any additional premium, or
fails to agree to any additional coverage terms, conditions, exclusions, or limitation set forth in the quotation, no additional coverage
will be provided.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If during the <B>Policy Period</B>, a <B>Private Equity Firm</B> creates or
sponsors a new <B>Private Equity Fund</B> that has:</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0.5pt 7.85pt 0 62pt; text-align: justify">(i) an initial targeted committed
capital equal to 50% or less of the total committed capital of all <B>Private Equity Funds</B> and <B>Affiliated Non-Insured Funds</B>
managed by the <B>Private Equity Firm</B>, as reflected in financial statements as of the inception of the <B>Policy Period</B>; and (ii)
an investment strategy that does not differ substantially from that of all other <B>Private Equity Funds</B>, then such new <B>Private
Equity Fund</B> and its <B>Insured Persons</B> will be automatically covered for <B>Claims</B> under the applicable <B>Liability Coverage</B>,
but only with respect to <B>Wrongful Acts</B> occurring after such creation or sponsorship.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 2.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt"><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">If during the <B>Policy
Period</B>, a <B>Private Equity Firm</B> creates or sponsors a new <B>Private Equity Fund</B> that does not meet the requirements of Q.4,
then such <B>Private Equity Fund</B> and its <B>Insured Persons</B> will be automatically covered for <B>Claims</B> under the applicable
<B>Liability Coverage</B> for the lesser of the remainder of the <B>Policy Period</B> or 60 days, but only with respect to <B>Wrongful
Acts</B> occurring after the creation or sponsorship of such <B>Private Equity <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT>
If additional coverage is sought, the <B>Named Insured</B> must provide written notice of the creation or sponsorship to the Company within
60 days of such creation or sponsorship, and promptly provide any additional information the Company may request. Upon receipt of such
notice and information, the Company may, within its discretion, provide the <B>Named Insured</B> a quotation for additional coverage for
such <B>Private Equity Fund</B> under the applicable <B>Liability Coverage</B>. If the <B>Named Insured</B> fails to pay any additional
premium, or fails to agree to any additional coverage terms, conditions, exclusions, or limitation set forth in the quotation, no additional
coverage will be provided.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 2.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18.35pt">R.</TD><TD>CESSATION OF FUNDS</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If a <B>Fund</B> ceases
to be managed by an <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
then coverage will continue for such <FONT STYLE="letter-spacing: -0.05pt"><B>Fund</B>,</FONT> but only for <B>Claims</B> for <B>Wrongful
Acts</B> that occurred during the time that the <B>Fund</B> was managed by an <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">If a <B>Mutual Fund</B> ceases to be a registered investment company under the Investment
Company Act of 1940, then coverage will continue for such entity, but only for <B>Claims</B> for <B>Wrongful Acts</B> that occurred wholly
during the time that the entity was a <B>Mutual <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If a <B>Hedge Fund</B> or
<B>Private Equity Fund</B> ceases to qualify as a private fund under the Investment Company Act of 1940 &sect;&sect; 3(c)(1) or 3(c)(7),
then coverage will continue for such entity, but only for <B>Claims</B> for <B>Wrongful Acts </B>that occurred wholly during the time
that the entity was a <B>Hedge Fund</B> or <B>Private Equity <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 17.8pt">S.</TD><TD>REPRESENTATIONS</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In consideration of issuing
this <B>Liability Policy</B>, the Company has relied upon the statements and representations in the <FONT STYLE="letter-spacing: -0.05pt"><B>Application</B>.</FONT></FONT></TD></TR></TABLE>

<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: 43.95pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">The <B>Insured</B> represents and agrees that all statements and representations
in the <B>Application</B> are true and accurate, and are the basis of the <B>Liability Policy</B>, which is issued in reliance upon the
truth of all such statements and representations. The <B>Application</B> is deemed attached to, and incorporated into, this <B>Liability
Policy</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: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 70%">IV-16001 Ed. 01-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 30%">Page 9 of 11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&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 Arial, Helvetica, Sans-Serif; margin-top: 2.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>With respect to all statements and representations contained in the <FONT STYLE="letter-spacing: -0.05pt"><B>Application</B>,</FONT>
knowledge possessed by an</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 61.95pt"><B>Insured </B>will not be imputed to another <B>Insured
Person</B>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Company will not, under any circumstance, rescind this <B>Liability Policy</B>
with respect to an <B>Insured</B>.</FONT></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: 44pt"></TD><TD STYLE="width: 17.95pt">5.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">The <B>Insured</B> agrees that if statements or representations in the <B>Application</B>
are untrue or inaccurate, and materially affect either the acceptance of the risk or the hazard assumed by the Company, no coverage will
be afforded under this <B>Policy </B>for a <B>Claim </B>arising out of such statements or representations with respect to the following:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 2.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 18pt">a.</TD><TD>an <B>Insured Person</B> who had knowledge of the information not truthfully or accurately disclosed in the</TD></TR></TABLE>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 80pt"><FONT STYLE="letter-spacing: -0.05pt">Application<FONT STYLE="font-weight: normal">;</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 7.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the <B>Insured Organization</B> to the extent it indemnifies an <B>Insured
Person </B>referenced in S.5.a; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/12pt Calibri, Helvetica, Sans-Serif; margin-top: 4.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">c.</FONT></TD><TD STYLE="padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
if an <B>Executive Officer</B> had knowledge of the information that was not truthfully or accurately disclosed in the <FONT STYLE="letter-spacing: -0.05pt"><B>Application</B>,</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6.8pt 0 0 62pt">whether or not the <B>Insured </B>knew of such untruthful or
inaccurate disclosure in the <FONT STYLE="letter-spacing: -0.05pt"><B>Application</B>.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 20pt">T.</TD><TD>TERMINATION OF POLICY</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 17.95pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">The Company may not terminate this <B>Liability Policy</B> prior to expiration
of the <B>Policy Period</B>, except for nonpayment of premium when due. If such nonpayment occurs, written notice of the nonpayment will
be provided to the <B>Named Insured</B>. Unless payment in full is received within 20 days of the <B>Named Insured&#8217;s </B>receipt
of such notice, the Company will terminate the <B>Liability <FONT STYLE="letter-spacing: -0.05pt">Policy</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 17.95pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">The <B>Named Insured</B> may terminate this <B>Liability Policy</B> prior to the
expiration of the <B>Policy Period</B> by providing the Company with written notice specifying the effective date of such termination,
and such date will replace the Expiration Date set forth on ITEM 2 of the Declarations; provided, this <B>Liability Policy</B> may not
be terminated after the effective date of a merger, consolidation, or acquisition of the <B>Named Insured</B> as described in III. CONDITIONS,
O. CHANGE OF CONTROL.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 3.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 17.9pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">In the event that this <B>Liability Policy</B> is terminated prior to the expiration
of the <B>Policy Period</B>, the Company will refund any unearned premium computed on a pro rata basis. Payment or tender of unearned
premium by the Company is not a condition precedent to the effectiveness of such termination, but such payment will be made as soon as
practicable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 17.9pt">4.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">The Company will not be required to renew this <B>Liability Policy</B> upon its
expiration. If the Company elects not to renew, it will provide the <B>Named Insured</B> written notice to that effect at least 60 days
before the Expiration Date set forth on ITEM 2 of the Declarations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18.35pt">U.</TD><TD>AUTHORIZATION</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.95pt 7.9pt 0 43.9pt; text-align: justify">By accepting the terms herein,
the <B>Named Insured</B> agrees to act on behalf of all <B>Insureds</B> with respect to the payment of premiums, receipt of return premiums
that may become due hereunder, and receipt of notices of cancelation, nonrenewal, or change of coverage, and the <B>Insureds</B> each
agree that they have individually and collectively delegated such authority exclusively to the <B>Named Insured</B>; provided, that nothing
herein will relieve the <B>Insureds </B>from providing any notice to the Company that is required under this <B>Liability <FONT STYLE="letter-spacing: -0.05pt">Policy</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 5.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 17.8pt">V.</TD><TD>CHANGES</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Only the <B>Named Insured</B>
is authorized to make changes in the terms of this <B>Liability Policy</B> and solely with the Company&#8217;s prior written consent;
this <B>Liability Policy&#8217;s</B> terms can only be changed, amended, or waived by endorsement issued by the Company and made a part
of this <B>Liability <FONT STYLE="letter-spacing: -0.05pt">Policy</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">Notice to a representative of the <B>Insured</B>, or knowledge possessed by an
agent or other person, will not waive or change any part of this <B>Liability Policy</B>, or estop the Company from asserting its rights
under the terms, conditions, and limitations of this <B>Liability <FONT STYLE="letter-spacing: -0.05pt">Policy</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">This <B>Liability Policy</B> may not be assigned or transferred, and any attempted
assignment or transfer is void and without effect unless the Company has provided its prior written consent to such assignment or transfer.</TD></TR></TABLE>

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

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<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: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 69%">IV-16001 Ed. 01-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 31%">Page 10 of 11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&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: 26pt"></TD><TD STYLE="width: 17.75pt">W.</TD><TD>LIBERALIZATION</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.95pt 7.85pt 0 43.95pt; text-align: justify">If during the <B>Policy Period</B>,
the Company is required, by law or by the insurance supervisory authorities of the state in which this <B>Liability Policy</B> is issued,
to make changes in the form of this <B>Liability Policy</B>, by which the insurance afforded by this <B>Liability Policy</B> could be
extended or broadened without increased premium charge by endorsement or substitution of form, then such extended or broadened insurance
will inure to the benefit of the <B>Insured</B> as of the date the revision or change is approved for general use by the applicable department
of insurance.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 5.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 17.8pt">X.</TD><TD>TERRITORY AND VALUATION</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 3.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.9pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Where legally permissible, coverage under this <B>Liability Policy</B> extends
to <B>Wrongful Acts</B> occurring, or</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 61.95pt"><B>Claims </B>made, anywhere in the world.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 5.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.9pt"></TD><TD STYLE="width: 18.05pt">2.</TD><TD STYLE="padding-right: 7.9pt">All premiums, limits of liability, retentions, <B>Loss</B>, or other amounts under this <B>Liability
Policy</B> are expressed and payable in U.S. Dollars.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.9pt"></TD><TD STYLE="width: 18.05pt">3.</TD><TD STYLE="padding-right: 7.9pt">If a final judgment is rendered, a settlement is denominated, or another element of <B>Loss</B> under
this <B>Liability Policy</B> is stated in a currency other than U.S. Dollars, payment under this <B>Liability Policy</B> will be made
in</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 5.05pt 0 62pt; text-indent: -0.05pt">U.S. Dollars at the rate of exchange
published in <I>The Wall Street Journal</I> on the date the final amount of such payment is determined.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 17.8pt">Y.</TD><TD>ACTION AGAINST THE COMPANY</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.9pt"></TD><TD STYLE="width: 18.05pt">1.</TD><TD>No action will lie against the Company unless there has been full compliance with all of the terms of this</TD></TR></TABLE>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 26.05pt 0 61.95pt">Liability <FONT STYLE="letter-spacing: -0.05pt">Policy<FONT STYLE="font-weight: normal">.</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 5.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.9pt"></TD><TD STYLE="width: 18.05pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">No person or organization has a right under this <B>Liability Policy</B> to join
the Company as a party to an action against an <B>Insured</B> to determine such <B>Insured&#8217;s</B> liability, nor may the Company
be impleaded by an <B>Insured </B>or its legal representative.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.9pt"></TD><TD STYLE="width: 18.05pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">Bankruptcy or insolvency of an <B>Insured</B> or its estate does not relieve the
Company of its obligations hereunder.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 17.2pt">Z.</TD><TD>HEADINGS</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.95pt 8pt 0 43.9pt; text-align: justify">The titles of the various paragraphs
of this <B>Liability Policy</B> and its endorsements are inserted solely for convenience or reference, and are not to be deemed in any
way to limit or affect the provision to which they relate.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.95pt 8pt 0 43.9pt; text-align: justify"></P>

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<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.95pt 8pt 0 43.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 69%">IV-16001 Ed. 01-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 31%">Page 11 of 11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&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/10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_027.gif" ALT="Text Box: THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY." STYLE="width: 743px; height: 28px"></FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05in 0 0 172.3pt"><B>COST OF CORRECTIONS ENDORSEMENT</B></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">Mutual Fund Liability</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 11.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_028.gif" ALT="" STYLE="width: 724px; 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: 3.7pt 0 0 13pt"><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: 16.65pt">1.</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 8pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
    following is added to ITEM 5 of the Declarations:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 8pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cost of Corrections
    Limit:</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 8pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$7,500,000 for
    all&nbsp;<B>Customer Damage Events</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 8pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cost of Corrections
    Retention:</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 8pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$250,000 for each&nbsp;<B>Customer
    Damage Event</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 8pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Correction Costs
    Co-Insurance:</FONT></TD>
    <TD STYLE="padding: 0pt 0pt 8pt; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0%</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 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: 13pt"></TD><TD STYLE="width: 16.65pt">2.</TD><TD>The following is added to section I. INSURING AGREEMENTS:</TD></TR></TABLE>

<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 31pt; text-align: justify">COST OF CORRECTIONS COVERAGE</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: 0 0 0 31pt; text-align: justify">The Company will reimburse the <B>Insured Organization</B>
for <B>Correction Costs</B> incurred to mitigate or correct a</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 31pt; text-align: justify"><B>Customer Damage Event </B>occurring
and reported during the <B>Policy <FONT STYLE="letter-spacing: -0.05pt">Period</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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 Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13pt"></TD><TD STYLE="width: 16.65pt">3.</TD><TD>The following is added to section II. DEFINITIONS:</TD></TR></TABLE>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 31pt; text-align: justify"><B><I>Correction Costs </I></B>mean the direct
monetary damages to a client or customer.</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 8.9pt 0 30.95pt; text-align: justify"><B><I>Customer Damage Event</I></B>
means a <B>Wrongful Act</B> in the ordinary course of the <B>Insured&#8217;s</B> operations that if not mitigated or corrected will result
in: (i) direct monetary damage to a client or customer, and (ii) a <B>Claim</B> covered under this <B>Liability Coverage</B>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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 Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12.95pt"></TD><TD STYLE="width: 16.7pt">4.</TD><TD>The following is added to section III. EXCLUSIONS:</TD></TR></TABLE>

<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 30.95pt; text-align: justify">EXCLUSIONS APPLICABLE ONLY TO THE COST
OF CORRECTIONS INSURING AGREEMENT</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 Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.95pt"></TD><TD STYLE="width: 16.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>PRIOR KNOWLEDGE</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 5.5pt 8.9pt 0 48.95pt; text-align: justify">The Company will not reimburse
<B>Correction Costs</B> if an <B>Insured</B>, as of the effective date of the <B>Liability Coverage</B>, had knowledge of a <B>Wrongful
Act</B> that resulted, or was reasonably likely to result, in direct monetary damages to a client or customer.</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: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.95pt"></TD><TD STYLE="width: 19.45pt">2.</TD><TD STYLE="text-align: justify">FUNDS TRANSFER</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 5.65pt 8.95pt 0 48.95pt; text-align: justify">The Company will not reimburse
<B>Correction Costs</B> on account of a <B>Wrongful Act</B> involving the wire or electronic transfers of funds.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 5.65pt 8.95pt 0 48.95pt; text-align: justify"></P>

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<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 5.65pt 8.95pt 0 48.95pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 73%">Issuing Company: Travelers Casualty and Surety Company of America</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 27%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt">Policy Number: 106968128</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">IV-19003 Ed. 01-16</TD>
    <TD STYLE="text-align: right; padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Page 1 of 2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 5.65pt 8.95pt 0 48.95pt; text-align: justify">&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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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 2.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 19.45pt">3.</TD><TD>UNCOVERED LOSS</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 5.85pt 6.95pt 0 43pt; text-align: justify">The Company will not reimburse
<B>Correction Costs</B> on account of a <B>Wrongful Act</B> that: (i) would be excluded under this <B>Liability Coverage</B> had the <B>Wrongful
Act</B> resulted in <B>Loss</B> on account of a <B>Claim</B>; or (ii) result in loss that is not covered under this <B>Liability Coverage</B>,
including <I>ex gratia</I> payments, anticipated fines or penalties, or commercial settlements to support the <B>Insured&#8217;s </B>reputation
or business relationships.</P>

<P STYLE="font: 14pt 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: 25pt"></TD><TD STYLE="width: 16.65pt">4.</TD><TD>CONTRACTUAL OBLIGATIONS</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 5.35pt 6.9pt 0 42.95pt; text-align: justify">The Company will not reimburse
<B>Correction Costs</B> required to be incurred by the <B>Insured</B> pursuant to a contractual obligation to a customer or client of
the <B>Insured Organization</B> if such obligation does not otherwise constitute covered <B>Loss</B> under this <B>Liability Coverage</B>,
and liability would not otherwise exist absent such contractual obligation. Such uncovered loss includes the guarantee of any rate of
return.</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: 24.95pt"></TD><TD STYLE="width: 16.7pt">5.</TD><TD>DIMINUTION IN VALUE</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 5.85pt 6.9pt 0 42.95pt; text-align: justify">The Company will not reimburse
<B>Correction Costs</B> for any diminution, or lack of appreciation, in the value of investments, including securities, commodities, currencies,
options, or futures; provided this shall not apply to any such diminution, or lack of appreciation, due solely to a negligent act, error,
or omission on the part of an <B>Insured</B>.</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: 24.95pt"></TD><TD STYLE="width: 16.7pt">6.</TD><TD>MONEY, SECURITIES, AND PROPERTY</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 5.75pt 6.9pt 0 42.95pt; text-align: justify">The Company will not reimburse
<B>Correction Costs</B> for the theft, burglary, damage, destruction, or disappearance of money, securities, property, or other items
of value that are in the possession, custody or control of the <B>Insured</B>, its correspondent bank, or other authorized representative,
or are in transit while in the possession, custody, or control of an authorized representative of the <B>Insured</B>.</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>

<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: 16.65pt">5.</TD><TD>The following is added to section IV. CONDITIONS:</TD></TR></TABLE>

<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 25pt">COST OF CORRECTION COVERAGE</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 5.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.35pt"></TD><TD STYLE="width: 16.65pt"><B>1.</B></TD><TD STYLE="text-align: justify; padding-right: 6.85pt">Notice of the <B>Customer Damage Event</B> will be considered notice of circumstance
and must be given to the Company as soon as practicable pursuant to III. CONDITIONS, E. NOTICE of the General Terms and Conditions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/101% Arial, Helvetica, Sans-Serif; margin-top: 4.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.35pt"></TD><TD STYLE="width: 16.65pt"><B>2.</B></TD><TD STYLE="text-align: justify; padding-right: 6.85pt">No reimbursement will be provided for <B>Correction Costs</B> incurred prior to
the written consent of the Company unless the <B>Insured</B>, acting as a prudent uninsured, determines that the additional time required
to seek the Company&#8217;s consent would increase the amount of <B>Loss</B>, or cause the <B>Insured</B> to violate its written error
resolution procedures.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.35pt"></TD><TD STYLE="width: 16.65pt"><B>3.</B></TD><TD STYLE="text-align: justify; padding-right: 6.85pt">The Company will have the sole right to determine if a <B>Wrongful Act</B> would
give rise to a <B>Claim</B>. If the Company reasonably determines that it lacks sufficient information to make a decision as to coverage,
the <B>Insured</B> will have no recourse under this <B>Liability Coverage</B> against the Company until the Company reasonably determines
that sufficient information has been provided, or until a <B>Claim </B>has been made against the <B>Insured</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 7.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.35pt"></TD><TD STYLE="width: 18.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>4.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 5.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The <B>Insured</B> will
bear uninsured, and at its own risk, <B>Correction Costs</B> for each <B>Customer Damage Event</B> up to the amount of Cost of Corrections
Retention set forth in ITEM 5 of the Declarations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 5.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.35pt"></TD><TD STYLE="width: 16.6pt"><B>5.</B></TD><TD STYLE="text-align: justify; padding-right: 6.9pt">The <B>Insured</B> is responsible for the percentage of <B>Correction Costs</B>
in excess of the Cost of Corrections Retention set forth as Correction Costs Co-Insurance in ITEM 5 of the Declarations. The Company will
reimburse for the remaining percentage of <B>Correction Costs </B>in excess of the Cost of Correction Retention.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/103% Arial, Helvetica, Sans-Serif; margin-top: 4.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.35pt"></TD><TD STYLE="width: 16.6pt"><B>6.</B></TD><TD STYLE="text-align: justify; padding-right: 6.9pt">The Company&#8217;s maximum liability under the Cost of Corrections Coverage Insuring
Agreement for all <B>Customer Damage Events</B> is the Cost of Corrections Limit set forth in ITEM 5 of the Declarations, which is part
of and not in addition to, the Limit of Liability for the Liability Coverage.</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">&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: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_030.gif" ALT="" STYLE="width: 724px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 6.85pt 0 7pt; 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>

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<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 6.85pt 0 7pt; text-align: justify; text-indent: -0.05pt"></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 6.85pt 0 7pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD STYLE="width: 70%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 30%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">IV-19003 Ed. 01-16</TD>
    <TD STYLE="text-align: right; padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Page 2 of 2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 6.85pt 0 7pt; text-align: justify; text-indent: -0.05pt">&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: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_031.gif" ALT="Text Box: THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY." STYLE="width: 740px; height: 28px"></FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3.7pt 0 0 177.15pt">EXCLUDE PRIOR ACTS 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 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">Mutual Fund Liability</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 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_032.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>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13pt">The following is added to section III. EXCLUSIONS:</P>

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

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13pt">PRIOR ACTS</P>

<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 12.9pt">The Company is not liable for Loss on account of a <B>Claim</B>
under the <B>Liability Coverage</B> based upon or arising out of a</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 12.9pt"><B>Wrongful Act</B> committed, in whole or in part, prior
to 08/27/2018.</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: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 11.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_033.gif" ALT="" STYLE="width: 726px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0.95pt 6.65pt 0 14.2pt; 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: 6.5pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 11.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_033.gif" ALT="" STYLE="width: 726px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/118% Arial, Helvetica, Sans-Serif; margin: 0.5pt 233.05pt 0 14.15pt">Issuing Company: Travelers Casualty and Surety
Company of America Policy Number: 106968128</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/118% Arial, Helvetica, Sans-Serif; margin: 0.5pt 233.05pt 0 14.15pt"></P>

<P STYLE="font: 9pt/118% Arial, Helvetica, Sans-Serif; margin: 0.5pt 233.05pt 0 14.15pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD STYLE="width: 72%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 28%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt 10pt">IV-19043 Ed. 01-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Page 1 of 1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt 10pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>



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

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 11.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></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 Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_035.gif" ALT="Text Box: THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY." STYLE="width: 737px; height: 29px"></FONT></P>

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

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0.05in 0 0 144.3pt">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 13pt; text-align: justify">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-align: justify">General Terms and Conditions</P>

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

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 11.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_036.gif" ALT="" STYLE="width: 724px; height: 4px"></FONT></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 13pt; text-align: justify"><B>It is agreed that:</B></P>

<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 Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13pt"></TD><TD STYLE="width: 16.65pt">1.</TD><TD STYLE="text-align: justify">The following is added to section II. DEFINITIONS:</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 6.95pt 0 30.95pt; text-align: justify"><B><I>Financial Interest</I></B>
means the <B>Named Insured&#8217;s</B> insurable interest in an <B>Insured Organization</B> that is domiciled in a country or jurisdiction
in which the Company is not licensed to provide this insurance, as a result of the <B>Named Insured&#8217;s</B>: (i) ownership of the
majority of the outstanding securities or voting rights of such <B>Insured Organization </B>representing the present right to elect, appoint,
or exercise a majority control over such <B>Insured Organization&#8217;s </B>board of directors, board of trustees, board of managers,
natural person general partner, or functional foreign equivalent; (ii) indemnification of, or representation that it has an obligation
to indemnify, such <B>Insured Organization </B>for <B>Loss</B> incurred by such <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">;</FONT>
or (iii) election or obligation to obtain insurance for such <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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: 12.95pt"></TD><TD STYLE="width: 16.65pt">2.</TD><TD STYLE="text-align: justify">The following is added to section III. CONDITIONS:</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 30.95pt; text-align: justify">SANCTIONS AND COMPLIANCE</P>

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

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7pt 0 30.85pt; text-align: justify; text-indent: 0.05pt">This <B>Liability
Policy</B> will provide coverage, or otherwise will provide any benefit, only to the extent that providing such <FONT STYLE="letter-spacing: 0.05pt">coverage
or benefit does not expose the Company or any of its affiliated or parent companies to any trade or</FONT> <FONT STYLE="letter-spacing: 0.25pt">economic
sanction</FONT> <FONT STYLE="letter-spacing: 0.2pt">under any law</FONT> <FONT STYLE="letter-spacing: 0.15pt">or</FONT> <FONT STYLE="letter-spacing: 0.25pt">regulation</FONT>
<FONT STYLE="letter-spacing: 0.15pt">of</FONT> <FONT STYLE="letter-spacing: 0.2pt">the</FONT> <FONT STYLE="letter-spacing: 0.25pt">United
States</FONT> <FONT STYLE="letter-spacing: 0.15pt">of</FONT> <FONT STYLE="letter-spacing: 0.25pt">America</FONT> <FONT STYLE="letter-spacing: 0.15pt">or</FONT>
<FONT STYLE="letter-spacing: 0.2pt">any other</FONT> <FONT STYLE="letter-spacing: 0.25pt">applicable</FONT> <FONT STYLE="letter-spacing: 0.2pt">trade</FONT>
<FONT STYLE="letter-spacing: 0.15pt">or economic sanction,</FONT> prohibition, or restriction.</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 Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12.95pt"></TD><TD STYLE="width: 16.65pt">3.</TD><TD STYLE="text-align: justify">The following replaces section III. CONDITIONS, X. TERRITORY AND VALUATION, 1:</TD></TR></TABLE>

<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 6.9pt 0 49.4pt; text-align: justify; text-indent: -18.45pt"><FONT STYLE="letter-spacing: 0.1pt">a.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: 0.05pt">This <B>Liability Policy</B> applies anywhere in the world; provided, this <B>Liability
Policy</B> does not apply to <B>Loss</B> incurred by an <B>Insured</B> residing or domiciled in</FONT> a <FONT STYLE="letter-spacing: 0.05pt">country
or jurisdiction in which the Company is not licensed to</FONT> provide this insurance, to the extent that providing this insurance would
violate <FONT STYLE="letter-spacing: 0.1pt">the</FONT> laws or regulations of such country or jurisdiction.</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/104% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: 0.1pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 6.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In the event an <B>Insured
Organization</B> incurs <B>Loss</B> referenced in X.1.a., to which this <B>Liability Policy</B> would have <FONT STYLE="letter-spacing: 0.05pt">applied,
the Company will reimburse the <B>Named Insured</B> for its <B>Loss</B>, on account of its <B>Financial Interest</B> in such</FONT> <B>Insured
<FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT> As a condition precedent such
reimbursement, or any rights under this <B>Liability Policy</B>, the <B>Named Insured</B> will cause the <B>Insured Organization</B> or
its <B>Insured Persons</B> to comply with the conditions of this <B>Liability <FONT STYLE="letter-spacing: -0.05pt">Policy</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></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 6.85pt 0 49pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="letter-spacing: 0.1pt">c.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>In the event that the <B>Insured Person</B> residing in a country or jurisdiction in which the Company is not licensed incurs
<B>Loss</B> referenced in X.1.a. that is not indemnified by an <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
such <B>Loss</B> will be paid in a country or jurisdiction mutually acceptable to such <B>Insured Person</B> and the Company, to the extent
that doing so would not violate any applicable laws or regulations.</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: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 11.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_030.gif" ALT="" STYLE="width: 724px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 6.9pt 0 12.95pt; 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>

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<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 6.9pt 0 12.95pt; text-align: justify; text-indent: -0.05pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt 10pt; width: 73%">Issuing Company: Travelers Casualty and Surety Company of America</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 27%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt 10pt">Policy Number: 106968128</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt 10pt">IV-19060 Ed. 01-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Page 1 of 1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt 10pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 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: 0.15pt 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"><IMG SRC="image_039.gif" ALT="Text Box: THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY." STYLE="width: 741px; height: 29px"></FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0.05in 0 0 178.3pt">NEW YORK CHANGES ENDORSEMENT</P>

<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 12pt">This endorsement changes the following:</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 2.75pt 0 0 11.95pt">Mutual Fund Liability</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></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 9.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_040.gif" ALT="" STYLE="width: 728px; height: 5px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 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/152% Arial, Helvetica, Sans-Serif; margin-top: 6.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12pt"></TD><TD STYLE="width: 17.9pt">1.</TD><TD STYLE="padding-right: 131.15pt">The following is added to section III. CONDITIONS, B. EXTENDED REPORTING PERIOD: Automatic Reporting
Period</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/10.7pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.3pt"></TD><TD STYLE="width: 16.55pt">a.</TD><TD STYLE="text-align: justify">Upon the effective date of termination of a <B>Liability Coverage</B> for any reason other than nonpayment
of premium,</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 6.75pt 0 47.9pt; text-align: justify">the <B>Insured</B> will be provided
a 60 day reporting period following the effective date of such termination (&quot;Automatic Reporting Period&quot;) for <B>Claims</B>
made against persons or entities who at the effective date of termination of coverage were <B>Insureds</B>, but only with respect to a
<B>Wrongful Act</B> otherwise covered under this <B>Liability Policy </B>occurring before or during the <B>Policy <FONT STYLE="letter-spacing: -0.05pt">Period</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/103% Arial, Helvetica, Sans-Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.3pt"></TD><TD STYLE="width: 16.55pt">b.</TD><TD STYLE="text-align: justify; padding-right: 6.75pt">The Limit of Liability for the Automatic Reporting Period will be part of, and
not in addition to, the Limit of Liability for the <B>Policy Period</B>; the Automatic Reporting Period will not increase or reinstate
the Limit of Liability set forth in ITEM 5 of the Declarations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.65pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.3pt"></TD><TD STYLE="width: 16.55pt">c.</TD><TD STYLE="text-align: justify; padding-right: 6.8pt">The Automatic Reporting Period will be deemed a part of, and not in addition to,
any applicable Extended Reporting Period purchased by the <B>Named Insured</B>.</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: 3.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.85pt"></TD><TD STYLE="width: 13.9pt">2.</TD><TD>The following is added to section III. CONDITIONS, D. RETENTION:</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 5.9pt 0 0 29.85pt; text-align: justify">If required, the Retention and coinsurance
will be applied pursuant to 11 NYCRR 72.1.</P>

<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: 6.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.85pt"></TD><TD STYLE="width: 13.9pt">3.</TD><TD>The following is added to section III. CONDITIONS, E. NOTICE, 1.:</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.25pt 6.45pt 0 29.75pt; text-align: justify">However, the failure to provide
notice to the Company as soon as practicable as required by this <B>Liability Policy</B> will not invalidate coverage for a <B>Claim</B>
unless such failure has prejudiced the Company. Coverage for a <B>Claim</B> will not be invalidated on such grounds if it is shown that
it was not reasonably possible to provide such timely notice and that notice was given as soon as reasonably possible thereafter.</P>

<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: 6.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.75pt"></TD><TD STYLE="width: 13.9pt">4.</TD><TD>The following is added to section III. CONDITIONS, E. NOTICE:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 5.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.25pt"></TD><TD STYLE="width: 16.5pt">4.</TD><TD STYLE="text-align: justify; padding-right: 6.9pt">Written notice given by or on behalf of any <B>Insured</B> to any licensed agent
of the Company in New York State, with particulars sufficient to identify the <B>Insured</B>, shall be considered notice to the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.25pt"></TD><TD STYLE="width: 16.55pt">5.</TD><TD STYLE="text-align: justify; padding-right: 6.85pt">The Company&#8217;s rights will not be deemed prejudiced unless the failure to
provide notice of a <B>Claim</B> materially impairs the Company&#8217;s ability to investigate or defend the <B>Claim</B>. However, prejudice
will be presumed if, prior to the notice, the <B>Insured&#8217;s</B> liability has been determined by a court of competent jurisdiction
or by binding arbitration, or if the Insured has resolved the Claim by settlement or other compromise.</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 Arial, Helvetica, Sans-Serif; margin-top: 3.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.8pt"></TD><TD STYLE="width: 13.9pt">5.</TD><TD>The following is added to section III. CONDITIONS, G. DEFENSE AND SETTLEMENT:</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 5.7pt 0 0; text-align: right">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.15pt 5.25pt 0 47.7pt; text-indent: -16.5pt">10. If the Company
concludes, based on <B>Claims </B>that have been reported to the Company and to which this <B>Liability Policy</B> may apply, that
the limit of liability as stated in the Declarations is likely to be exhausted by the payment of <B>Loss</B>, the Company will so
notify the <B>Named Insured</B>, in writing.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.15pt 5.25pt 0 47.7pt; text-indent: -16.5pt">11. When the limit of liability
has been exhausted, the Company will so notify the <B>Named Insured</B>, in writing, and take no action with respect to any <B>Claim </B>reported
to the Company after that limit of liability has been exhausted.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.15pt 5.25pt 0 47.7pt; text-indent: -16.5pt"></P>



<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.15pt 5.25pt 0 47.7pt; text-indent: -16.5pt"></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: 0pt; text-indent: -16.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt 10pt; width: 71%">Issuing Company:&nbsp;<B>Travelers Casualty and Surety Company of America</B></TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 29%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt 10pt">Policy Number:&nbsp;<B>106968128</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt 10pt">IV-17022 Rev. 03-20</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Page 1 of 3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt 10pt">&copy; 2020 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>



<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"></FONT></P>


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<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.15pt 5.25pt 0 47.7pt; text-indent: -16.5pt">12. The exhaustion of any limit of liability by payment
of judgments or settlements will not be affected by the Company&#8217;s failure to comply with any of the provisions of this
Condition.</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 Arial, Helvetica, Sans-Serif; margin-top: 3.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8pt"></TD><TD STYLE="width: 13.9pt">6.</TD><TD>The following replaces section III. CONDITIONS, K. OTHER INSURANCE, 1.:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.25pt"></TD><TD STYLE="width: 16.7pt">1.</TD><TD STYLE="text-align: justify; padding-right: 9.15pt">If <B>Loss</B> arising from a <B>Claim</B> made against an <B>Insured</B> under
one or more <B>Liability Coverages</B> is covered under any other valid and collectible insurance of the same type, prior or current,
then the <B>Liability Coverages</B> will share such <B>Loss </B>proportionately with such other valid and collectible insurance, unless
such other insurance is written as specific excess insurance over the Limits of Liability set forth in ITEM 5 of the Declarations.</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: 3.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.95pt"></TD><TD STYLE="width: 13.9pt">7.</TD><TD>The following is added to section III. CONDITIONS, O. CHANGE OF CONTROL:</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.8pt 9.1pt 0 25.95pt; text-align: justify">If the <B>Named Insured</B>
is placed in liquidation or bankruptcy, or has permanently ceased operation, and the <B>Named Insured</B> or its designated trustee does
not purchase the Extended Reporting Period, an <B>Insured</B> may submit a written request to the Company for the extended period of coverage
described in paragraph 3 within 120 days following the effective date of the <B>Termination of Coverage</B>. The Company has no obligation
to provide notice of the availability of such Extended Reporting Period, and the Company may charge the <B>Insured</B> provided with such
Extended Reporting Period a premium commensurate with such coverage.</P>

<P STYLE="font: 14pt 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: 8pt"></TD><TD STYLE="width: 13.9pt">8.</TD><TD>The following is added to section III. CONDITIONS, S. REPRESENTATIONS, 5.:</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 5.75pt 9.1pt 0 25.95pt; text-align: justify">No misrepresentation will
be deemed material unless knowledge by the Company of facts misrepresented would have led to a refusal by the Company to accept the risk.</P>

<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: 5.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8pt"></TD><TD STYLE="width: 13.9pt">9.</TD><TD>The following replaces section III. CONDITIONS, T. TERMINATION OF POLICY:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 5.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 13.9pt">1.</TD><TD STYLE="text-align: justify">Termination</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 5.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44.55pt"></TD><TD STYLE="width: 17.4pt">a.</TD><TD STYLE="text-align: justify; padding-right: 12.5pt">The Company may not terminate this <B>Liability Policy</B> prior to expiration
of the <B>Policy Period</B>, except for nonpayment of premium when due. If such nonpayment occurs, written notice of the nonpayment will
be provided to the <B>Named Insured</B>. Unless payment in full is received within 20 days of the <B>Named Insured&#8217;s </B>receipt
of such notice, the Company will terminate the <B>Liability <FONT STYLE="letter-spacing: -0.05pt">Policy</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 3.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44.55pt"></TD><TD STYLE="width: 17.35pt">b.</TD><TD STYLE="text-align: justify; padding-right: 12.55pt">The <B>Named Insured</B> may terminate this <B>Liability Policy</B> prior to the
expiration of the <B>PolicyPeriod</B> by providing written notice specifying the effective date of such termination, and such date will
replace the Expiration Date set forth on ITEM 2 of the Declarations; provided, this <B>Liability Policy</B> may not be terminated after
the effective date of a merger, consolidation, or acquisition of the <B>Named Insured</B> as described in III. CONDITIONS, O. CHANGE OF
CONTROL. Such written notice shall be given by or on behalf of the <B>Insured </B>to the Company or to any licensed agent of the Company
in New York State, with particulars sufficient to identify the <B>Insured</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/103% Arial, Helvetica, Sans-Serif; margin-top: 2.85pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44.55pt"></TD><TD STYLE="width: 17.2pt">c.</TD><TD STYLE="text-align: justify; padding-right: 12.65pt">In the event that this <B>Liability Policy</B> is terminated prior to the expiration
of the <B>Policy Period</B>, the Company will refund any unearned premium computed on a pro rata basis. Payment or tender of unearned
premium by the Company is not a condition precedent to the effectiveness of such termination, but such payment will be made as soon as
practicable.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 4.9pt 0 0 39.65pt; text-indent: -13.9pt">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;
</FONT>Nonrenewal</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 5.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44.55pt"></TD><TD STYLE="width: 17.2pt">a.</TD><TD STYLE="text-align: justify; padding-right: 12.7pt">The Company will not be required to renew this <B>Liability Policy</B> upon its
expiration. If the Company elects not to renew it will provide the <B>Named Insured </B>written notice as provided in paragraph c below.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44.55pt"></TD><TD STYLE="width: 17.15pt">b.</TD><TD STYLE="text-align: justify; padding-right: 12.7pt">The Company will provide notice as stated in paragraph c. below if it conditionally
renews any <B>Liability Policy </B>subject to a: (i) change limits; (ii) reduction in coverage; (iii) increased retention; (iv) addition
of an exclusion; or (v) increased premium in excess of 10%, exclusive of any premium increase due to and commensurate with insured value
added or increased exposure unit, or as a result of experience rating, loss rating, retrospective rating or audit.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 3.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.1pt"></TD><TD STYLE="width: 16.5pt">c.</TD><TD STYLE="text-align: justify; padding-right: 12.85pt">If the Company elects not to renew or to conditionally renew as provided in paragraphs
a and b, it will provide the <B>Named Insured</B> written notice to the <B>Named Insured</B> at least 60, but not more than 120 days before
the Expiration Date set forth on ITEM 2 of the Declarations. Such notice will: (i) be mailed or delivered to the <B>Named Insured</B>
at the address shown in this <B>Liability Policy</B> and to any authorized agent or broker; (ii) include the specific reason(s) for nonrenewal
or conditional renewal; and (iii) include the amount of any premium increase for conditional renewal and a description of any other changes.</TD></TR></TABLE>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

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<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 67%">IV-17022 Rev. 03-20</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 33%">Page 2 of 3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2020 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</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"></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/104% Arial, Helvetica, Sans-Serif; margin-top: 2.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.3pt"></TD><TD STYLE="width: 16.65pt">d.</TD><TD STYLE="padding-right: 5.05pt">If the Company violates any of the provisions of paragraph c by sending a late or incomplete notice
of nonrenewal or conditional:</TD></TR></TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 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">i.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">prior to the Expiration Date set forth in ITEM 2 of the Declarations, such coverage will
remain in effect at the same terms and conditions of this <B>Policy</B> at the lower of the current rates or the prior period's rates
until 60 days after such notice is mailed or delivered unless the <B>Named Insured</B>, during this 60-day period, has replaced the coverage
or elect to cancel, in which case any return premium due the <B>Named Insured </B>will be computed on a pro rata basis;</TD>
</TR></TABLE>

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

<P STYLE="text-align: left; font: 9pt Arial, Helvetica, Sans-Serif; margin: 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">ii.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">on or after the Expiration Date set forth in ITEM 2 of the Declarations, such coverage will
remain in effect at the same terms and conditions of this <B>Policy </B>for another <B>Policy Period</B>, at the lower of the current
rates or the prior period&#8217;s rates, unless the <B>Named Insured</B>, during this additional <B>Policy Period</B>, has replaced the
coverage or elect to cancel, in which case any return premium due the <B>Named Insured</B> will be computed on a pro rata basis.</TD>
</TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.75pt 5pt 0 61.95pt; text-align: left; text-indent: -0.05pt">The Limit
of Liability set forth in ITEM 5 of the Declarations will be increased in proportion to the period for which the <B>Policy Period</B>
is extended pursuant to this paragraph, provided that if the <B>Named Insured</B> accepts the terms, conditions, and rates of the conditional
renewal notice, such increase will be inapplicable and, instead, the accepted Limit of Liability will become effective as of the inception
date of the renewal.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.3pt"></TD><TD STYLE="width: 16.65pt">e.</TD><TD STYLE="text-align: justify; padding-right: 5pt">The Company is not required to send notice of nonrenewal or conditional renewal if
the <B>Named Insured</B>, or its authorized agent or broker, or another insured of the <B>Named Insured</B>, provides written notice to
the Company that this <B>Liability Policy</B> has been replaced or is no longer desired.</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: 3.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.95pt"></TD><TD STYLE="width: 16.7pt">10.</TD><TD>The following replaces section III. CONDITIONS, Y. ACTION AGAINST THE COMPANY:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 15.05pt">Y.</TD><TD>ACTION AGAINST THE COMPANY</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 6.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.3pt"></TD><TD STYLE="width: 16.6pt">1.</TD><TD STYLE="text-align: justify; padding-right: 6.4pt">Except as provided for in subparts 2 and 3 below: (i) no action will lie against
the Company unless, as condition precedent, there has been full compliance with all the provisions of this <B>Liability Policy</B>, and
the amount of the <B>Insured's</B> obligation has been finally determined either by judgment against the <B>Insured</B> or by written
agreement of the <B>Insureds</B>, the claimants and the Company, and (ii) no person or entity will have any right under this <B>Liability
Policy</B> to join the Company as a party to any action against any <B>Insured</B> to determine such <B>Insured's</B> liability nor may
the Company be impleaded by any <B>Insured</B> or their legal representative.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 6.65pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.3pt"></TD><TD STYLE="width: 16.65pt">2.</TD><TD STYLE="text-align: justify; padding-right: 5.9pt">With respect to a <B>Claim</B> covered by this <B>Liability Policy</B> arising out
of death or personal injury of any person, if the Company disclaims liability or denies coverage based upon the failure to provide timely
notice, then the injured person or other claimant may maintain an action directly against the Company; provided the sole question is whether
the Company&#8217;s disclaimer of liability or denial of coverage is based on the failure to provide timely notice (unless within 60 days
of such disclaimer or denial, the Company or an <B>Insured</B> initiates an action to declare the rights of the parties under this <B>Liability
Policy</B> and names the injured person or other claimant as a party to the action).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 3.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.3pt"></TD><TD STYLE="width: 16.6pt">3.</TD><TD STYLE="text-align: justify; padding-right: 5.95pt">If a judgment against an <B>Insured</B> remains unsatisfied after 30 days from
the service of the notice of entry of such judgment upon the attorney for the <B>Insured</B>, or upon the <B>Insured</B> and upon the
Company, then an action may be maintained against the Company under the terms of this <B>Liability Policy</B>, except during a stay or
limited stay of execution against the <B>Insured</B> on such judgment, for the amount of such judgment not exceeding the amount of the
applicable Limit of Liability.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 6.4pt 0 8pt; text-align: justify">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/104% Arial, Helvetica, Sans-Serif; margin: 0 6.4pt 0 8pt; text-align: justify">&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="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 6.4pt 0 8pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 67%">IV-17022 Rev. 03-20</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 33%">Page 3 of 3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2020 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 6.4pt 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 6.4pt 0 8pt; text-align: justify">&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: 0.1pt 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"><IMG SRC="image_044.gif" ALT="Text Box: THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY." STYLE="width: 741px; height: 28px"></FONT></P>

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

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0.05in 0 0 178.6pt">NEW YORK CHANGES ENDORSEMENT</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: 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">Mutual Fund Liability</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 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_045.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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 3.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>The following replaces the first sentence of section II. DEFINITIONS, M.:</TD></TR></TABLE>

<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 25.8pt 0 29.9pt; text-align: justify; text-indent: -0.05pt"><B>Loss</B>
means: (i) <B>Defense Expenses</B>; (ii) damages, judgments, settlements, and prejudgment and postjudgment interest that an <B>Insured</B>
is legally obligated to pay as a result of a <B>Claim</B>; and (iii) <B>Derivative Investigation Expenses</B>; provided with respect to
the multiple portion of any multiplied damage award, or punitive or exemplary damages, <B>Loss</B> only includes such damages if: (i)
New York law does not apply; and (ii) they are insurable under the law of the jurisdiction that does apply.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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 30.1pt; text-indent: -0.25in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The following replaces part 1. of the second paragraph of section II. DEFINITIONS, M.:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 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">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">taxes, fines, or penalties, except for civil penalties assessed against an <B>Insured Person
</B>pursuant to the Foreign Corrupt Practices Act of 1977 &sect;&sect; 15 U.S.C. 2(g)(2)(B) or the United Kingdom Bribery Act of 2010
(Eng.) &sect; 11(1)(a); provided such civil penalties result from an actual or alleged inadvertent violations of the law;</TD>
</TR></TABLE>

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

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 30.05pt; text-indent: -0.25in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The following is added to section IV. CONDITIONS:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30.05pt"></TD><TD STYLE="width: 18pt">B.</TD><TD STYLE="text-align: justify">RETENTION AND COINSURANCE &#8211; DIRECTORS AND OFFICERS LIABILITY</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 5.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.05pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">The following supplements the General Terms and Conditions, section III. CONDITIONS,
D. RETENTION, provided that General Terms and Conditions, section III. CONDITIONS, D. RETENTION, 4. will not apply to any <B>Director
or Officer</B>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.05pt"></TD><TD STYLE="width: 17.9pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.7pt">Except as otherwise provided in part 4 of this section, in accordance with the schedule
set forth below, the Company will only be liable under Insuring Agreements A and C to any <B>Director or Officer</B> for the amount of
<B>Loss</B>, including <B>Defense Expenses</B>, which is in excess of the lesser of: (i) the sum of the applicable per Individual Director
or Officer Retention; or (ii) the applicable Aggregate Retention. Provided, if the sum of the Individual Director or Officer Retention
amount for any <B>Director or Officer</B> covered under this <B>Liability Coverage</B>, who has been found liable, or who have been included
in a settlement, exceeds the applicable Aggregate Retention, then the amount chargeable to each <B>Director or Officer</B> will be the
applicable Aggregate Retention divided by the number of involved <B>Director or <FONT STYLE="letter-spacing: -0.05pt">Officers</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
which will in no event be reduced below 75% of the Individual Insured Person Retention.</TD></TR></TABLE>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: black 1pt solid; padding-left: 33pt; line-height: 10.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Insured&#8217;s Assets Size</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 16.65pt; line-height: 10.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Individual Director or Officer</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.25pt; text-align: center; line-height: 10.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Aggregate</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt; line-height: 10.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Assets greater than $20,000,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.25pt; text-align: center; line-height: 10.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$5,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.15pt; text-align: center; line-height: 10.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$50,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 9pt/10.15pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5.1pt">Assets greater than $10,000,000</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5.1pt">up to $20,000,000</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.05pt; text-align: center; line-height: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$4,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; line-height: 10.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$40,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 9pt/10.15pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5.1pt">Assets greater than $5,000,000 up</P>
    <P STYLE="font: 9pt/11.45pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 5.1pt">to $10,000,000</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.05pt; text-align: center; line-height: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; line-height: 10.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$30,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt; line-height: 10.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Assets of $5,000,000 or less</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.25pt; text-align: center; line-height: 10.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.15pt; text-align: center; line-height: 10.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$20,000</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% Calibri, Helvetica, Sans-Serif; margin-top: 3.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48pt"></TD><TD STYLE="width: 17.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">With respect to all <B>Claims</B>
for which this <B>Liability Coverage</B> provides coverage to <B>Director or Officers</B>, such <B>Director or Officers</B> will share
the payment of the first $1,000,000 of all <B>Loss</B>, in excess of the Retention, in accordance with the schedule set forth below. The
Company&#8217;s obligation to pay its percentage of <B>Loss </B>is</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR>
    <TD STYLE="width: 77%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 23%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Issuing Company:&nbsp;<B>Travelers Casualty and Surety Company of America</B></TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt">Policy Number:&nbsp;<B>106968128</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt/100% Arial, Helvetica, Sans-Serif; padding: 0.75pt 0.75pt 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">IVMF-17002 Ed. 01-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">Page 1 of 2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 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/104% Arial, Helvetica, Sans-Serif; margin: 2.85pt 7.9pt 0 61.9pt">subject to General Terms and Conditions section
III. CONDITIONS, C. LIMITS OF LIABILITY. The <B>Director or Officers&#8217; </B>percentage shall be deemed uninsured and at his or her
own risk:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: black 1pt solid; padding-left: 75.5pt; line-height: 10.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Insured&#8217;s Assets Size</B></FONT></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 22.9pt; line-height: 10.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Director or Officers&#8217; Co-Insurance Percentage</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt; line-height: 10.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Assets greater than $20,000,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 4.95pt; line-height: 10.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt; line-height: 10.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Assets greater than $10,000,000 up to $20,000,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5pt; line-height: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt; line-height: 10.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Assets greater than $5,000,000 up to $10,000,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5pt; line-height: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.1pt; line-height: 10.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Assets of $5,000,000 or less</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5pt; line-height: 10.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.2%</FONT></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: 3.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD STYLE="padding-right: 26.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">No Retention shall apply to a <B>Director or
Officer</B> if indemnification is permitted by law, but the <B>Insured Organization</B> is unable to make such indemnification solely
by reason of <B>Financial Insolvency</B>.</FONT></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">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 69%">IVMF-17002 Ed. 01-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 31%">Page 2 of 2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&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: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_018.jpg" ALT="" STYLE="height: 34px; width: 145px"></FONT></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: 0.05in 13.8pt 0 0; text-align: right"><B><I>Mutual Fund Liability Coverage</I></B></P>

<P STYLE="font: 9pt/10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_049.gif" ALT="" STYLE="width: 742px; height: 24px"></FONT></P>

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

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.45pt 50.15pt 0 84.65pt; text-indent: -20.3pt"><B><I>THIS IS A CLAIMS
MADE COVERAGE WITH DEFENSE EXPENSES INCLUDED IN THE LIMIT OF LIABILITY. PLEASE READ THE POLICY <FONT STYLE="letter-spacing: -0.05pt">CAREFULLY.</FONT></I></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><B><I>&nbsp;</I></B></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: 10pt"></TD><TD STYLE="width: 16.65pt">I.</TD><TD>INSURING AGREEMENTS</TD></TR></TABLE>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_050.gif" ALT="" STYLE="width: 727px; height: 2px"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 6.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt"></TD><TD STYLE="width: 18.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>MUTUAL FUND LIABILITY COVERAGE</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.95pt 16.85pt 0 46pt; text-align: justify">The Company will pay on behalf
of an <B>Insured</B>, <B>Loss</B> that the <B>Insured</B> is legally obligated to pay on account of a <B>Claim</B> first made against
the <B>Insured</B> during the <B>Policy Period</B>, or any applicable Extended Reporting Period, for a <B>Wrongful Act</B> occurring before
or during the <B>Policy <FONT STYLE="letter-spacing: -0.05pt">Period</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></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: 28pt"></TD><TD STYLE="width: 18.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SECURITY HOLDER DERIVATIVE DEMAND INVESTIGATION EXPENSE COVERAGE</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.05pt 16.9pt 0 46pt; text-align: justify">The Company will pay on behalf
of the <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT> <B>Derivative
Investigation Expenses</B> on account of a <B>Security Holder Derivative Demand</B> first made during the <B>Policy Period</B>, or any
applicable Extended Reporting Period, for a <B>Wrongful Act</B> occurring before or during the <B>Policy <FONT STYLE="letter-spacing: -0.05pt">Period</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt"></TD><TD STYLE="width: 18.3pt">C.</TD><TD>SUPPLEMENTAL INDEPENDENT DIRECTOR PERSONAL INDEMNIFICATION COVERAGE</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.95pt 16.85pt 0 45.95pt; text-align: justify">If ITEM 5 of the Declarations
indicates that Supplemental Independent Director Personal Indemnification Coverage is applicable, the Company will pay on behalf of a
<B>Mutual Fund Independent Director</B>, <B>Loss</B> not indemnified by the <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
that such <B>Mutual Fund Independent Director</B> is legally obligated to pay on account of a <B>Claim</B> first made against such <B>Mutual
Fund Independent Director</B> during the <B>Policy Period</B>, or any applicable Extended Reporting Period, for a <B>Wrongful Act</B>
occurring before or during the <B>Policy Period</B>, and is excess of any other insurance or indemnification available to such <B>Mutual
Fund Independent Director</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: italic bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10pt"></TD><TD STYLE="width: 16.65pt">II.</TD><TD>DEFINITIONS</TD></TR></TABLE>

<P STYLE="font: 9pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_051.gif" ALT="" STYLE="width: 727px; height: 3px"></FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.45pt 4.3pt 0 9.95pt">Where appearing in this <B>Liability Coverage</B>,
in either the singular or plural, words or phrases appearing in bold type have the following meanings:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 6.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.95pt"></TD><TD STYLE="width: 16pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Claim </I></B>means:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 16.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a written demand, other
than a <B>Security Holder Derivative Demand</B>, against an <B>Insured</B> for monetary damages or nonmonetary relief, including injunctive
relief, commenced by the <B>Insured&#8217;s</B> receipt of such demand;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 4.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.95pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">a civil proceeding, including binding arbitration or other formal alternative dispute resolution, against
an</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 63.9pt"><B>Insured</B>, commenced by the service of a complaint, arbitration
petition, or similar legal document;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 5.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.95pt"></TD><TD STYLE="width: 17.95pt">3.</TD><TD STYLE="text-align: justify; padding-right: 16.95pt">a criminal proceeding against an <B>Insured</B>, commenced by the return of an
indictment or similar legal document;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.9pt"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify; padding-right: 16.95pt">an administrative or regulatory proceeding against an <B>Insured</B>, commenced
by such <B>Insured&#8217;s</B> receipt of a notice of filed charges, complaint, or similar legal document;</TD></TR></TABLE>

<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: 45.9pt"></TD><TD STYLE="width: 17.95pt">5.</TD><TD STYLE="text-align: justify; padding-right: 16.95pt">a formal investigation of an <B>Insured</B>, commenced by the receipt of: (i)
a notice of filed charges, formal investigative order, civil investigative demand, or similar legal document; (ii) a written notice identifying
such <B>Insured</B> as a target of an enforcement unit; or (iii) a Wells Notice from the SEC indicating that it may commence an enforcement
action against such <B>Insured</B>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.85pt"></TD><TD STYLE="width: 18pt">6.</TD><TD STYLE="text-align: justify; padding-right: 17pt">a subpoena served on an <B>Insured</B> pursuant to a formal investigative order issued
by any government enforcement body, commenced by such service;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.85pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.</FONT></TD><TD STYLE="text-align: justify; padding-right: 17pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a request for <B>Extradition</B>
of an <B>Insured Person</B>, including the execution of an arrest warrant where such execution is an element of <B>Extradition</B>, commenced
by the <B>Insured&#8217;s </B>receipt of such request;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45.85pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a <B>Security Holder Derivative Demand</B> solely
with respect to Insuring Agreement B, commenced by the</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 63.85pt"><B>Insured&#8217;s </B>receipt of such demand;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 63.85pt"></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 63.85pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 69%">IVMF-16001 Rev. 07-16</TD>
    <TD STYLE="text-align: right; padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 31%">Page 1 of 6</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&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: 2.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-weight: normal">9.</FONT></TD><TD><FONT STYLE="font-weight: normal">a </FONT>Non-Party Witness Request<FONT STYLE="font-weight: normal">; or</FONT></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: 44pt"></TD><TD STYLE="width: 18pt">10.</TD><TD>a written request to toll or waive a statute of limitations relating to any of the above, commenced by the</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 62pt"><B>Insured&#8217;s </B>receipt of such written request,</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 7.15pt 0 0 44pt">for a <B>Wrongful <FONT STYLE="letter-spacing: -0.05pt">Act</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT>
A <B>Claim </B>will be deemed to have been made when it is commenced as set forth above.</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.3pt 7.9pt 0 43.95pt"><B>Claim</B> does not include routine examinations,
routine inspections, or similar routine reviews or inquiries, industry sweeps, deficiency letters, or general requests for information.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>B.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Defense Expenses</I></B>
also mean <B>Non-Party Witness Expenses</B>, <B>Extradition Expenses</B>, and the necessary costs, charges, expenses, and fees incurred
by an <B>Insured Person</B> in defending against a demand to repay, return, or refund amounts pursuant to the Dodd-Frank Wall Street Reform
and Consumer Protection Act (Dodd-Frank) &sect;954 or the Sarbanes Oxley Act of 2002 (SOX) &sect; 304(a).</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 44pt"><B>Defense Expenses </B>also do not include <B>Derivative Investigation
Expenses</B>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>C.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Derivative Investigation
Expenses</I></B> mean the reasonable and necessary costs, charges, expenses, and fees, including attorney&#8217;s and expert&#8217;s fees,
incurred in connection with the investigation or evaluation of a <B>Security Holder Derivative Demand</B> incurred by the <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
its board of directors, board of trustees, board of managers, functional equivalent board, or any committee of such board.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.05pt 5.05pt 0 44pt"><B>Derivative Investigation Expenses</B> do not include
regular or overtime wages, salaries, or fees of a <B>Director or Officer </B>or <B>Employee</B>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>D.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Director or Officer</I></B>
means a natural person who is, was, or becomes a duly elected or appointed <B>Mutual Fund Independent Director</B> or other director,
officer, trustee, in-house general counsel, principal, general partner, member of the board of managers or management committee, or the
functional or foreign equivalent position, of the <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><B>E.</B></TD><TD STYLE="text-align: justify; padding-right: 8pt"><B><I>Employee</I></B> means a natural person who is, was, or becomes an employee
of the <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT> including
a full-time, part-time, or temporary employee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><B>F.</B></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><B><I>Executive Officer</I></B> means a natural person while serving as the chief
executive officer, chief financial officer, chief investment officer, chief compliance officer, or in-house general counsel, or the functional
or foreign equivalent position of the <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><B>G.</B></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><B><I>Extradition</I></B> means a formal process by which an <B>Insured Person</B>
located in a country is surrendered to another country to answer a criminal accusation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><B>H.</B></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><B><I>Extradition Expenses</I></B> mean the reasonable and necessary costs, charges,
expenses, and fees, including attorney&#8217;s and expert&#8217;s fees, incurred by an <B>Insured Person</B> in lawfully opposing, challenging,
resisting, or defending against a request for, or an effort to obtain, his or her <B>Extradition</B>.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6.45pt 0 0 43.95pt"><B>Extradition Expenses </B>do not include regular or overtime
wages, salaries, or fees of an <B>Insured</B>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 5.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>I.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Insured </I></B>means <B>Insured Persons </B>and <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organizations</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 5.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>J.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Insured Organization</I></B> means a <B>Mutual <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 5.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>K.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Insured Person </I></B>means an <B>Advisory Board Member</B>, <B>Director
or Officer</B>, or <B>Employee</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><B>L.</B></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><B><I>Loss</I></B> means: (i) <B>Defense Expenses</B>; and (ii) damages, judgments,
settlements, and prejudgment and postjudgment interest; (iii) <B>Derivative Investigation Expenses</B>, that an <B>Insured</B> is legally
obligated to pay as a result of a <B>Claim</B>; and (iv) the reasonable premium or origination fee incurred to secure a loan or bond to
comply with the Dodd-Frank &sect; 954(b)(2) or SOX &sect; 304; provided that with respect to the multiple portion of a multiplied damage
award, or punitive or exemplary damages, <B>Loss</B> only includes such damages to the extent they are insurable under the law of a jurisdiction
that is most favorable to the insurability of such damages and has a substantial relationship to the <B>Insured</B>, <B>Claim</B>, Company,
or this <B>Liability Coverage</B>.</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 4.4pt 0 0 44pt"><B>Loss</B>, other than <B>Defense Expenses</B>, does not include
any amount that constitutes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">taxes, fines, or penalties, except for civil penalties assessed against an <B>Insured
Person</B> pursuant to the Foreign Corrupt Practices Act of 1977 &sect; (2)(g)(2)(B) or the United Kingdom Bribery Act of 2010 (Eng.)
&sect; 11(1)(a);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.35pt">disgorgement or other loss that is uninsurable under the law pursuant to which
this <B>Liability Coverage</B> is construed; provided, the Company will not assert that any amount of a judgment or settlement in a <B>Claim</B>
for a violation of the Securities Act of 1933 &sect;&sect; 11, 12, or 15 constitutes disgorgement, or other uninsurable loss;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 16.65pt">3.</TD><TD>fees, expenses, or charges, including management, referral, contingency, or brokerage fees, commissions, or</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: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 69%">IVMF-16001 Rev. 07-16</TD>
    <TD STYLE="text-align: right; padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 31%">Page 2 of 6</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&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 62pt">sales loads; or</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">costs and expenses incurred, or to be incurred, to comply with an order, judgment,
or award of injunctive or other equitable relief, or the portion of a settlement encompassing injunctive or other equitable relief.</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 5pt 0 0 44pt; text-indent: -0.05pt"><B>Loss</B> does not include any amount
that an <B>Insured</B> is absolved from paying or is allocated to uncovered loss pursuant to the General Terms and Conditions, section
III. CONDITIONS, J. ALLOCATION.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>M.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Mutual Fund Independent
Director</I></B> means a natural person who is, was, or becomes director or trustee of a <B>Mutual Fund</B> who is not an &#8220;interested
person,&#8221; as defined in the Investment Company Act of 1940 &sect; 2(a)(19), of such <B>Mutual <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-style: normal">N.</FONT></TD><TD>Non-Party Witness Request <FONT STYLE="font-style: normal; font-weight: normal">means:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44.05pt"></TD><TD STYLE="width: 17.95pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">a civil proceeding, including binding arbitration or other formal alternative dispute
resolution, against an investment adviser or service provider of a <B>Mutual <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
commenced by the service of a complaint, arbitration petition, or similar pleading;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">a criminal proceeding against an investment adviser or service provider of a <B>Mutual
<FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT> commenced by the return of an indictment
or similar legal document;</TD></TR></TABLE>

<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: 44pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">an administrative or regulatory proceeding against an investment adviser or service
provider of a <B>Mutual <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT> commenced
by such investment adviser&#8217;s or service provider&#8217;s receipt of a notice of filed charges, complaint, or similar legal document;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">a formal investigation against an investment adviser or service provider of a <B>Mutual
Fund</B> commenced by the receipt of: (i) a notice of filed charges, investigative order, civil investigative demand, or similar legal
document; (ii) a written notice identifying such investment adviser or service provider of a <B>Mutual Fund</B> as a target of an enforcement
action; or (iii) a Wells Notice from the SEC indicating that it may commence an enforcement action against such investment adviser or
service provider of a <B>Mutual <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 5.15pt 0 0 44pt">that names or identifies a <B>Mutual Fund Independent Director</B>
as a non-party witness.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>O.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Non-Party Witness
Expenses</I></B> mean the reasonable and necessary legal fees and expenses incurred by a <B>Mutual Fund Independent Director</B> in his
or her capacity as a non-party witness in connection with any <B>Non- Party Witness Request</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>P.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Security Holder Derivative
Demand</I></B> means a written demand brought and maintained by a security holder of the <B>Insured Organization</B> on behalf of the
<B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT> made upon the <B>Insured
Organization&#8217;s</B> board of directors, board of managers, or functional equivalent board, to bring a civil proceeding against an
<B>Insured Person</B> for a <B>Wrongful Act</B> committed by such <B>Insured Person</B>, but only if such demand is brought and maintained
without the active solicitation, assistance, or participation of an <B>Insured</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 5.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Q.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Wrongful Act</I></B> means:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18.05pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">an error, misstatement, misleading statement, act, omission, neglect, or breach
of duty, committed or attempted by an <B>Insured </B>in its capacity as such; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 19.45pt">2.</TD><TD>a matter claimed against an <B>Insured Person </B>solely by reason of his or her status as such.</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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8pt"></TD><TD STYLE="width: 16.65pt">III.</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_052.gif" ALT="" STYLE="width: 727px; height: 2px"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 6.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 18.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EXCLUSIONS APPLICABLE TO ALL LOSS</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>BODILY INJURY, PERSONAL INJURY, AND PROPERTY DAMAGE</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 18pt">a.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">The Company will not be liable for <B>Loss</B> on account of a <B>Claim</B> for:
(i) bodily injury, mental anguish, emotional distress, sickness, disease, or death of any person; (ii) false arrest, detention, imprisonment,
or malicious prosecution; (iii) wrongful entry, wrongful eviction, invasion of the right of private occupancy; or</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 79.95pt; text-align: justify">(iv) discrimination, defamation,
libel, slander, disparagement, or a violation of the right to privacy or publicity; provided, this will not apply to <B>Claims</B> based
upon or arising out of the <B>Insured&#8217;s</B> provision of financial, economic, or investment advice to a customer or client, or management
of a <B>Mutual <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.95pt"></TD><TD STYLE="width: 18.05pt">b.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">The Company will not be liable for <B>Loss</B> on account of a <B>Claim</B> for
damage to, or destruction of, tangible or intangible property or data, including the loss of the use of such property or data.</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">
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    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 69%">IVMF-16001 Rev. 07-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 31%">Page 3 of 6</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&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: 16.65pt"><FONT STYLE="font-weight: normal">2.</FONT></TD><TD>BROKER/DEALER</TD></TR></TABLE>

<P STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin: 3.95pt 7.9pt 0 61.9pt; text-align: justify; text-indent: 0.05pt">The Company
will not be liable for <B>Loss</B> on account of a <B>Claim</B> based upon or arising out of any activity by an <B>Insured</B> as a broker
or dealer in securities as defined in the Securities Exchange Act of 1934 <FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">&sect;&sect;</FONT>
3(a)(4) and 3(a)(5).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 7.85pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-weight: normal">3.</FONT></TD><TD>CONTRACTUAL LIABILITY</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.95pt"></TD><TD STYLE="width: 18pt">a.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">The Company will not be liable for <B>Loss</B> on account of a <B>Claim</B> for
any liability of an <B>Insured</B> under an oral or written contract or agreement, regardless of whether such liability is direct or assumed.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 7.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 18pt">b.</TD><TD STYLE="text-align: justify">Exclusion A.3 will not apply to:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 83.4pt"></TD><TD STYLE="width: 14.6pt">i.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">the extent that the <B>Insured Organization</B> would have been liable in the absence
of the contract or agreement; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 83.55pt"></TD><TD STYLE="width: 14.4pt">ii.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">a <B>Claim</B> that is brought or maintained by, or on behalf of, a customer or
client of the <B>Insured Organization</B> alleging a breach of contract or agreement that governs or specifies the <B>Insured&#8217;s
</B>provision of professional services.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-weight: normal">4.</FONT></TD><TD>DISHONEST, CRIMINAL, AND FRAUDULENT ACTS</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.95pt"></TD><TD STYLE="width: 18pt">a.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">The Company will not be liable for <B>Loss</B> on account of a <B>Claim</B> based
upon or arising out of any deliberately dishonest, criminal, or fraudulent act or omission, or a willful violation of law, if a final
nonappealable adjudication adverse to the <B>Insured</B> in any underlying action establishes that such <B>Insured </B>committed such
act, omission, or willful violation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.95pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For purposes of applying
Exclusion A.4: (i) no fact pertaining to, or knowledge possessed by, an <B>Insured Person</B> will be imputed to another <B>Insured Person</B>;
and (ii) only facts pertaining to, or knowledge possessed by, an <B>Executive Officer </B>will be imputed to the <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 16.65pt"><FONT STYLE="font-weight: normal">5.</FONT></TD><TD>EMPLOYMENT LAWS</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.05pt 7.85pt 0 61.95pt; text-align: justify; text-indent: 0.05pt">The
Company will not be liable for <B>Loss </B>on account of a <B>Claim </B>for a violation of: (i) the responsibilities, duties, or obligations
under any law concerning Social Security, unemployment insurance, workers&#8217; compensation, or disability insurance or any similar
domestic or foreign law; or (ii) the Worker Adjustment and Retraining Notification Act (WARN), Occupational Safety and Health Act (OSHA),
Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), National Labor Relations Act (NLRA), Fair Labor Standards Act (FLSA),
or any similar domestic or foreign law.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 4.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 16.65pt"><FONT STYLE="font-weight: normal">6.</FONT></TD><TD>ERISA</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.05pt 7.95pt 0 61.9pt; text-align: justify">The Company will not be liable
for <B>Loss</B> on account of a <B>Claim</B> for: (i) a violation of the Employee Retirement Income Security Act of 1974 (ERISA), or similar
domestic or foreign law, in connection with an employee benefit plan sponsored by the <B>Insured Organization</B> for the benefit of <B>Employees</B>;
or (ii) an <B>Insured&#8217;s</B> failure or refusal to establish, contribute to, pay for, insure, maintain, provide benefits pursuant
to, enroll, or maintain the enrollment of <B>Employees</B> or their dependents in any employee benefit plan, fund, or program, including
contracts or agreements that are not subject to the provisions of ERISA.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 4.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.9pt"></TD><TD STYLE="width: 19.45pt"><FONT STYLE="font-weight: normal">7.</FONT></TD><TD>IMPROPER PROFIT</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.9pt"></TD><TD STYLE="width: 18.05pt">a.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">The Company will not be liable for <B>Loss</B> on account of a <B>Claim</B> based
upon or arising out of an <B>Insured&#8217;s </B>acquisition of any profit, remuneration, or financial advantage to which such <B>Insured</B>
was not legally entitled if a final nonappealable adjudication adverse to the <B>Insured</B> in any underlying action establishes that
such <B>Insured </B>was not legally entitled to such profit, remuneration, or financial advantage.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.95pt"></TD><TD STYLE="width: 18pt">b.</TD><TD STYLE="text-align: justify; padding-right: 7.95pt">Exclusion A.7 will not apply to <B>Loss</B> on account of a <B>Claim</B> for violations
of the Securities Act of 1933 &sect;&sect; 11, 12, or 15.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">c.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For purposes of applying
Exclusion A.7: (i) no fact pertaining to, or knowledge possessed by, an <B>Insured Person</B> will be imputed to another <B>Insured Person</B>;
and (ii) only facts pertaining to, or knowledge possessed by, an <B>Executive Officer </B>will be imputed to the <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-weight: normal">8.</FONT></TD><TD>INSURED VERSUS INSURED</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.95pt"></TD><TD STYLE="width: 18pt"><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">The Company will not be
liable for <B>Loss</B> on account of a <B>Claim</B> against an <B>Insured</B> that is brought or maintained by, or on behalf of, an <B>Insured</B>
under this <B>Liability Policy</B>, or a <B>Subsidiary</B>, in any capacity; provided this will not apply to a <B>Claim </B>brought and
maintained:</FONT></TD></TR></TABLE>

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

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

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    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 69%">IVMF-16001 Rev. 07-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 31%">Page 4 of 6</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&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/104% Calibri, Helvetica, Sans-Serif; margin-top: 2.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.75pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">i.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">on behalf of the <B>Insured
Organization</B> in the form of a security holder derivative action or <B>Security Holder Derivative Demand</B> by one or more persons
who are not <B>Director or Officers</B> and bring or maintain such <B>Claim</B> without the active solicitation, assistance, or participation
of a natural person who is serving, or in the past two years has served, as a <B>Director or Officer</B>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.55pt"></TD><TD STYLE="width: 27.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ii.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">by an <B>Insured Person</B> for contribution or indemnity, if the <B>Claim</B>
is part of, or results directly from, a</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 98pt"><B>Claim </B>that is not otherwise excluded under this <B>Liability
Coverage</B>;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 5.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 68.35pt"></TD><TD STYLE="width: 29.65pt">iii.</TD><TD STYLE="text-align: justify; padding-right: 7.8pt">by a natural person, who was an <B>Insured Person</B> and has not served in such
capacity for at least two years preceding the date the <B>Claim</B> is made, that brings and maintains the <B>Claim</B> without the active
solicitation, assistance, or participation of the <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
or a natural person who is serving, or in the past two years has served, as an <B>Insured Person</B>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 3.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.8pt"></TD><TD STYLE="width: 30.2pt">iv.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">by a court appointed examiner, receiver, conservator, liquidator, trustee, rehabilitator,
member of the creditors&#8217; committee of the <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
or similar official serving in the same legal capacity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 4.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.95pt"></TD><TD STYLE="width: 26.05pt">v.</TD><TD>outside of the United States, U.S. territories and possessions, Canada, United Kingdom, or Australia;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 28pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">vi.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">by an <B>Advisory Board
Member</B>, who brings or maintains such <B>Claim</B> without the active solicitation, assistance, or participation of a natural person
who is serving, or in the past two years has served, as a <B>Director or Officer</B>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.8pt"></TD><TD STYLE="width: 30.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">vii.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">against a <B>Mutual Fund
Independent Director</B>, provided that such <B>Claim</B> is brought and maintained without the active solicitation, assistance, or participation
of such <B>Mutual Fund Independent Director</B>; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.6pt"></TD><TD STYLE="width: 32.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">viii.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">against a <B>Mutual Fund
Independent Director </B>and an <B>Insured Organization </B>so long as such <B>Mutual Fund Independent Director</B> remains a co-defendant
in such <B>Claim</B>, provided that such <B>Claim</B> is brought and maintained without the active solicitation, assistance, or participation
of such <B>Mutual Fund Independent Director</B> or <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For purposes of Exclusion
A.8: an <B>Insured Person&#8217;s Whistleblowing Activity</B> alone will not constitute active solicitation, assistance, or participation.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 16.65pt"><FONT STYLE="font-weight: normal">9.</FONT></TD><TD>INVESTMENT BANKING</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 18pt">a.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">The Company will not be liable for <B>Loss</B> on account of a <B>Claim</B> based
upon or arising out of an <B>Insured&#8217;s</B>: (i) investment banking activities, including service as an underwriter, consultant,
adviser, or specialist; (ii) advice, recommendations, or services regarding merger, tender offer, proxy contest, acquisition, restructuring,
reorganization, recapitalization, divestiture, or similar transaction; or (iii) fairness opinion regarding the valuation of assets or
business entities not held by an <B>Insured </B>as trustee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 3.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 18pt">b.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">Exclusion A.9 will not apply to the extent that the activities described in a(i),(ii),
or (iii) concern the issuance of shares by a <B>Mutual <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT>
the restructuring of a <B>Mutual <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT> or
the voting of shares held by a <B>Mutual <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 16.65pt"><FONT STYLE="font-weight: normal">10.</FONT></TD><TD>POLLUTION</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/102% Arial, Helvetica, Sans-Serif; margin-top: 4.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 62pt"></TD><TD STYLE="width: 17.95pt">a.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt">The Company will not be liable for <B>Loss</B> on account of a <B>Claim</B>: (i)
for the actual, alleged, or threatened discharge, dispersal, seepage, migration, release, or escape of a <FONT STYLE="letter-spacing: -0.05pt"><B>Pollutant</B>;</FONT>
(ii) for any request, demand, order, or statutory or regulatory requirement that any <B>Insured</B> or others test for, monitor, clean
up, remove, contain, treat, detoxify, neutralize, or in any way respond to or assess the effects of a <FONT STYLE="letter-spacing: -0.05pt"><B>Pollutant</B>;</FONT>
or (iii) brought by or on behalf of any governmental authority because of testing for, monitoring, cleaning up, removing, containing,
treating, detoxifying, neutralizing, or in any way responding to or assessing the effects of a <FONT STYLE="letter-spacing: -0.05pt"><B>Pollutant</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 2.65pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.95pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exclusion A.10 will not
apply to <B>Claim</B> against an <B>Insured Person</B> for <B>Loss</B> that is not indemnified by the <B>Insured Organization,</B> nor
will it apply to a <B>Claim</B> seeking damages for the diminution in value of an interest in a <B>Mutual <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 16.65pt"><FONT STYLE="font-weight: normal">11.</FONT></TD><TD>PRIOR NOTICE</TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.05pt 7.85pt 0 62pt; text-align: justify">The Company will not be liable
for <B>Loss</B> on account of a <B>Claim</B> based upon or arising out of any fact, circumstance, situation, event, <B>Wrongful Act</B>,
or <B>Related Wrongful Act</B> that has been the subject of any written notice given by, or on behalf of, an <B>Insured</B> under any
other directors and officers, management, professional, or similar liability insurance policy.</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: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 69%">IVMF-16001 Rev. 07-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 31%">Page 5 of 6</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.05pt 7.85pt 0 62pt; text-align: justify">&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: bold 9pt Arial, Helvetica, Sans-Serif; margin: 2.75pt 0 0 63.45pt; text-align: justify; text-indent: -19.45pt"><FONT STYLE="font-weight: normal">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;
</FONT></FONT> PRIOR OR PENDING PROCEEDING</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.95pt 7.85pt 0 61.95pt; text-align: justify">The Company will not be liable
for <B>Loss</B> on account of a <B>Claim</B> based upon or arising out of any fact, circumstance, situation, event, <B>Wrongful Act</B>,
or <B>Related Wrongful Act</B>, underlying or alleged in a prior or pending civil, criminal, administrative, or regulatory proceeding,
including a mediation, arbitration, or other alternative dispute resolution against an <B>Insured</B>, as of, or prior to, the applicable
Prior or Pending Proceeding Date set forth in ITEM 5 of the Declarations for this <B>Liability Coverage</B>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 5.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26pt"></TD><TD STYLE="width: 18.3pt">B.</TD><TD>EXCLUSIONS APPLICABLE TO LOSS, OTHER THAN DEFENSE EXPENSES</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44pt"></TD><TD STYLE="width: 16.65pt"><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>INABILITY TO PAY</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.95pt 7.9pt 0 61.95pt; text-align: justify">The Company will not be liable
for <B>Loss</B>, other than <B>Defense Expenses</B>, on account of a <B>Claim</B> for the inability of a bank or banking firm, custodian,
or broker or dealer in securities or commodities, to make any payment, or the inability of any such entity or person to settle or effect
a transaction of any kind.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 7.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.95pt"></TD><TD STYLE="width: 17.8pt">IV.</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_052.gif" ALT="" STYLE="width: 727px; height: 2px"></FONT></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: 26pt"></TD><TD STYLE="width: 18.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>A.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SECURITY HOLDER DERIVATIVE DEMAND INVESTIGATION EXPENSE COVERAGE</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 3.9pt 7.9pt 0 43.95pt; text-align: justify">The Company&#8217;s maximum
liability under Insuring Agreement B for all <B>Derivative Investigation Expenses</B> for all <B>Security Holder Derivative Demands</B>
first made during the <B>Policy Period</B> is the Derivative Investigation Expense Limit of Liability as set forth in ITEM 5 of the Declarations,
which is part of, and not in addition to, the Mutual Fund Liability Coverage Limit of Liability.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18.35pt">B.</TD><TD>SUPPLEMENTAL INDEPENDENT DIRECTOR PERSONAL INDEMNIFICATION COVERAGE</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">The Company&#8217;s maximum liability under Insuring Agreement C for all <B>Loss</B>
for all <B>Claims</B> first made during the <B>Policy Period</B> is the Supplemental Personal Indemnification Limit of Liability as set
forth in ITEM 5 of the Declarations, which is in addition to, and excess of, the Mutual Fund Liability Coverage Limit of Liability.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin-top: 4.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">The Mutual Fund Limit of Liability must be completely exhausted by payment of <B>Loss</B>
before the Company will have an obligation to pay <B>Loss </B>under Insuring Agreement C.</TD></TR></TABLE>

<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: 43.95pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt">Coverage under Insuring Agreement C is specifically excess of any other insurance
or indemnification available to the <B>Mutual Fund Independent Director</B>, including any other insurance that is specifically excess
of this <B>Liability Coverage</B>. All such other insurance and indemnification must be exhausted by payment of loss, damages, defense
expenses, claim expenses, or other amounts covered under such other insurance or indemnification before the Company will have any obligation
to pay for <B>Loss </B>under Insuring Agreement C.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 4.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This <B>Liability Coverage </B>is not subject
to the terms or conditions of any other insurance.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18.35pt">C.</TD><TD>ADVISORY BOARD MEMBER COVERAGE</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 3.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Coverage under this <B>Liability
Policy</B> is afforded to an <B>Advisory Board Member</B>, only to the extent that the <B>Insured Organization</B> agrees to indemnify
such <B>Advisory Board Member</B> pursuant to a written indemnification agreement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/104% Calibri, Helvetica, Sans-Serif; margin-top: 4.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.95pt"></TD><TD STYLE="width: 17.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 7.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Any coverage provided to
an <B>Advisory Board Member</B> is excess of all other valid and collectible indemnity and insurance otherwise available to such <B>Advisory
Board Member</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 7.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.95pt"></TD><TD STYLE="width: 18.3pt">D.</TD><TD>RETENTION - MUTUAL FUND LIABILITY</TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 5.65pt 0 0 43.95pt; text-align: justify">The following supplements the General
Terms and Conditions, section III. CONDITIONS, D. RETENTION:</P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.35pt 7.9pt 0 43.9pt; text-align: justify">No Retention applies to <B>Loss</B>
solely covered under Insuring Agreements B or C, or to unindemnified <B>Loss</B> under Insuring Agreement A, except as otherwise provided
in the General Terms and Conditions, section III. CONDITIONS, H. PRESUMPTIVE INDEMNIFICATION; unindemnified <B>Loss</B> includes <B>Loss</B>
that a <B>Mutual Fund Independent Director</B> becomes legally obligated to pay on account of a <B>Claim</B> that the <B>Insured Organization</B>
is unable to indemnify due to liquidation, or other <B>Financial <FONT STYLE="letter-spacing: -0.05pt">Insolvency</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.35pt 7.9pt 0 43.9pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"></FONT></P>

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<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.35pt 7.9pt 0 43.9pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.35pt 7.9pt 0 43.9pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 69%">IVMF-16001 Rev. 07-16</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif; width: 31%">Page 6 of 6</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</TD>
    <TD STYLE="padding: 0pt 0pt 8pt; font: 9pt/100% Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 4.35pt 7.9pt 0 43.9pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>


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

<P STYLE="text-align: center; font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0.1pt; 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="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0.1pt; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></FONT></P>

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

<P STYLE="text-align: center; font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0.05in; margin-bottom: 0">APPLICATION LIMITED TO THIS LIABILITY POLICY 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: 0.05pt 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: bold 9pt Arial, Helvetica, Sans-Serif; margin: 8.3pt 0 0 12.25pt">Mutual Fund Liability</P>

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

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

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

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 11.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_054.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></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: 3.7pt 0 0 13.7pt; text-align: justify"><B>It is agreed that:</B></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 13.7pt; text-align: justify">The following replaces section II. DEFINITIONS,
C. <FONT STYLE="letter-spacing: -0.05pt"><B>Application</B>,</FONT> (i):</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 11.95pt; text-align: justify; text-indent: 1.75pt">the signed applications
for this <B>Liability Policy</B>, including material submitted with or requested in such applications; and</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: 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: 0.25pt 0 0">&nbsp;</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_011.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 10pt 0 11.95pt; text-align: justify">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: 6.5pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</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_011.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/11.35pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 11.4pt">Issuing Company: <B>Travelers Casualty and Surety Company
of America</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 2.6pt 0 0 11.35pt">Policy Number: <B>106968128</B></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_011.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12pt">IV-19071 Ed. 07-16&#9;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</P>

<P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12pt">Page 1 of 1</P>


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

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

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0.1pt; margin-bottom: 0"></P>

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

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0.1pt; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></FONT></P>

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

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0.1pt; margin-bottom: 0"></P>



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

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0.05in 0 0 93.55pt">SECURITIES CLAIM CARVEBACK TO BI/PD <FONT STYLE="font-size: 9pt">EXCLUSION</FONT>
ENDORSEMENT</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: 0 0 0 12pt">This endorsement changes the following:</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 6.9pt 0 0 13.1pt">Mutual Fund Liability</P>

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

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

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 8.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><IMG SRC="image_056.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></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: 3.7pt 0 0 11.15pt; text-align: justify"><B>It is agreed that:</B></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 11.15pt; text-align: justify">The following adds to <B>III. EXCLUSIONS,
1. BODILY INJURY, PERSONAL INJURY, AND PROPERTY DAMAGE</B>:</P>

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

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 6.3pt 8.75pt 0 11pt; text-align: justify">Exclusion A.1 will not apply
to a <B>Claim</B>, in whole or in part, that is: (i) brought and maintained by one or more debt or equity security holders of the <B>Insured
<FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">,</FONT> in their capacity as such;
or (ii) based upon or arising out of the purchase or sale of, or offer to purchase or sell, debt or equity securities of, and issued by,
the <B>Insured <FONT STYLE="letter-spacing: -0.05pt">Organization</FONT></B><FONT STYLE="letter-spacing: -0.05pt">;</FONT> provided that
for the purpose of this definition, securities do not include products issued in the course of the <B>Insured Organization&#8217;s</B>
business that constitute securities; provided this carveback does not apply to a <B>Claim</B> brought by or on behalf of an <B>Insured
Person</B> based upon, or arising out of, any compensation to such <B>Insured Person</B> in the form of securities.</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: 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: 0.45pt 0 0">&nbsp;</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_011.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 1.05pt 8.55pt 0 11.35pt; 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: 0.2pt 0 0">&nbsp;</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_011.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 11.4pt; text-align: justify">Issuing Company: <B>Travelers Casualty and
Surety Company of America</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 2.6pt 0 0 11.35pt; text-align: justify">Policy Number: <B>106968128</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_011.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/8.6pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12pt; text-align: justify">IV-10044 Ed. 08-16&#9;</P>

<P STYLE="font: 9pt/9.15pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12pt; text-align: justify">&copy; 2016 The Travelers Indemnity
Company. All rights reserved.</P>

<P STYLE="font: 9pt/9.15pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12pt; text-align: right">Page 1 of 1</P>


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

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

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0.1pt; margin-bottom: 0"></P>

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

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0.1pt; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></FONT></P>

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

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0.1pt; margin-bottom: 0"></P>




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

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0.05in 0 0 140.8pt">MOCK REGULATORY EXAMINATION 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: 3.7pt 0 0 11.15pt">Mutual Fund Liability</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 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_011.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; text-align: justify"><B>It is agreed that:</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 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: 18pt">1.</TD><TD STYLE="text-align: justify">The following is added to I. INSURING AGREEMENTS:</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 29.9pt; text-align: justify">MOCK REGULATORY EXAMINATION</P>

<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 8pt 0 29.9pt; text-align: justify">The Company will reimburse the <B>Insured
Organization&#8217;s</B> premium in an amount constituting half of the costs paid for a <B>Mock Regulatory Examination</B> up to the lesser
of 10% of the <B>Liability Policy</B> premium or $25,000, subject to the Company&#8217;s receipt and validation of the compliance consulting
firm&#8217;s invoice during the <B>Policy Period</B>.</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 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: 18pt">2.</TD><TD STYLE="text-align: justify">The following is added to II. DEFINITIONS:</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 29.9pt; text-align: justify"><B>Mock Regulatory Examination</B> means
a simulated regulatory compliance examination of an <B>Insured Organization</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0 29.9pt; text-align: justify">performed during the <B>Policy Period</B>
by a compliance consulting firm that is on the Company&#8217;s pre-approved panel.</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: 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: 0.3pt 0 0">&nbsp;</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_011.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 0 11.9pt; 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: 0.4pt 0 0">&nbsp;</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_011.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13pt; text-align: justify">Issuing Company: <B>Travelers Casualty and
Surety Company of America</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 2.6pt 0 0 13pt; text-align: justify">Policy Number: <B>106968128</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_011.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12pt; text-align: justify">IV-19081 Ed. 04-17</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12pt; text-align: justify">&#9;&copy; 2017 The Travelers Indemnity Company.
All rights reserved.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12pt; text-align: right">Page 1 of 1</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 12pt; text-align: justify"></P>


<!-- Field: Page; Sequence: 47 -->
    <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 -->

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

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

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0.1pt; margin-bottom: 0"></P>

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

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0.1pt; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></FONT></P>

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

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0.1pt; margin-bottom: 0"></P>




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

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0.05in 0 0 174.35pt">PRE-CLAIM COVERAGE ENDORSEMENT</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: 0 0 0 12pt">This endorsement changes the following:</P>

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 13.1pt">Mutual Fund Liability</P>

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

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

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

<P STYLE="font: 9pt/2pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 9.3pt"></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 9.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></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: 0.05pt 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: 18pt">1.</TD><TD STYLE="text-align: justify">The following is added as an Insuring Agreement:</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 29.9pt">Pre-Claim Coverage</P>

<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 9.05pt 0 29.9pt">The Company will pay <B>Pre-Claim Loss </B>incurred
by an <B>Insured </B>in investigating or defending circumstances that are the subject of notice provided by the <B>Insured</B>, in accordance
with the <B>Liability Policy</B>, and develop into a covered <B>Claim</B>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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: 12pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">The following is added to II. DEFINITIONS:</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 9.05pt 0 29.95pt"><B>Loss </B>also means <B>Pre-Claim Loss</B>, but only
after the noticed circumstances that form the basis of such <B>Pre-Claim Loss </B>have developed into a <B>Claim</B>.</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 9.05pt 0 29.95pt"><B><I>Pre-Claim Loss </I></B>means the reasonable and
necessary fees and expenses incurred, with the prior written consent of the Company, in investigating or defending circumstances that
are the subject of written notice provided to the Company in accordance with the <B>Liability Policy</B>; provided, <B>Pre-Claim Loss
</B>does not include costs associated with doing business, including compliance expert or accountant fees, or regular or overtime wages,
salaries, or fees paid by the <B>Insured </B>to an <B>Insured Person</B>.</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: 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: 18pt">3.</TD><TD STYLE="text-align: justify">The following is added IV. CONDITIONS:</TD></TR></TABLE>

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

<P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 29.95pt">Pre-Claim Coverage</P>

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

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 5.25pt 0 29.85pt">If circumstances noticed by the <B>Insured </B>in accordance
with section III. CONDITIONS, E. NOTICE of the General Terms and Conditions become a <B>Claim </B>covered by the <B>Liability Coverage</B>,
then the <B>Pre-Claim Loss </B>related to such noticed circumstances will be treated as <B>Loss </B>resulting from such <B>Claim</B>,
subject to all applicable terms, conditions, limitations, retentions, and limits of liability of the <B>Liability Coverage</B>; provided,
for the purposes of Pre-Claim Coverage, noticed circumstances do not include any routine examinations, inspections, or similar routine
reviews or inquiries, industry sweeps, deficiency letters, or general requests for information.</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: 0.5pt 0 0">&nbsp;</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_011.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt/104% Arial, Helvetica, Sans-Serif; margin: 0 8.1pt 0 11.95pt; text-align: justify">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: 0.45pt 0 0">&nbsp;</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_011.gif" ALT="" STYLE="width: 728px; height: 4px"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 2.4pt 0 0 12pt">Issuing Company: <B>Travelers Casualty and Surety Company of
America</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 1.35pt 0 0 12pt">Policy Number: <B>106968128</B></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: 1.35pt 0 0 12pt"><B></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 4.8pt 0 0 12pt">IV-19077 Ed. 03-17</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0 12pt">&copy; 2017 The Travelers Indemnity Company. All rights reserved.</P>

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

<P STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12pt">Page 1 of 1</P>



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<SEQUENCE>39
<FILENAME>image_050.gif
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begin 644 image_050.gif
M1TE&.#EAUP(" '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
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begin 644 image_051.gif
M1TE&.#EAUP(# '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
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begin 644 image_052.gif
M1TE&.#EAUP(" '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
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<SEQUENCE>42
<FILENAME>image_054.gif
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begin 644 image_054.gif
M1TE&.#EAV ($ '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
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begin 644 image_056.gif
M1TE&.#EAV ($ '< ,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "'Y
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end
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</SEC-DOCUMENT>
